The NAIC’s 2008 Reinsurance Regulatory Modernization Framework Proposal contemplated, among other things, a reinsurer ratings-based framework for reinsurance collateral requirements. In response to an informal request by the Financial Regulation Standards and Accreditation (F) Committee for identification of the key elements of the NAIC’s Framework Proposal that should be considered in reviewing individual state initiatives, the NAIC’s Reinsurance (E) Task Force in October 2010 adopted Reinsurance Collateral Reduction & Accreditation Recommendations. These recommendations identified two principal steps with respect to state-based reinsurance regulatory modernization efforts. The first is amendment of the Credit for Reinsurance Model Law and Regulation to incorporate key elements of the 2008 Framework Proposal. The second involves submission of such key elements to the F Committee to serve as guidance for use when reviewing any state reforms to reduce reinsurance collateral.