HOUSTON--The nation's insurance regulators have begun action on a plan to reform reinsurance rules that leaves a collateral requirement for foreign reinsurers in place for now.
Their action came at a session of the Reinsurance Task Force of the National Association of Insurance Commissioners, which adopted a new framework for reinsurance regulation.
That scheme will now go before the NAIC's Financial Condition "E" Committee before proceeding to the NAIC executive committee and then a final plenary session. The framework allows non-U.S. reinsurers access to the U.S. market without a license if they post collateral.
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