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NAIC Monitoring Foreign Reinsurers

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NU Online News Service, Sept. 21, 12:28 p.m. – Officials at the National Association of Insurance Commissioners, Kansas City, Mo., say they will monitor foreign insurers and reinsurers carefully to see how the foreign carriers handle their obligations in the wake of the Sept. 11 terrorist attacks.

During a joint conference call, members of the NAIC International Insurers Department Plan of Operation Working Group and the NAIC Reinsurance Task Force discussed how best to monitor the activities of foreign insurers, and especially insurers involved in the global reinsurance system. The reinsurers?f work will be critical to the U.S. financial markets during the recovery period, officials said.

“We are gathering exposure data from all affected reinsurers,” said NAIC Vice President and Iowa Insurance Commissioner Terri Vaughan. “In particular, we are in contact with Lloyd?fs and the London International Underwriting Association to gather their exposure data.”

In addition, the NAIC will be contacting German and French regulators and market associations to get a better understanding of their exposure.


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