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3/19/2020

First Joint Committee Meeting Under The Bilateral Agreement Between The European Union And The United States Of America On Prud…

First Joint Committee Meeting Under The Bilateral Agreement
Between The European Union And The United States Of America
On Prudential Measures Regarding Insurance And Reinsurance
March 27, 2018

WASHINGTON/BRUSSELS - “The European Union and United States held on 6 March 2018 the
first meeting of the Joint Committee established under the EU - U.S. agreement on prudential
insurance and reinsurance measures (“the Agreement” herea er). The United States and the
European Union signed the Agreement on 22 September 2017 and the Agreement entered into
provisional application on 7 November 2017.
The Agreement – which is a ‘covered agreement’ in the meaning of the Dodd-Frank Act for the
United States and an Agreement under Article 218 of the Treaty on the Functioning of the
European Union for the EU – addresses three areas of prudential insurance oversight: (1)
reinsurance; (2) group supervision; and (3) the exchange of insurance information between
supervisors.
The Joint Committee meeting was attended by representatives from the U.S. Department of the
Treasury, the O ice of the U.S. Trade Representative, the European Commission's DirectorateGeneral for Financial Stability, Financial Services and Capital Markets Union, the European
Commission's Directorate-General for Trade, as well as by U.S. state insurance commissioners
and representatives from the European Insurance and Occupational Pensions Authority and the
Federal Reserve Board.
At the first Joint Committee meeting under the Agreement, participants discussed procedural
aspects of the Joint Committee and followed up on the progress achieved on both sides
regarding the implementation of the Agreement on reinsurance, group supervision and
exchange of information.
Both sides confirmed their commitment under the Joint Committee to full and timely
implementation of the provisions of the Agreement, including the removal of collateral and
local presence requirements for reinsurers and the provisions on group supervision measures.
In addition, the EU and the United States a irmed their commitment to continuous review of
progress on the Agreement and close coordination between each side. Consistent with the
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3/19/2020

First Joint Committee Meeting Under The Bilateral Agreement Between The European Union And The United States Of America On Prud…

Agreement, both sides shall encourage relevant authorities to refrain from taking any measures
which are inconsistent with any of the conditions or obligations of the Agreement.”
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