Joint Statement on U.S. – EU Negotiations for a Bilateral Agreement on Insurance and Reinsurance Measures

WASHINGTON, Dec. 23 -- The U.S. Department of the Treasury issued the following news release:

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The United States and European Union today released the following joint statement on negotiations for a bilateral agreement on insurance and reinsurance measures:

"U.S. and EU representatives met in Brussels, on December 19-20, 2016, to discuss a bilateral agreement relating to prudential insurance and reinsurance measures.

"Both sides continued to discuss in good faith matters relating to group supervision, exchange of confidential information between supervisory authorities on both sides, and reinsurance supervision, including collateral.

"U.S. and EU representatives made significant progress on steps identified toward a possible agreement."

In November 2015, the U.S. Department of the Treasury and the Office of the U.S. Trade Representative (USTR) announced their intention to begin negotiating a covered agreement with the European Union. Under the Federal Insurance Office Act of 2010, the Secretary of the Treasury, through the Federal Insurance Office (FIO), and USTR are authorized to jointly negotiate a covered agreement.

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