The Risk and Insurance Management Society Inc. said it was “encouraged” that the nation's insurance regulators have moved to change the 100 percent collateral requirement for foreign reinsurers.
Action by the National Association of Insurance Commissioners (NAIC) came at the organization's winter meeting this week when it approved a Reinsurance Regulatory Modernization Framework Proposal.
“NAIC's adoption of the framework is a small step forward in the process of developing a new regulatory regime for reinsurance; however, many details remain to be worked out,” RIMS noted.
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