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Member, Beacon International Group, Ltd.
The reinsurance bilateral agreement between the European Union and the United States has been successfully concluded, Xpirimm.com reported.
"The agreement aims for the application of the same requirements to both EU and U.S. reinsurers placing business in each other's jurisdictions, which will help support bilateral trade in reinsurance, for the benefit of both consumers and economies," said Cristina Mihai, head of prudential regulation and international affairs at Insurance Europe.
Under the agreement, U.S. and EU insurers operating in the other market will only be subject to worldwide prudential insurance group oversight by the supervisors in their home jurisdiction.