Covered agreement the wrong path to US equivalence – NAIC chief
US supervisory rules should be treated as equal to Solvency II regardless of a deal on reinsurance collateral, urges Nelson
It would be "unnecessary and irresponsible" for US federal bodies to sign up to a reinsurance covered agreement with the European Union to smoothe the way for full Solvency II equivalence, according to the chief executive of the National Association of Insurance Commissioners (NAIC).
Talks between the US Treasury Department, the US Trade Representative (USTR) and the EU to agree a reduction in collateral requirements for foreign reinsurers in the US could needlessly override state laws
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