There is only one week left to register for Insurance Europe’s International Conference in Rome on 13 June. Registration closes on 2 June, so hurry to reserve your place.

Now confirmed for the conference is a regulatory dialogue session between the chairman of the European Insurance and Occupational Pensions Authority (EIOPA), Gabriel Bernardino, and Thomas Leonardi, the Connecticut Insurance Commissioner. This informal debate will provide a fascinating insight into regulatory approaches on both sides of the Atlantic.

Insurance Europe provided comments on the OECD Draft High-Level Principles of Long-Term Investment Financing by Institutional Investors. Welcoming the G-20 initiative, Insurance Europe appreciates that the principles on long-term investment should be able to capture the fundamental elements of long-term financing in a sufficiently high-level, accessible and balanced way, based on sound economic principles.

Governments should continuously monitor individual and cumulative effects of existing regulations and regulatory developments in order to identify and address any biases against long-term investments. However, any government intervention must not distort the functioning of the markets. Moreover, governments should not only promote long-term savings, but also create an environment that engenders trust and stability.

Long-running attempts in the US to introduce a tax on reinsurance ceded by non-US companies to their offshore affiliates was revived by bills introduced on 21 May in the US House of Representatives by Congressman Richard Neal (HR 2054) and the US Senate by Senator Robert Menendez (S 991). Insurance Europe strongly opposes the bills. The proposals would create unequal treatment for EU insurers that already pay substantial rates of tax. They would also distort competition in the US market and would violate US double-tax treaties.

If adopted, the proposals would likely result in more limited insurance capacity and higher costs for US businesses and consumers. This will in particular affect the cover for natural catastrophes, such as hurricane, earthquake and tornado, where international (re)insurers play an essential role in many US states.

Earlier this year Insurance Europe co-signed a letter to the US Congress from the Coalition for Competitive Insurance Rates to reiterate the industry’s concerns that both bills would increase the tax burden on the US subsidiaries of non-US (re)insurers by limiting the deductions for certain reinsurance premiums.

Insurance is a relatively low-risk industry compared to other financial services sectors, but is equally committed to contributing to the fight against terrorism financing and money-laundering. The industry’s participation can, however, only be effective if its specific risk profile is recognised, and if it can use a risk-based approach when allocating resources to addressing money-laundering issues.

Insurance Europe has welcomed the European Commission’s proposal for a fourth Anti-Money Laundering (AML) Directive, which already includes important provisions for the industry. In its position paper, Insurance Europe provides further suggestions on how to ensure the most effective and workable AML regime for insurers in Europe.

Insurance Europe and the American Council of Life Insurers (ACLI) have submitted joint comments to the US Federal Register in which they strongly support the intent to establish a Transatlantic Trade and Investment Partnership. The two associations call for financial services and, more specifically, insurance to be included in the scope of the trade partnership.

The inclusion of regulatory issues is welcomed, with the associations requesting that the partnership agenda does not duplicate the insurance dialogues currently being conducted between the EU and US but rather provides political support for them.