IUA welcomes EU/US reinsurance talks
Monday, 04 27 2015, Category: Insurance and Reinsurance, Country: Europe
The International Underwriting Association (IUA) has welcomed a move to open talks between the EU and US on reinsurance.
On April 21, EU states agreed to give the European Commission a mandate to negotiate an agreement with the US aimed at improving trading conditions and streamlining supervision procedures.
The talks will revolve around reinsurance collateral requirements for European reinsurers in the US. Currently, European reinsurers must not only comply with EU solvency rules but must also meet additional collateral requirements when operating in the US.
Source: Intelligent Insurer