United States and European Union Hold Sixth Joint Committee Meeting under the Bilateral Agreement on Prudential Measures Regarding Insurance and Reinsurance

The U.S. Department of the Treasury (USDT) has published the outcome of a recent meeting with EU regulatory authorities regarding the prudential supervision of (re)insurance undertakings. The meeting took place virtually within the framework of an agreement between the U.S. and the EU to cooperate on such supervision of firms active in each other’s markets and to regularly exchange information in that regard. The agreement was reached back in 2017, but has not yet been fully implemented (please see the comment box below).
During this last meeting, the attending parties offered updates regarding the execution and management of the agreement, specifically concerning reinsurances‘ collateral requirements, local presence, and group supervision. They mutually emphasized the agreement’s significance and recognized its effective operation. Furthermore, both sides reiterated their dedication to regularly evaluating the agreement’s progress and maintaining strong cooperation between them. In accordance with the agreement, they continue to promote that relevant authorities avoid actions that contravene any of the agreement’s provisions.