The European Insurance and Occupational Pensions Authority (EIOPA) welcomes the EU-U.S. Covered Agreement on insurance and reinsurance measures released by the European Commission and the U.S. Department of the Treasury.
The Covered Agreement covers three areas of prudential insurance oversight: reinsurance, group supervision and exchange of information between supervisors.
Gabriel Bernardino, Chairman of EIOPA, said: “This Agreement represents a further step in the successful cooperation between the European Union and U.S. insurance supervisors strengthening supervisory cooperation and enhancing regulatory certainty and opportunities for (re)insurers operating on both sides of the Atlantic for the benefit of consumers. EIOPA will continue its intense cooperation with the U.S. authorities through the work of the EU-U.S. Insurance Project.”
Press release
© EIOPA
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