While final details remain to be put in place, the nation's state insurance regulators–after nearly a decade of study and debate–have adopted a "conceptual framework" to modify the 100 percent collateral requirement for foreign reinsurers.

After the action by the National Association of Insurance Commissioners last week here at its winter meeting, at least one insurer group–the American Insurance Association–vowed to fight against implementation at the state and federal level.

"This proposal sets forth a conceptual framework only," said New Jersey Banking and Insurance Commissioner Steven Goldman, chair of the NAIC Reinsurance Task Force–which drafted the proposal. "Now, we must focus on developing the specifics of this new regulatory regime and taking the appropriate legislative steps to make the proposal a reality."

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