The nation's insurance regulators have adopted a new framework for reinsurance regulation that leaves a 100 percent collateral requirement for foreign reinsurers in place for now.
The framework, approved at a session of the Reinsurance Task Force of the National Association of Insurance Commissioners, will next go before the NAIC's Financial Condition "E" Committee, before proceeding to the NAIC executive committee and then a final plenary session.
The NAIC's continuing struggle over whether to modify the suggested uniform mandate for foreign reinsurers comes as regulators in two states–New York and Florida–have announced their own plans to unilaterally alter collateral requirements for carriers found to be in sound condition by financial rating services.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
