OLDWICK, N.J. - (Business Wire) Less than a year after adopting a new framework for regulating reinsurance, the National Association of Insurance Commissioners is seeking to put the finishing touches on draft federal enabling legislation, according to this week’s BestWeek U.S./Canada.

 

The framework plans for the reduction or elimination of collateral requirements for non-U.S. reinsurers and the establishment of “port-of-entry” designation for U.S. states. Federal legislation is needed to allow states to act as reinsurance jurisdictions.

Also, in BestWeek Europe, a tighter economy coupled with the ability and willingness of customers to shop around for the best prices has increased the level of competition in the U.K. household insurance market.

And in BestWeek U.S./Canada, though one idea for an alternative to the health reform debate’s “public option” has emerged prominently — the proposal for customer-owned, co-operative insurers — the insurance industry isn’t leaping to embrace it. Most industry groups are holding back their opinions until more details are made public on the idea, which is among the points under negotiation in a bipartisan group in the U.S. Senate’s Finance Committee.