US and European negotiators have reached a covered agreement to harmonise regulation of insurers and reinsurers and remove barriers to transatlantic business.
The deal covers supervision, reinsurance and information exchange between regulators, according to a letter signed by US Treasury Secretary Jacob Lew and US Trade Representative Michael Froman.
The agreement is expected to significantly reduce the amount of collateral a European insurer must hold against business written in the US.
In a joint statement, negotiators from both sides said...
If you are a non-subscriber but would like to be able to view this article, then please go to our Publications page for further information on joining our readership