September 22, 2017

EU and U.S. signed a bilateral agreement on insurance and reinsurance. The agreement will boost consumer protection and cut costs and red tape for EU insurers and reinsurers active in the U.S. In a joint statement, the EU and the U.S. said: “The Agreement represents a major step forward in U.S.- EU cooperation on insurance and reinsurance, conveying benefits to EU and U.S. insurers and reinsurers operating across the Atlantic, by offering them enhanced regulatory certainty, while maintaining robust consumer protections.” The signature allows parts of the agreement to become immediately applicable on a provisional basis. The European Parliament and the Council will need to approve the conclusion of the agreement.

The signature marks the final step in more than 20 years of discussions and a year of formal negotiations between EC and the U.S. Department of the Treasury and Office of the Trade Representative. Regarding reinsurance, the agreement will lead to the elimination of collateral and local presence requirements for EU and U.S. reinsurers operating in each other's markets. In line with the objectives of the Investment Plan for Europe and the Capital Markets Union, the agreement will enable reinsurers to boost their investment capacity. The agreement will enhance consumer protection by facilitating the exchange of information between EU and U.S. supervisors. The agreement also brings prudential benefits: for example, EU insurers and reinsurers will have to prepare only one risk and solvency assessment (ORSA) in light of their risk profiles. 

 

Related Links

Joint Statement (PDF)

Text of Agreement (PDF)

Frequently Asked Questions

Keywords: Europe, Americas, EU, United States of America, Insurance, Reinsurance, Bilateral Agreement, ORSA, EC

Related Articles
News

APRA Releases Minor Changes to Reporting Standards on SA-CCR for Banks

APRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).

May 22, 2019 WebPage Regulatory News
News

APRA Proposes to Amend Guidance on Residential Mortgage Lending

APRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.

May 21, 2019 WebPage Regulatory News
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
News

OCC Consults on Information Collection for Home Mortgage Disclosures

OCC is soliciting comment on the revision of the information collection titled “Regulation C—Home Mortgage Disclosure.” OCC also notes that it has sent the collection to OMB for review.

May 20, 2019 WebPage Regulatory News
News

EIOPA Updates Q&A on Regulations in May 2019

EIOPA published additional questions and answers (Q&A) on guidelines, directives, and regulations applicable to insurers in Europe.

May 17, 2019 WebPage Regulatory News
News

FSB Publishes Update on Meeting of RCG for Americas

FSB published a summary of the meeting of its Regional Consultative Group (RCG) in Americas.

May 17, 2019 WebPage Regulatory News
News

ESRB Paper on Impact of Business Model Similarities on Risk Capture

ESRB published a working paper on whether information contagion and business model similarities explain bank credit risk commonalities.

May 17, 2019 WebPage Regulatory News
News

IASB Issues Work Plan and Meeting Updates for May 2019

IASB published an updated work plan, along with the update of its meeting in May 2019.

May 17, 2019 WebPage Regulatory News
News

FCA Publishes Its Business Plan for the Coming Year

FCA published its Business Plan, which sets out the main areas of focus and priorities for 2019/20.

May 17, 2019 WebPage Regulatory News
News

CBM Notifies ESRB and ECB on Imposing Borrower-Based Measures in Malta

CBM notified ESRB and ECB regarding its decision to impose borrower-based measures on lenders in Malta.

May 17, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3103