Reinsurance supervision moves towards single-state licensing

Plans are also on the agenda to provide a framework for mutual recognition of non-US jurisdictions

The National Association of Insurance Commissioners (NAIC) is drafting a proposal to modernise reinsurance regulation in the US. The proposal – developed by a subgroup of the NAIC’s Reinsurance Task Force – calls for the existing regulatory framework to be amended to allow for single-state licensing of US reinsurers, and encourages the NAIC to develop a Reinsurance Supervision Review Department (RSRD).