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EU and U.S. Sign Covered Agreement
2 October 2017
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On September 22, 2017, the U.S. and the EU signed the Covered Agreement on prudential measures regarding insurance and reinsurance.
The U.S. and the EU have agreed to meet within a Joint Committee to implement the Agreement. Some parts of the Agreement will be ‘provisionally applied’ immediately, with the whole Agreement being applicable to both sides 60 months after signature.
The Agreement should increase the availability of insurance in both the EU and U.S. whilst also reducing costs for insurers and policyholders. It also highlights a possible arrangement that the UK could enter into with the EU following Brexit.
Alexander R. Cochran
Thomas M. Kelly
Marilyn A. Lion
James C. Scoville
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