Insurance Groups Applaud Insurance Europe for Unified Stance on Reinsurance and EU-US Covered Agreement

WASHINGTON, Oct. 31 -- The American Council of Life Insurers issued the following statement on Oct. 30, 2023:

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The American Council of Life Insurers (ACLI), the American Property Casualty Insurance Association (APCIA) and the Reinsurance Association of America (RAA) issued the following comments today on Insurance Europe's response to the European Insurance and Occupational Authority's (EIOPA) consultation on cross-border reinsurance:

"We applaud Insurance Europe for its comments on the EIOPA consultation on supervision of reinsurance. In our own comments, we share their call for EIOPA to support the EU-US Covered Agreement that recognizes the equivalency of the U.S. regulatory system's oversight of reinsurers. This agreement is essential in enabling reinsurers to operate across borders while preserving important consumer protections.

"ACLI, APCIA and RAA look forward to continuing their cooperation with Insurance Europe in reaffirming the importance of the EU-US Covered Agreement and its benefits for EIOPA. By working together, we can build a regulatory framework that provides for sound supervision, supports a financially strong marketplace and ensures consumers can access the financial protection they want and need."

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Original text here: https://www.acli.com/posting/nr23-068