US, EU Insurance Talks Could Undermine States' Authority

Law360, Los Angeles (February 24, 2016, 10:06 PM EST) -- The U.S. and European Union have begun negotiations for a bilateral deal to place their insurers and reinsurers on equal footing, putting state insurance regulators on edge about the potential federal preemption of state laws governing collateral requirements for foreign reinsurers doing business with U.S.-based carriers.

During a meeting in Brussels last week, the two sides roughly sketched out the parameters of a so-called covered agreement to deem U.S. insurance and reinsurance regulations as fitting within the EU regulatory system, which was drastically overhauled at the start of this year.

As part of the deal, U.S. and EU negotiators may scale...

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