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.
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