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EU-US agreement on reinsurance: Council agrees to negotiations

Council of the EU
  • 21/04/2015
  • 10:30
  • Press release
  • 195/15
  • Foreign affairs & international relations
  • Economy & finance
21/04/2015
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The Council on 21 April 2015 issued a mandate to the Commission to negotiate an agreement with the United States on reinsurance.  

The mandate consists of a decision authorising the opening of talks and directives for the negotiation of the agreement. The Commission will negotiate on behalf of the EU, in consultation with a Council committee. The agreement will be concluded by the Council with the consent of the European Parliament.  

"An agreement with the US will greatly facilitate trade in reinsurance and related activities", said Janis Reirs, minister for finance of Latvia and president of the Council. "It will enable us for instance to recognise each others prudential rules and help supervisors exchange information."  

The decision was adopted without discussion at a meeting of the General Affairs Council.