1 August 2016 Insurance

US-EU negations begin on re/insurance bilateral deal

The US and the European Union have begun negotiations of a bilateral agreement on insurance and reinsurance.

The process follows the stated intention to begin negotiating a covered agreement between the US Department of the Treasury and the Office of the US Trade Representative with the EU, announced back in November 2015.

Under the Federal Insurance Office Act of 2010, the Secretary of the Treasury, acting through Federal Insurance Office, and the USTR are authorised to jointly negotiate a covered agreement.

The US and EU representatives had previously met in Brussel in February 2016 and in Washington DC in May.

The joint statement reads: “EU and US representatives met in Brussels on 25-26 July 2016 to discuss a future bilateral agreement relating to prudential insurance and reinsurance measures.

“Both sides continued to discuss in good faith matters relating to group supervision, exchange of confidential information between supervisory authorities on both sides, and reinsurance supervision, including collateral.

“EU and US representatives exchanged concrete ideas in a constructive atmosphere, and addressed next steps towards completing negotiations in a timely manner.”

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