US insurers will have to increase scrutiny of the reinsurance process under proposals put forward by the US National Association of Insurance Commissions.
The proposals come as the probe into finite reinsurance deals at AIG strengthens.
Insurers will need to show greater disclosure of their accounting sheets to make clear gains or losses which exceed 3% of its policy surplus, the proposals said.
Under the plans chief executives will also be required to acknowledge reinsurance contracts that the company has taken “credit” for on its financial statements.
