Solvency II News: US ready to negotiate covered agreement

On Friday 20 November 2015 the U.S. Department of the Treasury and the Office of the U.S. Trade Representative (USTR) informed the competent congress committees of their intention to start negotiations on a covered agreement with the EU.

A letter sent to the relevant House Committees states: “We write because we intend to initiate negotiations to enter into a covered agreement with the European Union.”

The announcement clears the way for US-EU negotiations on Solvency II equivalence in respect of Article 260 and Article 172 (reinsurance).

Earlier this week Solvency II Wire reported growing optimism that negotiations will start before the end of the year.

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