EC Publishes US-EU Bilateral Agreement and Related Council Decisions
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
- Bilateral Agreement (PDF)
- Council Decision (EU) 2017/1792 (PDF)
- Council Decision (EU) 2017/1793 (PDF)
Keywords: Europe, Americas, US, Insurance, Reinsurance, Bilateral Agreement, Decision 2017/1792, Decision 2017/1793, EU, EC
Related Insights
|
News
EBA Finalizes Guidelines on the STS Criteria in SecuritizationEBA published the final guidelines that provide a harmonized interpretation of the criteria for a securitization to be eligible as simple, transparent, and standardized (STS) on a cross-sectoral basis throughout EU.
December 12, 2018
WebPage
Regulatory News
|
|
News
OSFI Sets Domestic Stability Buffer for D-SIBs at 1.75%OSFI set the level for the Domestic Stability Buffer at 1.75% of total risk-weighted assets, as calculated under the Capital Adequacy Requirements (CAR) Guideline.
December 12, 2018
WebPage
Regulatory News
|
|
News
FSI Publishes Paper on Proportionality in Insurance Solvency RulesFSI published a paper on proportionality in the application of insurance solvency requirements.
December 11, 2018
WebPage
Regulatory News
|
|
News
BCBS Updates Framework for Pillar 3 Disclosure RequirementsBCBS published the updated framework for Pillar 3 disclosure requirements.
December 11, 2018
WebPage
Regulatory News
|
|
News
EBA Issues Revised List of Validation Rules for ReportingEBA revised the list of validation rules in its implementing technical standards on supervisory reporting.
December 11, 2018
WebPage
Regulatory News
|
|
News
IMF Reports Assess the Stability of Financial System in BrazilIMF published a report on the results of the Financial System Stability Assessment (FSSA) on Brazil.
December 11, 2018
WebPage
Regulatory News
|
|
News
FED Governor Examines Pros of Imposing Capital Buffers on Large BanksAt the Peterson Institute for International Economics in Washington D.C., the FED Governor Lael Brainard summarized the financial stability outlook, highlighted areas where financial imbalances seem to be building, and touched on the related policy implications.
December 07, 2018
WebPage
Regulatory News
|
|
News
US Agencies Propose Rule on Appraisals for Real Estate TransactionsUS Agencies (FDIC, FED, and OCC) proposed a rule to increase the threshold level at or below which appraisals would not be required for the residential real estate transactions from USD 250,000 to USD 400,000. Comments will be accepted for 60 days from publication in the Federal Register.
December 07, 2018
WebPage
Regulatory News
|
|
News
EBA Single Rulebook Q&A: First Update for December 2018This week one answer was published as part of the Single Rulebook Questions and Answers (Q&A).
December 07, 2018
WebPage
Regulatory News
|
|
News
FED Updates Reporting Form and Instructions for FR Y-14QFED published the updated reporting form FR Y-14Q for Capital Assessment and Stress Testing, along with the associated instructions.
December 06, 2018
WebPage
Regulatory News
|
