State Insurance Regulators Consider Retaliation Against Germany Over EU Standards

State-based insurance regulators are considering whether to revoke preferential access for the German reinsurance industry operating in the United States as a result of the European Union not deeming U.S. insurance regulations equivalent to the EU under its new prudential laws. Julie Mix McPeak, speaking on behalf of the National Association of Insurance Commissioners, said during a House Financial Services housing and insurance subcommittee hearing on Sept. 28 that the group representing state regulators is evaluating whether to revoke Germany’s...