ORLANDO, FLA.–A new framework to modernize U.S. regulation of foreign reinsurers that state regulators are toying with is probably unconstitutional, according to one legal analysis.
The issue of foreign reinsurer regulation was under scrutiny Saturday at the meeting of the National Association of Insurance Commissioners, which heard comment from interested parties at its Saturday Reinsurance (E) Task Force session.
One of those speaking was Swiss Re representative Debra Hall, who said her company felt that a federal regulator was the way to go, but that they were not abandoning efforts to shape a state regulatory solution. “We think you [the NAIC] have made progress,” she said.
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