New York regulator calls for collateral rule to be scrapped
New York State Insurance Department, insurance superintendent Eric Dinallo has proposed the abolition of rules forcing non-US domiciled reinsurers to post collateral equal to their liabilities. After a long faught campaign against the rules, it is hoped this move could result in the highest rated U.S. and non-U.S. reinsurance companies not authorized or accredited to do business in New York to be treated the same as New York reinsurance companies as the result of new regulations proposed today.
Lloyd's General Counsel, Sean McGovern reacted to the news: "We commend Superintendent Dinallo for providing leadership in trying to address the US collateral issue. We will study the proposal in
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