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

WASHINGTON, Nov. 1 -- The Reinsurance Association of America issued the following joint statement with American Council of Life Insurers and American Property Casualty Insurance Association, 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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About ACLI: The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI's member companies are dedicated to protecting consumers' financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI's 280 member companies represent 94 percent of industry assets in the United States.

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About APCIA: APCIA is the primary national trade association for home, auto, and business insurers. APCIA promotes and protects the viability of private competition for the benefit of consumers and insurers, with a legacy dating back 150 years. APCIA members represent all sizes, structures, and regions - protecting families, communities, and businesses in the U.S. and across the globe.

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About RAA: The RAA is a national trade association representing reinsurance companies doing business in the United States. RAA membership is diverse, including reinsurance underwriters and intermediaries licensed in the U.S. and those that conduct business on a cross-border basis. The RAA also has life reinsurance affiliates and insurance-linked securities (ILS) fund managers and market participants that are engaged in the assumption of property/casualty risks. The RAA represents its members before state, federal and international bodies.

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Original text here: https://www.reinsurance.org/Press_Releases/US_Insurance_Trades_Applaud_Insurance_Europe_for_Unified_Stance_on_Reinsurance_and_EU-US_Covered_Agreement/