The NAIC Reinsurance (E) Task Force (“Task Force”) met during the Spring NAIC meeting last month to discuss a memorandum from the NAIC Staff dated March 19, 2008. The memorandum, a copy of which may be viewed here, sets forth the proposed framework for modernizing current U.S. reinsurance regulation. During the meeting, the Task Force received initial oral comments on the memorandum, but agreed to accept written comments at a later date. The Task Force will continue to discuss open issues throughout the year and aims to complete the revised reinsurance regulatory framework by the end of 2008. In order to do this, the Task Force will need to address the port of entry concept, collateral requirement, and implementation issues among other things. Future meetings on this topic will be conducted regulator to regulator.
We will continue to monitor this topic and provide updates on InsureReinsure.com.
