At its December meeting, the NAIC adopted a new reinsurance framework that will "change reinsurance as we know it." The proposal calls for significant reduction or elimination of collateral requirements for non-U.S. reinsurers. If the regime is implemented, a new department will be established within the NAIC to determine which non-U.S. jurisdictions are entitled to enter into mutual recognition agreements, a single-state regulator for U.S. reinsurers will be authorized to adopt uniform minimum standards, and a single-state regulator for non-U.S. reinsurers will allow access to the U.S. market through a "port-of-entry" jurisdiction. The new framework would also reduce collateral obligations for non-U.S. reinsurers on a sliding scale that could reach zero for highly rated companies.