EC Updates on US-EU Agreement on Prudential Measures in Insurance
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
Previous Article
EC Extends Irish Credit Union Restructuring Scheme Until April 2021Related Articles
BIS Quarterly Review Discusses Developments in Fintech and ESG Space
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
BCBS to Consult on Supervisory Practices for Climate Risks by Year-End
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
OCC Identifies Operational Risk Deficiencies in MUFG Union Bank
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.
EC Rule on Contractual Recognition of Write Down and Conversion Powers
The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.
ECB to Consider Climate Risks When Reviewing Collateral Framework
In a response to the questions posed by a member of the European Parliament, the President Christine Lagarde highlighted the commitment of the European Central Bank (ECB) to an ambitious climate-related action plan along with a roadmap, which was published in July 2021.
SRB Provides Update on Approach to Prior Permissions Regime
The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.
APRA Issues Further Guidance on Application of Securitization Standard
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.
ACPR Publishes Corrective Version of RUBA Taxonomy
The French Prudential Control and Resolution Authority (ACPR) published the corrective version of the RUBA taxonomy Version 1.0.1, which will come into force from the decree of January 31, 2022.
Nordea Bank and EIB Sign Agreement to Fund Green Projects in Nordics
The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.
APRA Publishes FAQs on Capital Treatment of Overseas Subsidiaries
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.
