The lobbying campaign to ease US trust fund requirements is gaining momentum, according to the International Underwriting Association (IUA).
The IUA is optimistic after attending the National Association of Insurance Commissioners (NAIC) winter meeting in San Diego last week.
The IUA and the Comité Européen des Assurances (CEA) have led an 18-month lobbying campaign because, under current rules, overseas insurers without a US licence must place 100% of their outstanding liabilities as collateral.
The purpose of last week's meeting, explained IUA director of operations Dave Matcham, was to discuss how the US and European regulatory working groups had progressed. He said it was intended to be an educational process.
Matcham said: "We thought this meeting would be an important one for the regulators to talk to each other, which is an important part of the process.
"We took comfort from the meeting and made some progress."
Private meetings took place between the UK and US regulators, and the German and US regulators.
Some contact was also made between the Swiss, the French and the US regulators.
"We are pleased that in at least two jurisdictions full meetings took place and we are confident this helped our case," Matcham added.
FSA managing director John Tiner also attended the NAIC meeting to lend his weight to the lobbying campaign.and to explain the UK system to the US regulators.
"I think he will probably take part more regularly in such meetings, as he sees the international aspect as important to the FSA's role," Matcham added.
