On September 24, 2008, the Financial Condition (E) Committee of the NAIC, on the recommendation of the Reinsurance (E) Task Force, adopted a Reinsurance Regulatory Modernization Framework proposal that contemplates single-state regulation for reinsurers and eliminates the dichotomy between U.S. and non-U.S. reinsurers as the controlling factor in determining collateral requirements. The NAIC's Executive Committee and Plenary are expected to consider the proposal for formal approval in December 2008.

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