NU Online News Service, Aug. 16, 1:11 p.m. EDT
SEATTLE–A regulator called the risk-based capital requirements for domestic reinsurers "draconian" after representatives from the Reinsurance Association of America said their obligations outweigh the rest of the industry's commitments.
Steve Johnson, a regulator from Pennsylvania, said that "something needs to be done and done soon," and the Property Risk-based Capital Working Group of the National Association of Insurance Commissioners (NAIC) needs to uncover why that segment of the industry has had to put up significantly more capital than others.
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