Regulations for finite reinsurance transactions were among the items adopted by the National Association of Insurance Commissioners during a conference call today.
Finite reinsurance and other issues were supposed to be addressed during the fall meeting of the NAIC, which was scheduled to be held in New Orleans. However, Hurricane Katrina forced the cancellation of the meeting.
Al Gross, director of the Virginia insurance bureau, urged adoption of disclosure requirements for finite reinsurance. Mr. Gross described how finite reinsurance could be a legitimate form of risk transfer.
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