The effect of federal insurance regulation has been a perennial topic of debate. Proponents have argued that federal regulation would result in a variety of benefits, including greater product innovation, increased speed-to-market, reduction of regulatory costs, and additional cost efficiencies....

Relationships between loss variables covered by multi-year, multi-line reinsurance are complicated in the sense that correlation may be present in two dimensions: from year to year and across business lines. While reinsurers may be able to choose and accept risk exposures from different lines of...