A new framework to modernize U.S. regulation of foreign reinsurers being considered by state insurance commissioners is probably unconstitutional, according to a legal analysis commissioned by one of the world's biggest foreign carriers.

The issue of foreign reinsurer regulation was under scrutiny last week here at the quarterly meeting of the National Association of Insurance Commissioners, which heard comment from interested parties at its Reinsurance (E) Task Force session.

One of those speaking was Swiss Re representative Debra Hall, who said her company felt a federal regulator was the way to go, but that the carrier was not abandoning efforts to shape a state regulatory solution. "We think you [the NAIC] have made progress," she said.

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