IUA welcomes intent to sign EU/US covered agreement
IUA comment on announcement by US Department of the Treasury and the Office of the US Trade Representative that they intend to sign Bilateral Agreement between the US and EU on Prudential Measures Regarding Insurance and Reinsurance.
Dave Matcham, chief executive of the International Underwriting Association, said:
“I am delighted that 20 years of supporting the case for mutual recognition between regulatory authorities is being recognised at the most senior levels of government on both sides of the Atlantic. This is great news for both the EU and the London Market. It sets an important precedent and makes it much easier for the UK to conclude its own covered agreement with the US post-Brexit. The deal also includes certain provisions which could be used as a template for further free trade agreements with other countries.”