EC published Council Decision (EU) 2018/539 on conclusion of the bilateral agreement between EU and the United States on prudential measures regarding insurance and reinsurance. The Council Decision shall enter into force on the date of its adoption. EC also published a Notice, which specifies that EU and the United States have notified each other about completion of the procedures necessary for the entry into force of the bilateral agreement. Consequently, the bilateral agreement, pursuant to its Article 8, entered into force on April 04, 2018.
In accordance with the Council Decision (EU) 2017/1792, the bilateral agreement between EU and the United States on prudential measures regarding insurance and reinsurance was signed on September 22, 2017, subject to its conclusion at a later date. The conclusion of the bilateral agreement will lead to enhanced regulatory certainty in the application of insurance and reinsurance regulatory frameworks for insurers and reinsurers operating in EU and the United States; it will also lead to improved protection for policyholders and other consumers through cooperation between supervisors on the exchange of information.
- Council Decision (EU) 2018/539
- Council Decision (EU) 2017/1792
- Notice on Entry in Force of Bilateral Agreement
Effective Date: April 04, 2018 (Bilateral Agreement)
Keywords: Europe, Americas, US, Insurance, Reinsurance, Bilateral Agreement, Decision 2017/1792, Decision 2018/539, EU, EC
Previous ArticleEBA Single Rulebook Q&A: Third Update for October 2018
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.