Was the Reinsurance Supervision Review Board in existence before the Reinsurance Regulatory Modernization Act proposal was conceived?
Please tell our readers about the composition of this Board. Goldman: While not previously in existence or even today, the Board is conceived as a means by which the implementation of the various port of entry supervisor and home state supervisor requirements can be met. It was designed to involve foreign trade so that there could be a forum for an interface between the state supervisory system and the federal government in terms of dealing with other countries. It is intended to be the place where a great deal of analysis and activity having to do with things like mutual recognition and supervision of international reinsurance companies could be accomplished. The ultimate judgments would be made by state supervisors and to a more limited degree by the Reinsurance Supervision Review Board. The Board would be made up of two-thirds state supervisory personnel and one-third federal officials from the Departments of the Treasury, Commerce, etc. The heavy weighting to the state regulators i
