N.Y. Moves to Level Playing Field on Collateral for All Reinsurers
National News • October 18, 2007
Non-U.S. reinsurers would no longer have to post collateral to operate in New York as long as they have the highest credit ratings.
Also, all reinsurers — even U.S.-based — without the highest ...
Insurance Journal is not responsible for the content of the message below.
Subject: NYS Insurance Department
Posted On: October 19, 2007, 1:13 pm CDT
Posted By: Peter Polstein
Comment:
That's just simply wonderful. Talk about pandering to the insurers, rather than protecting the insureds.
The only basis by which insureds have any probable chance of recovery under an insolvency is through collateral accounts
Despite the S&P new capital rating formula, the EU with their amendments in capitalization, there is little is any room, for this sort of action. With the ever increasing of exotic capital marketplace placements, whose senior officials believe that their models are infallible, this Department is buying into the whoa is me, the foreign reinsurance marketplace has us by the neck.
How about some allegiance to the public and potential insureds.
Peter Polstein
Somers, New York
Subject: NYS Insurance Department
The only basis by which insureds have any probable chance of recovery under an insolvency is through collateral accounts
Despite the S&P new capital rating formula, the EU with their amendments in capitalization, there is little is any room, for this sort of action. With the ever increasing of exotic capital marketplace placements, whose senior officials believe that their models are infallible, this Department is buying into the whoa is me, the foreign reinsurance marketplace has us by the neck.
How about some allegiance to the public and potential insureds.
Peter Polstein
Somers, New York