US/EU bilateral agreement: impact on group supervision
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The Agreement represents a major step forward in US/EU cooperation on (re)insurance. It holds benefits to EU and US re(insurers) operating across the Atlantic, by offering them enhanced regulatory certainty, while maintaining robust consumer protections.
The key elements of the Agreement include the progressive elimination of collateral requirements common for EU reinsurers active in the US and removal of duplication of group supervision requirements for international groups headed in the US or EU.
The Agreement will come into force five years after signing, except for the group supervision elements, which apply provisionally from 7 November 2017. This paper addresses the group supervision elements only.