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Archive Stories
Archived stories from 2008

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NAIC reopens Ellis Island to international reinsurance community

The Ellis Island Immigrant Station, the US federal immigration station that first opened on January 1, 1892 and was closed in November 12, 1954, is to be reopened by the National Association of Insurance Commissioners. Under pressure from so-called alien reinsurers to reform the controversial collateral based system it imposes on non-US reinsurers, the NAIC says it wants to improve and simplify the system but doesn?t know how.

Ellis Island welcomes alien reinsurers

Instead, Ellis Island, which was once the first stop for most immigrants from Europe, will be the port of entry for reinsurers wishing to do business in the world?s biggest reinsurance market.

Using the original Ellis Island model, reinsurance representatives will have to pass a physical examination. Those with visible health problems or diseases will be sent home or held in the island's hospital facilities for long periods of time.

Reinsurers who pass the medical will then be asked 29 general knowledge questions and be asked to sing the US National Anthem and Born In The USA by Bruce Springsteen. After a burger eating competition, the reinsurers will be assigned a God Bless America Rating on a scale of one to ten.

Levels of collateralisation required, between 80 and 190%, will then be picked out of a hat by the blindfolded applicant. Alien reinsurers who fail the initial test will be sent to the Guantanamo Bay Institute for Alien Reinsurers.

Rip van Winkle, the European Commissioner for something or other, said he wasn?t at all surprised by the move.


Other news from Jan 2008
 
Travelating the Wave of Insurability
the serious stuff
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