Featured Product

    EC Publishes US-EU Bilateral Agreement and Related Council Decisions

    October 06, 2017

    EC published, in the Official Journal of the European Union, the bilateral agreement between the EU and the U.S. on prudential measures regarding insurance and reinsurance. EC also published the Council Decision (EU) 2017/1793 (amending EU Decision 2017/1792 on the signing), on behalf of the Union, and provisional application of the Bilateral Agreement between the EU and the U.S. on prudential measures regarding insurance and reinsurance. The Bilateral Agreement shall enter into force seven days after the date the parties exchange written notifications certifying that they have completed their respective internal requirements and procedures, or on such other date as the parties may agree. The Decision (EU) 2017/1793 shall enter into force on the date of its adoption.

    The bilateral agreement includes the following features:

    • The parties to the agreement will be sharing the goal of protecting insurance and reinsurance policyholders and other consumers, while respecting each party's system for insurance and reinsurance supervision and regulation.
    • It acknowledges the growing need for co-operation between EU and U.S. supervisory authorities, including the exchange of confidential information, given the increased globalization of insurance and reinsurance markets.
    • It takes into account that practical arrangements concerning cross-border cooperation are essential for supervision of insurers and reinsurers both during times of stability and during times of crisis.
    • The agreement acknowledges risk mitigation effects of reinsurance agreements in a cross-border context, provided applicable prudential conditions are fulfilled, and takes into account protection of policyholders and other consumers.
    • It acknowledges that group supervision of insurers and reinsurers enables supervisory authorities to form sound judgments of the financial position of these groups.
    • The agreement encourages exchange of information between supervisory authorities to supervise insurers and reinsurers in the interest of policyholders and other consumers.

    On April 21, 2015, the Council authorized the EC to open negotiations with the U.S. for an Agreement on reinsurance. The negotiations were successfully concluded by an exchange of letters between the lead negotiators on January 12, 2017. The Agreement should be signed on behalf of the EU in English, subject to its conclusion at a later date. For this purpose, Decision (EU) 2017/1792 should be amended accordingly. For the purpose of amending the Decision (EU) 2017/1792, Article 2 was replaced and Article 3a was inserted.

     

    Related Links

    Keywords: Europe, Americas, US, Insurance, Reinsurance, Bilateral Agreement, Decision 2017/1792, Decision 2017/1793, EU, EC

    Related Articles
    News

    APRA Decides to Keep Countercyclical Capital Buffer for Banks at 0%

    APRA announced its decision to keep the countercyclical capital buffer (CCyB) for authorized deposit-taking institutions on hold at zero percent.

    December 11, 2019 WebPage Regulatory News
    News

    APRA Issues Operational Risk Rules, Consults on Reporting Requirements

    APRA published an updated prudential standard APS 115 that sets out operational risk requirements for authorized deposit-taking institutions in Australia.

    December 11, 2019 WebPage Regulatory News
    News

    EBA Issues Revised List of Validation Rules for Reporting by Banks

    EBA published a revised list of validation rules in its implementing technical standards on supervisory reporting.

    December 10, 2019 WebPage Regulatory News
    News

    SRB Holds Annual Conference, Reflects on Turning Policy into Action

    SRB published a report on its fourth annual conference that was held on October 10, 2019 in Brussels.

    December 10, 2019 WebPage Regulatory News
    News

    OSFI Sets Domestic Stability Buffer Level at 2.25%

    OSFI has set the Domestic Stability Buffer, or DSB, at 2.25% of total risk-weighted assets, with effect from April 30, 2020.

    December 10, 2019 WebPage Regulatory News
    News

    FED Extends Consultation Period for Capital Requirements for Insurers

    FED is extending comment period for the proposed rule establishing risk-based capital requirements for depository institution holding companies that are significantly engaged in insurance activities.

    December 10, 2019 WebPage Regulatory News
    News

    FSB Examines Financial Stability Aspects of Bigtech and Cloud Services

    FSB published two reports that consider the financial stability implications from the offering of financial services by bigtech firms and the adoption of cloud computing and data services across a range of functions at financial institutions.

    December 09, 2019 WebPage Regulatory News
    News

    HKMA Proposes Changes to Module on Supervision of Concentration Risk

    HKMA issued a circular proposing revisions to the Supervisory Policy Manual module CR-L-1 on consolidated supervision of concentration risks under the Banking (Exposure Limits) Rules (BELR) Rule 6.

    December 09, 2019 WebPage Regulatory News
    News

    BoE Updates XBRL Filing Manual for Reporting Under Solvency II

    BoE has updated the XBRL filing manual (to Version 5.0) to help firms and software vendors create XBRL instance documents for Solvency II Pillar 3 and BoE Insurance reporting.

    December 09, 2019 WebPage Regulatory News
    News

    APRA Specifies Capital Treatment of Equity Investments in ABGF

    APRA published a letter to the authorized deposit-taking institutions outlining the regulatory capital treatment of their equity investments in the Australian Business Growth Fund (ABGF).

    December 09, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4301