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The U.S. Department of the Treasury and the Office of the U.S. Trade Representative today announced their intent to sign the Bilateral Agreement between the United States of America and the European Union on Prudential Measures Regarding Insurance and Reinsurance. In addition to signing the Agreement in the coming weeks, the Administration also plans to issue a U.S. policy statement on implementation.
This is an important step in making U.S. companies more competitive in domestic and foreign markets and making regulations efficient, effective and appropriately tailored. Furthermore, the Bilateral Agreement benefits the U.S. economy and consumers by affirming America’s state-based system of insurance regulation, providing regulatory certainty, and increasing growth opportunities for U.S. insurers.