Reinsurance agreement between EU and US
Wednesday, 05 31 2017, Category: Insurance and Reinsurance, Country: Europe
The European Council has agreed to the signing of an agreement with the US on insurance and reinsurance which is set to enhance regulatory certainty in transatlantic re/insurance operations.
The agreement eliminates, under specified conditions, local presence requirements imposed by a party or its supervisory authorities on an assuming reinsurer which has its head office or is domiciled in the other jurisdiction, as a condition for entering into any reinsurance agreement with a ceding insurer which has its head office or is domiciled in its territory or for allowing the ceding insurer to recognise credit for reinsurance or credit for risk mitigation effects of such reinsurance agreement.
Source: Intelligent Insurer