Negative regulatory burdens impacting US-EU business must end: RAA

Regulatory changes in European countries such as Germany, Poland, Austria and the UK have adversely impacted US companies doing business in these jurisdictions, according to the Reinsurance Association of America (RAA).

But the RAA is optimistic that a US and EU covered agreement will be completed in the near future.

Frank Nutter, president of the RAA, said: “We are encouraged that the Federal Insurance Office (FIO), United States Trade Representative (USTR), state regulators, and the European Union are apparently close to consensus on a covered agreement.

“The uncertainty and recent negative regulatory developments in Germany, Poland, Austria, the UK, and several other countries created by the lack of equivalence for the US has already adversely impacted US companies doing business in these jurisdictions. We need to eliminate unnecessary regulatory burdens for companies on both sides of the Atlantic and we need to do it now.

“We were further encouraged by the comments of several Congressmen at yesterday’s hearing on the impact of the US-EU dialogues on US insurance industry, in particular Rep Blaine Leutkemeyer, Rep Ed Royce, and Rep Emanuel Cleaver, who clearly understood the urgent need to address US companies’ issues in the EU.”