Insight and Intelligence on the London & International Insurance Markets

23 November 2017

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Battle over ‘Covered Agreement’ erupts in Washington

Ted Bunker 16 March 2017

State insurance regulators want significant issues in the recent "Covered Agreement" with the European Union either clarified by US Treasury Secretary Steve Mnuchin or entirely renegotiated, but industry groups have rallied to defend the accord as a win for American insurers and reinsurers.

The National Association of Insurance Commissioners (NAIC) asked Mnuchin to make sure of the meanings of certain provisions of the accord that aims to harmonise regulation of insurers and reinsurers and remove barriers to transatlantic business. Absent...

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