Newsletter October 08: US reinsurance reforms welcomed in Europe

LONDON – US moves to reform the country’s controversial collateral rules applying to non-US reinsurers were welcomed in the European insurance industry. The issue has caused rows between America and Europe, where reinsurers resent a current requirement to lodge 100% collateral against business they do in the US. In late September, the National Association of Insurance Commissioners (NAIC), the organisation that represents America’s state insurance regulators, said it had advanced for full adoption its Reinsurance Regulatory Modernisation Framework Proposal.