U.S. and European officials are having good conversations about reinsurance regulation.
Mark Sobel, deputy assistant secretary for international monetary and financial policy at the U.S. Treasury Department, described the conversations Friday in Washington at a meeting of the European American Business Council, Washington.
Sobel briefed members of the council, which includes many U.S. and European accounting and industrial firms but no banks or insurance companies, on the U.S.-European Union Financial Market Regulatory Dialogue, which was created in 2002.
“Our dialogue is not a negotiation,” Sobel said, according to a written version of his remarks posted on the Treasury Department’s Web site. “The independence of regulators must be respected.”
In addition, regulators must develop regulations through established rulemaking processes and cannot be negotiated, Sobel observed.
But the dialogue can promote understanding, and one focus of the dialogue has been reinsurance, Sobel said.