AIA clashes with NAIC over foreign collateral
Despite the strong objections of US insurance companies, state insurance regulators have taken action that will lead to reducing the capital that secures the insurance policies US consumers depend on to help recover from losses, according to Phillip Carson, senior counsel, American Insurance Association (AIA).
A proposal to consider financial strength ratings of alien reinsurers as an alternative to the current requirement that these unlicensed reinsurers post 100 percent collateral was adopted in a
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