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Reweb - PCI applauds NAIC over aliens.

Europe Intelligence Wire

| May 01, 2004 | COPYRIGHT 2004 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Reinsurance)

The Property Casualty Insurers Association of America (PCI) has backed the National Association of Insurance Commissioners' (NAIC) decision to table consideration of an approved list of alien reinsurers.

Over recent months non-US reinsurers have been pressing NAIC to relax the rules on the 100% collateral requirement, and urged it to create a list of qualified foreign reinsurers that would be allowed to have less than the 100% limit when reinsuring primary companies. Lord Levene, the chairman of Lloyd's, has spoken out against the current requirements, claiming they are unfair to companies and markets such as Lloyd's.

However, the PCI said it was opposed to lowering the collateral limit, as well ...

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