There were occasions during the last eight years when George Washington's words: “Be not tedious in discourse, make not many digressions, nor repeat often the same manner of discourse”–Washington's Rules of Civility, Number 88–rang particularly true for anyone involved in the credit-for-reinsurance debate.
Future generations, however, may judge 2008 as a defining year for international insurance regulation, even if the economic climate and rating environment has created competing priorities for both industry and regulators.
The need for comprehensive reform of the current credit-for-reinsurance regulatory framework is more important than ever for international reinsurers and for industry in the United States as a whole.
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