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Friday, September 22, 2017
EU - US Agreement on insurance and reinsurance
European Commission - Fact Sheet
1. THE AGREEMENT
Why is the EU signing this Agreement?
The Agreement will principally benefit EU reinsurers active in the USA by progressively removing collateral requirements. For several decades, EU reinsurers have had to post collateral when signing reinsurance contracts in the US, while US reinsurers are not subject to such requirements. The volume of collateral posted by EU reinsurers amounts to USD 40 billion today, which could be invested in more productive parts of the economy. This represents opportunity costs of USD 400 million a year. The Agreement will also benefit EU insurance and reinsurance groups active in the US by clarifying responsibilities for worldwide group supervision.
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