As discussed in our prior QuickStudy issued on January 18, 2017, the US Federal Government and the European Union have come to an agreement on wide-ranging changes to reinsurance and establishment standards for the operation of insurance enterprises operating from one to another of these markets. This agreement takes the form of a “covered agreement” and contemplates eventual elimination of collateral requirements for qualifying EU reinsurers assuming business from U.S. cedents and of local presence requirements for US insurance enterprises operating or assuming business in the EU.
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