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Support for negotiation of an EU/US bilateral (re)insurance agreement reiterated

Ahead of the next round of negotiations between the EU and the US on a bilateral agreement on (re)insurance, Cristina Mihai, head of international affairs and investments at Insurance Europe, said:

“Insurance Europe reaffirms its support for a swift conclusion to the negotiations, which should lead to a national uniform treatment of all European (re)insurers placing business in the US.

“The current US statutory collateral requirements are highly discriminatory and place European cross-border (re)insurers at a significant competitive disadvantage when writing risks in the US. A bilateral agreement between the EU and the US should therefore seek the total elimination of statutory collateral requirements in all US states, and should apply to both in-force and new business.”

Published 21 September 2016