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U.S., EU Sign Covered Agreement

On September 22 the U.S. and the European Union said it would conduct a ceremony for the signing of a bilateral agreement on prudential insurance and reinsurance measures. The agreement involves three areas of insurance oversight: reinsurance, group supervision, and the exchange of insurance information between supervisors...
September 27, 2017

On September 22 the U.S. and the European Union said it would conduct a ceremony for the signing of a bilateral agreement on prudential insurance and reinsurance measures. The agreement involves three areas of insurance oversight: reinsurance, group supervision, and the exchange of insurance information between supervisors. The agreement will eliminate collateral and local presence requirements for EU and U.S. reinsurers operating in both markets. As for group supervision, U.S. and EU insurers operating in the other’s markets will be subject only to insurance group oversight by supervisors in their home jurisdiction. The agreement encourages insurance supervisors in the U.S. and the EU to continue exchanging information on insurers and reinsurance that operate in both markets and includes provisions that allow the sharing of information from models.

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