US Treasury Announces New Covered Agreement on Insurance and Reinsurance Regulation with UK

The U.S. Department of the Treasury and the Office of the U.S. Trade Representative announced on December 11, 2018 that they intend to sign a new Bilateral Agreement between the U.S. and the U.K. on Prudential Measures Regarding Insurance and Reinsurance (“Covered Agreement”). In its press release, the U.S. Treasury noted that the Covered Agreement “is an important step in providing regulatory certainty and market continuity as the United Kingdom prepares to leave the European Union in March 2019, as well as in making U.S. companies more competitive in domestic and foreign markets and making regulations more efficient, effective, and appropriately tailored. The U.S.-UK Covered Agreement also benefits the U.S. economy and consumers by affirming the U.S. state-based system of insurance regulation and increasing growth opportunities for U.S. insurers.” This agreement provides that it addresses the following objectives: (a) the elimination, under specified…

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