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Cristina Mihai said:
“Insurance Europe is encouraged by recent progress made and reaffirms its strong support for a swift conclusion to the negotiations in the coming days, to the benefit of our (re)insurers. The agreement should lead to a national uniform treatment of all European (re)insurers placing business in the US.
“The current US statutory collateral requirements are highly discriminatory and place European cross-border (re)insurers at a significant competitive disadvantage when writing risks in the US. A bilateral agreement between the EU and the US should therefore seek the total elimination of statutory collateral requirements in all US states, and should apply to both in-force and new business.
“A positive conclusion would also represent a strong signal of the longstanding relationship between the EU and the US, and would help support the bilateral trade in (re)insurance, for the benefit of both consumers and our economies.”