The NAIC's Reinsurance Regulatory Modernization Act was supposed to be the solution for the problems surrounding the regulation of reinsurance and the role of collateral in reinsurance transactions. SPECIAL FOCUS Editor John Pitblado describes the critical comments received to the exposure draft of the proposed federal legislation, the consitutional issues involved and the current status of this initiative, in Constitutional Concerns with the Reinsurance Regulatory Modernization Act.