Treasury Meets With EU, UK Officials on Insurance
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 regarding insurance regulation. Separately, on March 25, U.S. Treasury officials held a video conference with U.K. officials under the terms of a “bilateral,” or two-country, insurance prudential measures agreement that took effect Dec. 31, 2020.
During the forum with European Union officials, representatives discussed Solvency II insurer solvency standards regulation. Treasury officials say the U.S.-U.K. meeting included state insurance commissioners as well as Treasury officials, representatives from the Office of the U.S. Trade Representative, and officials from the U.K. 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.