For non-US reinsurers operating in the US reinsurance market—options for 2019 and beyond

On December 19, the National Association of Insurance Commissioners (NAIC) will vote on, and presumably approve, another set of changes to its model credit for reinsurance law and regulation. These changes are designed to implement the EU-US Covered Agreement and extend it to permit qualifying reinsurers in non-EU countries such as Bermuda, Japan and Switzerland, to potentially benefit from reinsurance collateral elimination.