NAIC proposes asset tests for offshore reinsurance
Cashflow assumptions that prove too aggressive could lead to follow-up action, suggests Minnesota supervisor
Insurers in the US could face closer scrutiny of their use of offshore reinsurance under a new proposal, as regulators worldwide warn that the practice can obscure risks.
The proposal, to be debated on July 25 at a meeting of the National Association of Insurance Commissioners (NAIC), would require US-based life insurers to conduct additional tests on reinsurance contracts with counterparties based in countries such as Bermuda, Barbados and the Cayman Islands.
Regulators fret that that a recent
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