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US, UK May Get Covered Agreement

A UK-US Covered Agreement could be in place as early as December this year.
US, UK May Get Covered Agreement
November 20, 2018

A UK-US Covered Agreement could be in place as early as December this year, ready for when the UK departs the EU in March next year, according to the National Association of Insurance Commissioners (NAIC).

Last year, an EU-US Covered Agreement was signed into law to eliminate collateral and local presence requirements for qualified reinsurers and meaningfully streamline group supervision requirements for insurers and reinsurers operating in both jurisdictions.

Speaking at the European Captive Forum in Luxembourg, Steve Kinion, director, bureau of captive and financial insurance products at the Delaware Insurance Department, said: “US regulatory officials are considering developing a covered agreement with the UK before the UK’s withdrawal from the EU.”

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