The head of a U.S. reinsurers' organization, reacting to New York's proposed regulation easing the collateral requirement for foreign reinsurers, said today the group is against state-by-state reinsurance regulation.
Frank Nutter, president of the Reinsurance Association of America, said RAA is currently analyzing the proposal from New York Insurance Superintendent Eric Dinallo and plans to respond with a letter next week.
"We have it under study. We would prefer a more comprehensive rather than a state-by-state approach," he said.
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