Featured Product

    EC Updates on US-EU Agreement on Prudential Measures in Insurance

    October 30, 2020

    EC published an update on the third meeting of the Joint Committee established under the U.S.-EU Agreement on prudential measures regarding insurance and reinsurance. During the meeting, participants on both sides provided updates on the implementation of the Agreement on reinsurance, group supervision, and exchange of information. Both sides discussed progress toward timely implementation of the Agreement, including on the removal of collateral and local presence requirements for reinsurers, on the provisions on group supervision, and on exchange of information.

    At this meeting, the U.S. and EU reaffirmed their commitment to continuous review of progress on the Agreement and close coordination between the two sides. Consistent with the Agreement, both sides are continuing to encourage relevant authorities to refrain from taking any measures that are inconsistent with any of the provisions of the Agreement. The Joint Committee meeting was attended by representatives from the U.S. Department of the Treasury, the Office of the U.S. Trade Representative, the EC's Directorate-General for Financial Stability, Financial Services and Capital Markets Union, as well as by U.S. state insurance commissioners and representatives from EIOPA and FED.

    U.S. and EU signed the Agreement on September 22, 2017 and the Agreement entered into force on April 04, 2018. The Agreement addresses three areas of prudential insurance oversight: reinsurance, group supervision, and the exchange of insurance information between supervisors. 

     

    Related Links

    Keywords: Americas, Europe, EU, US, Insurance, Reinsurance, Bilateral Agreement, Group Supervision, Cross-Border Cooperation, EC

    Related Articles
    News

    FED Proposes to Extend Data Collection Under Stress Testing Guidance

    FED proposed three-year extension, without revision, of the information collection FR 4202, titled "Recordkeeping Provisions Associated with Stress Testing Guidance."

    March 08, 2021 WebPage Regulatory News
    News

    FCA Proposes Updates to Guidance on Mortgage Repossessions

    FCA updated the draft guidance for firms to ensure that mortgage customers whose homes may be repossessed are treated fairly and appropriately, particularly where there are risks of harm to customers who are vulnerable as a result of the COVID-19 pandemic.

    March 05, 2021 WebPage Regulatory News
    News

    FCA Announces Cessation Timeline for Certain LIBOR Benchmark Settings

    FCA issued a statement on the cessation or loss of representativeness of the 35 LIBOR benchmark settings published by ICE Benchmark Administration or IBA.

    March 05, 2021 WebPage Regulatory News
    News

    EBA Publishes Reporting and Disclosures Framework for Investment Firms

    EBA published a package that includes the final draft implementing technical standards on supervisory reporting and disclosures of investment firms.

    March 05, 2021 WebPage Regulatory News
    News

    BIS Examines Use of Big Data and Machine Learning at Central Banks

    BIS published a paper that provides an overview on the use of big data and machine learning in the central bank community.

    March 04, 2021 WebPage Regulatory News
    News

    APRA Finalizes Reporting Standard for Operational Risk Requirements

    APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.

    March 03, 2021 WebPage Regulatory News
    News

    ECB Publishes Guide for Determining Penalties for Regulatory Breaches

    ECB published a guide that outlines the principles and methods for calculating the penalties for regulatory breaches of prudential requirements by banks.

    March 02, 2021 WebPage Regulatory News
    News

    MAS Sets Out Good Practices to Manage Operational Risks Amid COVID

    MAS and The Association of Banks in Singapore (ABS) jointly issued a paper that sets out good practices for the management of operational and other risks stemming from new work arrangements adopted by financial institutions amid the COVID-19 pandemic.

    March 02, 2021 WebPage Regulatory News
    News

    ACPR Announces New Data Collection Application for Banks and Insurers

    ACPR announced that a new data collection application, called DLPP (Datalake for Prudential), for collecting banking and insurance prudential data will go into production on April 12, 2021.

    March 02, 2021 WebPage Regulatory News
    News

    BCB Maintains CCyB at 0%, Initiates First Cycle of Regulatory Sandbox

    BCB announced that the Financial Stability Committee decided to maintain the countercyclical capital buffer (CCyB) for Brazil at 0%, at least until the end of 2021.

    March 02, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6659