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NEW YORK–Lloyd’s Chairman Peter Levene said he never thought the issue of U.S. collateral requirements for reinsurers would last as long as it has, but he hopes a New York regulator’s proposal will finally bring change.

Five years ago when he started at Lloyds, he said, there were two major issues to deal with: U.S. collateral rules and securing a license to operate in China–and a quicker resolution was seen for collateralization.

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