EU and U.S. Insurers Support Including Financial Services in TTIP

WASHINGTON, Nov. 26 -- The American Council of Life Insurers issued the following news release:

The American Council of Life Insurers (ACLI), Insurance Europe and the American Insurance Association (AIA) call on U.S. and EU officials to agree to include financial services, and in particular insurance, in the regulatory section of the Transatlantic Trade and Investment Partnership (TTIP) when they meet on November 27.

Insurance is a highly regulated industry which has much to gain from greater regulatory cooperation, understanding and ultimately recognition. We believe that inclusion of regulatory cooperation in the TTIP should provide a framework to support the regulatory dialogues already taking place. This we believe should enhance their operation and through the increased political support ensure milestones are met in a timely manner with stakeholder transparency provided.

Transatlantic trade and investment benefit those on both sides of the Atlantic by stimulating economic activity, job creation and competitiveness. Bilateral insurance trade and investment already exceeds $185bn/EUR137bn a year. Strengthening this cooperative relationship could open potential markets for U.S. and EU insurers and ensure a healthy global insurance industry.

CC AutoTriage8sgm-131127-30VitinMar-4562357