TABC Welcomes U.S.-EU Agreement Permitting Continued Access to EU Market for U.S. Insurers and Reinsurers

The Trans-Atlantic Business Council (TABC) is pleased that the Obama Administration today submitted to Congress, pursuant to the requirements under the Dodd-Frank Act, the legal text of an agreement “that will ensure ongoing robust insurance consumer protection and provide enhanced regulatory certainty for insurers and reinsurers operating in both the U.S. and the EU.”

This agreement results from protracted, detailed negotiations between the two parties aimed at ensuring that the U.S. insurance and reinsurance industries are deemed equivalent to the new prudential provisions implemented by the EU on January 1, 2016, under the Solvency II Directive.

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