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Treasury Talks to EU, UK About Insurance

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What You Need to Know

  • U.S. officials held virtual meeting discussions on insurance with European and U.K representatives.
  • The EU talks were part of a general U.S.-EU financial regulatory forum.
  • The UK talks were held under a two-country agreement on overseeing insurers' and reinsurers' stability.

Biden administration officials are reaching out to global officials about insurance regulation.

U.S. Treasury Department, Federal Reserve and Securities and Exchange Commission representatives met virtually with European officials on March 24 and March 25, through a U.S.-EU Joint Financial Regulatory Forum. Separately, on March 25, U.S. Treasury officials held a video conference with UK officials, under the terms of a “bilateral,” or two-country, insurance prudential measures agreement that took effect Dec. 31, 2020.

The EU Forum Included Insurance Regulators

The European Insurance and Occupational Pensions Authority was one of the agencies sent representatives to the forum. One topic discussed was Europe’s Solvency II insurer solvency standards regulation.

Participants also talked about the looming end of the London Interbank Offered Rate interest rate benchmark, or LIBOR.

Bilateral Agreement Meeting Focused on Insurance

Treasury officials say the U.S.-UK meeting included state insurance commissioners as well as Treasury officials, representatives from the Office of the U.S. Trade Representative, and officials from the UK Prudential Regulatory Authority.

Participants talked about matters such as eliminating the need for reinsurers to have a physical presence in a place before selling reinsurance in that location.

“In addition, the United States and the United Kingdom affirmed their commitment to the agreement and to close coordination between the two sides as implementation continues,” Treasury officials say. “Consistent with the agreement, both sides are continuing to encourage relevant authorities to refrain from taking any measures that are inconsistent with any provisions of the agreement.”

 

(Photo: NASA)

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