EU and US to Sign Bilateral Agreement on Insurance and Reinsurance
The U.S. Department of the Treasury and the Office of the U.S. Trade Representative announced their intent to sign the Bilateral Agreement between the U.S and the EU on prudential measures regarding insurance and reinsurance. The agreement removes collateral and local presence requirements for reinsurers operating on a cross-border basis and will bring prudential benefits for insurance and reinsurance groups of the EU operating in the U.S. and conversely.
This is an important step toward making the U.S. companies more competitive in domestic and foreign markets and making regulations efficient, effective, and appropriately tailored. Furthermore, the Bilateral Agreement benefits the U.S. economy and consumers by affirming America's state-based system of insurance regulation, providing regulatory certainty and increasing growth opportunities for U.S. insurers. On the EU side, the European Parliament's consent will subsequently be needed for conclusion of the agreement. In addition to signing the agreement in the coming weeks, the U.S. Administration also plans to issue a U.S. policy statement on its implementation.
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Keywords: Americas, Europe, United States of America, Insurance, Bilateral Agreement, EU
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