Insurance Europe is supportive of the National Association of Insurance Commissioners (NAIC) commitment to collateral requirements reform, as shown in the adoption of the revised Credit for Reinsurance Model Law and Regulation and now with the consultation on a draft process for developing and maintaining the NAIC list of qualified jurisdictions.

However, it regrets the fact that even when a jurisdiction is deemed to be qualified, reinsurers licensed and domiciled in that jurisdiction still find themselves subject to a collateral rating scale.