EU, U.S. Reach Trans-Atlantic Agreement Over Insurance Rules
January 13 2017 - 9:47AM
Dow Jones News
By Julia-Ambra Verlaine and Jacob M. Schesinger
The U.S. and European Union have reached a trans-Atlantic
agreement to ease business for insurance companies, officials said
on Friday.
The agreement was reached after more than 20 years of
discussions and almost a year of formal negotiations. Its aim is to
remove regulatory uncertainty for American insurers that do
business within Europe. Meanwhile, EU reinsurers stand to benefit
from changes to collateral requirements that could save them
hundreds of millions of dollars.
"This is a major deal that is set to benefit insurers,
reinsurers and policyholders on both sides of the Atlantic," said
the EU's financial services chief, Valdis Dombrovskis.
"We are pleased the U.S. and EU were able to conclude this
Agreement, which resolves uncertainty for U.S. insurers and
reinsurers," said U.S. Trade Representative Michael Froman said in
a separate statement. "This agreement will provide opportunities
for U.S. insurers and reinsurers doing business in the EU while
continuing to ensure a high standard of protection for U.S. and EU
consumers."
USTR and the Treasury Department, which also joined in the
negotiations, sent letters to Congress notifying members of the
deal.
(END) Dow Jones Newswires
January 13, 2017 09:32 ET (14:32 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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