Out treaties guarantee companies from other countries \”national treatment\” — i.e., we promise to treat foreign companies the same as we treat our own. The U.S. requires U.S. reinsurers to get licenses, so national treatment means that we should require foreign reinsurers to get licenses in order to sell reinsurance to companies located here. The U.S. regulatory system offers an alternative — don\’t get a license but fully collateralize your obligations — to make it even easier for foreign reinsurers. So, if Julian doesn\’t like the current system, let\’s go back to national treatment and require licenses of all reinsurers.
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Out treaties guarantee companies from other countries \”national treatment\” — i.e., we promise to treat foreign companies the same as we treat our own. The U.S. requires U.S. reinsurers to get licenses, so national treatment means that we should require foreign reinsurers to get licenses in order to sell reinsurance to companies located here. The U.S. regulatory system offers an alternative — don\’t get a license but fully collateralize your obligations — to make it even easier for foreign reinsurers. So, if Julian doesn\’t like the current system, let\’s go back to national treatment and require licenses of all reinsurers.