NAIC inches towards mutual reinsurance recognition with EU
US state insurance regulators’ trade body, the National Association of Insurance Commissioners (NAIC) has announced it is drafting a proposal designed to usher in single-state licensing for reinsurers and eventually mutual recognition between the US and foreign jurisdictions such as the EU.
The proposal — developed by a subgroup of the NAIC’s reinsurance task force — calls for amending the existing regulatory framework to allow for single-state licensing of US reinsurers, and encourages
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