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Waht about the fact that the EU discriminates against U.S. companies by not allowing then access to the passport system? You can’t have it both ways, baby.
My company experienced a problem with a small off-shore reinsurer after Katrina that went into run-off. We were only able to secure payment because we had a letter of credit and drew on it – the company otherwise was trying to recover the funds for use as “general” funds – not the earmarked letter of credit. So, what does anybody think of our chances to get paid if this company had the money back? Maybe zero? This so-called “reform” has the potential to cause catastrophic financial problems for smaller domestic insurers.
What in the world is Lord Levene talking about. We have reserve requirements which in and of themselves are colatteral. Without colatteral on so called alien reinsurers what other salve would there be in the event of loss? Come on my Lord, get with it. Be interesting to see the S&P new capital requirements along with what the EU intends to do, relative to this subject.