# US Regulators Grant Lloyd's Relief On WTC Losses 

_News_

Canonical: https://www.claimspages.com/news/i571/

U.S. regulators have decided to allow Lloyd's of London to lower its funding requirements for its World Trade Center losses and U.S. attack-related claims from the standard 100 percent to 60 percent of gross liabilities, the National Underwriter has learned.

Other alien reinsurers are still being required to pay the 100 percent gross funding requirement.

Regulators are also permitting Lloyd's to use letters of credit as admissible assets in the Credit for Reinsurance Trust Fund, London market sources say.

"We see this as a liquidity issue, not as a solvency issue [for Lloyd's]," said John Oxendine, commissioner of Georgia and chairman of the reinsurance committee for the National Association of Insurance Commissioners.

"We feel very good about the solvency of Lloyd's, but no one expected to have one loss of this size.

Sources:
- National Underwriter (http://www.nationalunderwriter.com/pandc/hotnews/ArcPC.asp?article=10_12_01_14_2954.xml)