NAIC questions EU-US reinsurance agreement
Saturday, 03 18 2017, Category: Insurance and Reinsurance, Country: Europe
The US state insurance regulator National Association of Insurance Commissioners (NAIC) is asking for clarifications on the negotiated covered agreement between the EU and the US which removes collateral and local presence requirements for reinsurers from the opposite side of the Atlantic, and suggested that the agreement might have to be renegotiated.
The reinsurance industry has welcomed the agreement in January, noting that European reinsurers could be set for a billion-dollar windfall as they will no longer have to post collateral and see legal and capital barriers relating to re/insurance deals lowered.
Source: Intelligent Insurer