The US Department of the Treasury and the Office of the US Trade Representative have announced their intention to sign the bilateral agreement between the US and the EU on Prudential Measures Regarding Insurance and Reinsurance.
The move comes despite opposition to the agreement from the National Association of Insurance Commissioners, which called it an “imprudent leap of faith”, and had asked for greater clarity on its provisions, and a renegotiation. However, the US Treasury said that in addition to signing the agreement in the coming weeks, the administration also plans to issue a US policy statement on implementation.
“This is an important step in making US companies more competitive in domestic and foreign markets and making regulations efficient, effective and appropriately tailored,” the US Treasury said. “Furthermore, the bilateral agreement benefits the US economy and consumers by affirming America’s state-based system of insurance regulation, providing regulatory certainty and increasing growth opportunities for US insurers.”
The EU-US covered agreement on insurance and reinsurance was approved recently by the Council of the European Union, adopting a decision authorising the signing of the agreement with the US. The council requested the consent of the European parliament for conclusion of the agreement. The agreement has also been backed by RIMS, the US risk management society, Insurance Europe and the International Underwriting Association (IUA).
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