Insurance Europe: Transatlantic insurance industry continues to see need for financial services regulatory cooperation in the TTIP

07 July 2016

The American Insurance Association, Insurance Europe, and the American Council of Life Insurers reiterate their support for the full inclusion of insurance and other financial services in the Transatlantic Trade and Investment Partnership (TTIP).

Collectively, these bodies represent the life and non-life insurance sectors in the United States and the European Union. Transatlantic trade and investment benefit those on both sides of the Atlantic by stimulating economic activity, job creation and competitiveness.

The TTIP can increase insurance trade and investment between the United States and European Union, set a high standard for future trade negotiations with third parties, and facilitate dialogue between regulators on both sides of the Atlantic. Therefore, a successful TTIP must include insurance trade, investment, and regulatory cooperation.

The transatlantic insurance industry continues to support the recently launched negotiations for an international “covered agreement” on specific insurance prudential matters, as well as the Financial Markets Regulatory Dialogue and bilateral Insurance Dialogue Project. However, it believes that the TTIP offers an opportunity to create enduring structures for broad, ongoing regulatory cooperation that builds upon these other existing regulatory dialogues.

The next TTIP negotiating round will occur the week of 11 July, with services-specific TTIP negotiations to follow the week of 18 July.

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