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.
- Council Decision (EU) 2018/539
- Council Decision (EU) 2017/1792
- Notice on Entry in Force of Bilateral Agreement
Effective Date: April 04, 2018 (Bilateral Agreement)
Keywords: Europe, Americas, US, Insurance, Reinsurance, Bilateral Agreement, Decision 2017/1792, Decision 2018/539, EU, EC
Previous ArticleEBA Single Rulebook Q&A: Third Update for March 2018
APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
EC adopted a package that includes the digital finance and retail payments strategies and the legislative proposals for regulatory frameworks on crypto-assets and digital operational resilience.
ECB published an opinion (CON/2020/22) on proposals for regulations amending the securitization framework of EU, in response to the COVID-19 pandemic.
FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.
MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.
FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.
ISDA issued a letter to regulators to flag that it now expects the supplement to the 2006 ISDA Definitions and the Interbank Offered Rate (IBOR) Fallbacks Protocol to be effective around mid- to late-January 2021.
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.