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U.S., EU will negotiate insurance regulation pact

Joe Mont | February 24, 2016

A bilateral agreement on insurance and reinsurance regulations between the United States and European Union is another step closer to reality.

On Tuesday, a statement from the Treasury Department and the Office of the U.S. Trade Representative announced plans to begin negotiating a covered agreement and regulatory framework with the EU. The move comes amid evolving, insurance-focused regulations in the U.S. and new EU regulations, effective on New Year’s Day, which target insolvency concerns with heightened capital requirements. EU regulators have expressed a desire for an equivalency among those requirements and  rules for foreign firms doing business in Member States.

“U.S. and EU representatives met in Brussels on 18-19 February 2016 to discuss a future bilateral agreement relating to prudential insurance and reinsurance measures,” the statement says. “Both sides agreed to move forward efficiently and expeditiously and affirmed their good faith pursuit of an...

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