Covered agreement the wrong path to US equivalence – NAIC chief

US supervisory rules should equal Solvency II, says NAIC chief

Ben Nelson at the NAIC
Senator Ben 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 protectin