U.S., E.U. Representatives Continue to Work on Covered Agreement for Insurance and Reinsurance Measures

Earlier this week, European Union (“E.U.”) and U.S. representatives met in Brussels to continue to discuss a potential agreement concerning insurance and reinsurance matters. This is the third such meeting since the U.S. Department of the Treasury and the Office of the U.S. Trade Representative announced last November their intent to commence negotiations of an agreement between the E.U. and U.S. of a so-called “covered agreement” concerning insurance and reinsurance matters. Negotiations appear to continue to progress; at the conclusion of this week’s meeting, both sides released a joint statement that announced that, in pertinent part, “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.”