Reserves and reservations

Life insurance


South Carolina has become a hotbed of US life insurance securitisation in recent years. The first so-called XXX (pronounced 'triple-X') deal closed in July 2003, and with legislation to facilitate more of these deals a year later, a further 19 of these securitisations have been completed in the interim.

The raison d'etre for these deals is Regulation XXX, which was passed in 2001 by the Kansas City-based National Association of Insurance Commissioners, a body that consists of US state insurance

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