The Clock Is Ticking For US Reinsurance Credit Laws
Law360, New York (October 10, 2017, 5:44 PM EDT) -- On Sept. 22, 2017, nearly two years after negotiations began, the U.S. Department of the Treasury, the U.S. Trade Representative and the European Union executed the bilateral agreement between the United States of America and the European Union on prudential measures regarding insurance and reinsurance (commonly referred to as the "covered agreement"). While the covered agreement finalizes the approaches agreed upon between the U.S. and the EU regarding several areas of insurance regulation that have long been a source of controversy, including reinsurance collateral requirements, group supervision, the exchange of information between regulators and local presence requirements in the EU, this...
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