Uniform Reinsurance Collateral Agreement for US and European Reinsurers?

Michael McRaith, Federal Insurance Office (FIO) director, said it was likely the FIO would ask congressional permission early next year to negotiate a uniform reinsurance collateral agreement for US and European reinsurers, according to a recent report in Property Casualty 360.

Speaking at the annual convention of the National Association of Mutual Insurance Companies (NAMIC), Mr. McRaith indicated there would be a collaborative process with the states and Congress would be required to sign on. The United States would be seeking mutual and permanent recognition for US insurers in Europe.

Non-US reinsurers account for more than 60 percent of the reinsurance premium ceded by US-based insurers, according to a report by the FIO.