McCreevy hopeful of US date to end collateral rules

Charlie McCreevy, the European Commission’s head of internal market, waved the flag for foreign reinsurers servicing the US in a recent visit to the country. In an address to the Council on Foreign Relations in Washington in February, Mr McCreevy said he wanted to see an end to the collateral requirements imposed on foreign reinsurers providing cover to US insurers. The EU Reinsurance Directive, that effectively eliminated any such practice within the EU’s borders, provides “an excellent opportunity for US insurance regulators to take the initiative too”.