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

IMF Releases Report on 2019 Article IV Consultation with United States

IMF published its staff report in the context of the 2019 Article IV consultation with the United States.

June 24, 2019 WebPage Regulatory News
News

BIS Report Discusses Regulatory Issues Related to Big Techs in Finance

BIS has pre-released a chapter of the BIS Annual Economic Report; this chapter focuses on the risks and opportunities presented by large technology firms in the financial services sector.

June 23, 2019 WebPage Regulatory News
News

IOSCO Report Examines Liquidity in Corporate Bond Markets

IOSCO published a report that examines the factors affecting liquidity, under stressed conditions, in the secondary corporate bond markets.

June 21, 2019 WebPage Regulatory News
News

FED Publishes Results of the 2019 Stress Tests for Banks

FED published a report presenting results of the Dodd-Frank Act Stress Test (DFAST) exercise for 2019.

June 21, 2019 WebPage Regulatory News
News

BCBS Report Examines Global Pillar 2 Supervisory Review Practices

BCBS published a report that examines the Pillar 2 supervisory review practices and approaches in Basel member jurisdictions.

June 21, 2019 WebPage Regulatory News
News

IASB Publishes Work Plan and Meeting Updates for June 2019

IASB published an updated work plan and a summary of its June meeting, which presents preliminary decisions of the Board.

June 21, 2019 WebPage Regulatory News
News

HKMA Publishes Banking Exposure Limits Code Under Banking Ordinance

HKMA issued a circular to all authorized institutions informing that the Banking (Exposure Limits) Code has been published in the Gazette on June 21, 2019.

June 21, 2019 WebPage Regulatory News
News

OSFI Proposes Guideline on Internal Model Oversight for Insurers

OSFI proposed the draft guideline E-25 on the internal model oversight framework for federally regulated property and casualty (P&C) insurance companies.

June 21, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Third Update for June 2019

Under the Single Rulebook question and answer (Q&A) updates for this week, EBA published one answer regarding the calculation of institution-specific countercyclical capital buffer rates.

June 21, 2019 WebPage Regulatory News
News

SEC Finalizes Capital and Margin Requirements for Security-Based Swaps

SEC adopted a package of rules and rule amendments to establish capital, margin, and segregation requirements for security-based swaps, under Title VII of the Dodd-Frank Act.

June 21, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3304