Washington/Brussels - “U.S. and EU representatives are pleased to announce the conclusion of successful negotiations on an agreement that will ensure ongoing robust insurance consumer protection and provide enhanced regulatory certainty for insurers and reinsurers operating in both the U.S. and the EU. These negotiations resulted in a written Agreement that is a ‘covered agreement’ in the meaning of the Dodd-Frank Act for the United States and an Agreement under Article 218 of the Treaty on the Functioning of the European Union for the EU.
“The Agreement covers three areas of prudential insurance oversight: (1) reinsurance; (2) group supervision; and (3) the exchange of insurance information between supervisors.
“With regard to reinsurance, the Agreement will enhance consumer protection and will lead to the elimination of collateral and local presence requirements for EU and U.S. reinsurers operating in these markets.
“By virtue of the Agreement, U.S. and EU insurers operat…