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The agreement provides legal certainty for EU and US insurers and reinsurers in the application of regulatory frameworks. It will enable improved protection for policyholders and other consumers through cooperation between supervisors and the exchange of information.
The text was negotiated by the Commission on the basis of a mandate approved by the Council in April 2015. It includes provisions on reinsurance, group supervision and the exchange of information. A joint committee will oversee its implementation.
The decision was adopted at a meeting of the General Affairs Council, without discussion.
Some of the agreement's provisions have been applied provisionally since it was signed in September
Council decision on the conclusion of the EU-US insurance agreement
EU-US agreement and insurance and reinsurance pdf