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U.S. and EU Announce Insurance and Reinsurance Covered Agreement
24 January 2017
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The U.S. and the EU announced the completion of negotiations for an agreement with respect to three areas of prudential insurance supervision: reinsurance, group supervision and information exchange (the “Covered Agreement”).
Under the Covered Agreement, reinsurance collateral requirements would be reduced and physical location requirements eliminated, provided the reinsurer meets minimum capital and prudential standards.
The Covered Agreement emphasizes the significance of group-wide insurance and reinsurance supervision and contemplates the implementation of a group capital assessment.
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