Insurance: Agreement between the European Union and the United States
In order to facilitate insurance and reinsurance investment formalities, an agreement was signed on 13 January 2017, between the European Union and the United States.
This transatlantic agreement will make it possible to reduce the impact of the new prudential rules, issued by the EU like Solvency II, on US reinsurers. Their European counterparts, who already hold 35% of the US reinsurance market, will also benefit from regulatory reductions. Approximately 40 billion EUR (42.4 billion USD) of blocked security deposits in the United States will be released under this agreement.
This measure can be effective only after approval by the US Congress and the member states of the Union, a procedure that is expected to take a few more years.
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