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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.

 

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

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