Tag Archives: FIO

Deal or no deal? US divided on EU insurance agreement

On the face of it, the insurance covered agreement announced on January 13 should be everything Donald Trump detests. Signed in the final days of Barack Obama’s administration, when Trump had already been elected, the deal is between the US and the European Union – an institution the new president has repeatedly disparaged.1343

It will pre-empt the authority of individual US state legislators and require them to defer to EU regulation of European insurers in US markets.

On top of that, the agreement was negotiated by the Federal Insurance Office (FIO), an Obama-era creation Republican lawmakers are keen to abolish.

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AIA Hails Covered Agreement; Will Benefit Insurers on Both Sides of the Atlantic

The American Insurance Association hailed the successful completion of a covered agreement on insurance and reinsurance prudential measures between the United States and European Commission. The agreement establishes mutual indexacknowledgement of prudential supervision in the European Union and the United States, which will eliminate the increasing barriers to U.S. groups operating in Europe.

The Treasury Department’s Federal Insurance Office (FIO) and the U.S. Trade Representative (USTR), which represented the U.S. in the negotiations, will now consult with and submit the agreement to four Congressional committees (House Financial Services, House Ways and Means, Senate Banking and Senate Finance) on a day when all committees are in…

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