US reforms cause stir

Foreign reinsurers concerned over potential for double regulation

European reinsurers have warned US regulators that plans to reform the reinsurance collateral requirements could breach trade commitments. In response to the NAIC’s consultation on a new modernisation law for reinsurance regulation, Lloyd’s, the IUA and the CEA objected to the preferential treatment of US reinsurers in the setting of collateral requirements and questioned the sense of a US state regulator in addition to approved home state supervision.