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    EC Issues Council Decision on Conclusion of EU-US Bilateral Agreement

    April 09, 2018

    EC published Council Decision (EU) 2018/539 on conclusion of the bilateral agreement between EU and the United States on prudential measures regarding insurance and reinsurance. The Council Decision shall enter into force on the date of its adoption. EC also published a Notice, which specifies that EU and the United States have notified each other about completion of the procedures necessary for the entry into force of the bilateral agreement. Consequently, the bilateral agreement, pursuant to its Article 8, entered into force on April 04, 2018.

    In accordance with the Council Decision (EU) 2017/1792, the bilateral agreement between EU and the United States on prudential measures regarding insurance and reinsurance was signed on September 22, 2017, subject to its conclusion at a later date. The conclusion of the bilateral agreement will lead to enhanced regulatory certainty in the application of insurance and reinsurance regulatory frameworks for insurers and reinsurers operating in EU and the United States; it will also lead to improved protection for policyholders and other consumers through cooperation between supervisors on the exchange of information.

     

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    Effective Date: April 04, 2018 (Bilateral Agreement)

    Keywords: Europe, Americas, US, Insurance, Reinsurance, Bilateral Agreement, Decision 2017/1792, Decision 2018/539, EU, EC

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