The U.S. Department of the Treasury and the Office of the U.S. Trade Representative has announced their intention to sign the Bilateral Agreement between the United States of America and the United Kingdom on Prudential Measures Regarding Insurance and Reinsurance
This U.S and UK agreement is an important step in providing regulatory certainty and market continuity as the United Kingdom prepares to leave the European Union in March 2019, as well as in making U.S companies more competitive in domestic and foreign markets and making regulations more efficient, effective, and appropriately tailored.
Dave Matcham, Chief Executive Officer of the International Underwriting Association, said:
“The IUA warmly welcomes the US Treasury’s announcement that it intends to sign a U.S-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 U.S and international nature of our industry.”