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3/19/2020

Joint Statement on Signing the Bilateral Agreement on Prudential Measures Regarding Insurance and Reinsurance | U.S. Department of …

Joint Statement on Signing the Bilateral Agreement on Prudential
Measures Regarding Insurance and Reinsurance
December 19, 2018

Washington – The United States and the United Kingdom (UK) signed the Bilateral Agreement
between the United States of America and the United Kingdom on Prudential Measures
Regarding Insurance and Reinsurance (U.S.-UK Covered Agreement) on December 18, 2018. The
U.S.-UK Covered Agreement is an important step in providing regulatory certainty and market
continuity as the United Kingdom prepares to leave the European Union (EU).
The U.S.-UK Covered Agreement, like the covered agreement with the EU, will benefit the U.S.
and UK economies and consumers by reducing burdens on insurers and reinsurers while
maintaining prudential standards and will enable customers to protect themselves more
e iciently against risks. At the same time, it a irms the U.S. state-based system of insurance
regulation while increasing growth opportunities for insurers in both the United States and
United Kingdom.
The U.S.-UK Covered Agreement will ensure continuity for UK insurers and reinsurers accessing
the U.S. market consistent with the terms of the U.S.-EU Covered Agreement. In order to
achieve this continuity, the Parties plan to bring the U.S.-UK Covered Agreement into force once
the UK is no longer subject to the U.S.-EU Covered Agreement and domestic processes are
complete.
View the text of the U.S.-UK Covered Agreement
to Congress

and the U.S.-UK Covered Agreement Letters

.
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https://home.treasury.gov/news/press-releases/sm579

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