U.S. and EU Reach Agreement on Insurance Regulation
Saturday, 01 14 2017, Category: Insurance and Reinsurance, Country: United States
United States and European Union negotiators say they have reached an agreement on reinsurance and insurance regulation. The agreement covers three areas of insurance oversight: reinsurance, group supervision and the exchange of insurance information between regulators.
According to the negotiators, U.S. and EU insurers operating in the other market will only be subject to oversight by the regulators in their home jurisdiction. For the United States, the agreement preserves the primacy of state regulation the U.S. of U.S. insurance groups while for the EU, it preserves the primacy of EU oversight of EU insurance groups.
Source: Insurance Journal