EU-US insurance agreement: Council agrees to signing - Hoofdinhoud
On 29 May 2017, the Council adopted a decision authorising the signing of an agreement with the United States on insurance and reinsurance.
The agreement will provide legal certainty for EU and US insurers and reinsurers in the application of regulatory frameworks. It will enable improved protection for policyholders and other consumers through cooperation between supervisors and the exchange of information.
The text was negotiated by the Commission on the basis of a mandate approved by the Council in April 2015. It includes provisions on reinsurance, group supervision and the exchange of information. A joint committee will oversee its implementation.
The Council's decision provides for provisional application of some of the agreement's provisions, pending the completion of the procedures necessary for its conclusion. The Council also requested the consent of the European Parliament for conclusion of the agreement.
The decision was adopted at a meeting of the Competitiveness Council, without discussion.