The Reinsurance Association of America (RAA) has urged the European Union and the US to finalise the bilateral agreement relating to prudential re/insurance matters.
RAA is particularly concerned that negotiations have not yet concluded in a covered agreement that will benefit companies doing business on a cross-border basis in the EU and the US.
The agreement must be finalised as soon as possible, RAA said, as it is critical to US reinsurers who continue to encounter new challenges doing business in the EU as Solvency II is implemented across the member states.
The introduction of Solvency II in Europe has, in some countries, restricted the access to the global reinsurance capacity. While Solvency II rules aiming to harmonise the regulatory regime in the EU, some countries made it harder for reinsurers of other jurisdictions to underwrite risk after translating EU legislation into local law. Among these countries are Germany, Poland and the Netherlands.
Frank Nutter, president of the RAA, commented: “While we are encouraged that the negotiators continue to narrow the issues, an immediate and successful conclusion is a priority to bring certainty to US companies doing business in the EU.”
To continue reading, you need a subscription to Intelligent Insurer. Start a subscription today for £655.
In-house feature articles, the archive and expert comment require a paid subscription. Subscribe now.
Want to give it a try? We are offering a two week free trial to the Intelligent Insurer website – register and select “Two Week Free Trial” to begin access to the full Intelligent Insurer archive and read the latest news, features and expert comment. Begin your free trial here.
Is your 2 week free trial about to end? Upgrade to a 12 month subscription for £655 now.
If you have already subscribed please login.
If you have any technical issues please contact support.
European Union, Reinsurance Association of America, Insurance, Reinsurance, North America, Europe, Solvency II