New York Insurance Superintendent Eric Dinallo–breaking from other states on a regulatory controversy that has been debated nationally for years–announced a proposal to unilaterally do away with or at least lower collateral requirements for foreign reinsurers with good financial ratings.
The proposed regulation–which some U.S. insurance groups called risky and radical–would go into effect in July 2008.
Under the new rule, the highest-rated U.S. and non-U.S. reinsurance companies not authorized or accredited to do business in New York would be treated the same as New York reinsurers.
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