Search
 

Lloyd's Seeks Change To Alien Re Rule

Lloyd's Seeks Change To Alien Re Rule The chairman of Lloyd's of London, speaking in Washington, D.C., called for an end to a rule that ...

By Michael Ha | Updated on April 08, 2003

Lloyd’s Seeks Change To Alien Re Rule The chairman of Lloyd’s of London, speaking in Washington, D.C., called for an end to a rule that requires foreign reinsurers to fund 100 percent of their gross liabilities in the United States.

Under the current rule, Lloyd’s, as an “alien reinsurer,” must hold collateral, using either letters of credit or cash in non-working trust funds, for the full amount of its gross liabilities in the United States. It’s an arrangement that Lloyd’s chairman finds “unfair, unreasonable and unjust.”

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.