WASHINGTON--The Reinsurance Association of America and the Risk and Insurance Management Society are both voicing strong support for the optional federal charter legislation introduced yesterday in the Senate.
In its comments, RAA noted that a "critical" feature of the legislation is the single regulator's authority to achieve bilateral regulatory arrangements with foreign countries that would provide for recognition and enforcement of substantially equivalent regulatory standards and enforcement in other regulatory jurisdictions.
Frank Nutter, RAA president, said bilateral recognition will allow U.S. and non-U.S. reinsurers alike to conduct trans-border business relying on the home country's regulation.
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