Treasury Sobel: Equivalence of EU-US insurance supervisory regime requires intensive discussion

30 April 2008

“Large U.S. insurance firms operating in Europe fear the EU will find the U.S. insurance supervisory regime not equivalent and that they in turn will face uncertainties and higher costs in continuing their European operations”, Mark Sobel, Treasury Deputy Assistant Secretary said.

 

Lively discussions will also continue on the implications of U.S. state re-insurance collateral requirements for unlicensed reinsures, he noted.

 

Speaking at the Conference on ‘U.S. – EU Regulatory Cooperation’ he outlined the three main issues that will be in the regulatory focus, namely in accounting, securities, and insurance issues. He noted that a formal decision by the US authorities confirming ‘equivalence’ to IFRS is expected this year. Also the SEC announced that it would work to develop a process for discussing mutual recognition in securities with the EU by mid-2008.

 

Full speech

 

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