Financial Services Industry
Industry: Email Alert RSS FeedEffectiveness of re regs hard to judge, GAO says.
National Underwriter Property & Casualty-Risk & Benefits Management, June, 1990 by Brostoff, Steven
Effectiveness Of Re Regs Hard To Judge, GAO Says WASHINGTON--It is impossible to determine the effectiveness of reinsurance regulation because of the failure of many states to adopt strengthened model laws developed by the National Association of Insurance Commissioners, according to a new report by the General Accounting Office.
The report noted that the Kansas City, Mo.-based NAIC has recommended new financial reporting requirements and developed a strengthed model reinsurance law designed to encourage more uniform and rigorous reinsurance regulation. In particular, NAIC noted, the increased reporting requirements will allow state regulators to quantify overdue reinsurance and better detect problems with uncollectible reinsurance. However, GAO said, the...
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