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12th December 2018

US Department of the Treasury and the Office of the US Trade Representative announce their intent to sign the Bilateral Agreement between the US and the UK on Prudential Measures Regarding Insurance and Reinsurance (US-UK Covered Agreement)
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The US Department of the Treasury and the Office of the US Trade Representative today announced their intent to sign the Bilateral Agreement between the US and the UK on Prudential Measures Regarding Insurance and Reinsurance (US-UK Covered Agreement). Consistent with the US-EU Covered Agreement signed in 2017, the Administration intends to issue a US policy statement regarding implementation of the US-UK Covered Agreement.
The US-UK Covered Agreement is an important step in providing regulatory certainty and market continuity as the UK prepares to leave the European Union in March 2019, as well as in making US companies more competitive in domestic and foreign markets and making regulations more efficient, effective, and appropriately tailored. The US-UK Covered Agreement also benefits the US economy and consumers by affirming the US state-based system of insurance regulation and increasing growth opportunities for US insurers.
Dave Matcham, chief executive of the International Underwriting Association, comments “The IUA warmly welcomes the US Treasury’s announcement that it intends to sign a US-UK covered agreement. This move is the result of close cooperation between regulators on both sides of the Atlantic and provides important certainty for companies as they look to service their clients’ needs post Brexit. It reflects both the strong trading relationships between the London Market and the US and international nature of our industry.”

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