A Council working party has a greed on a text of a decision authorising the Commission to start negotiating with the US on reinsurance equivalence, as well as draft negotiating directives, an EU official told Solvency II Wire. The Working Party on Financial Services (Solvency II – Attachés only) met on Tuesday, 17 March. According to the meeting notice (hat tip Chris Finney) the purpose of the meeting was to: “examine the Commission Recommendation for a Council Decision authorising the opening of negotiations on an agreement between the European Union and the United States of America on reinsurance.” According to the official, the text will now be submitted to ambassadors on 16 April and to the Council for adoption on 20 April. Equivalence with the US has been one of the main outstanding issues of the Omnibus II agreement.
Details of the Commission proposal
[update 19.3.2015]Solvency II Wire has learned that the initial proposal from the Commission, issued last month, states that the agreement could cover EU branches of US insurance and reinsurance undertakings, group supervision, reinsurance (including mutual recognition of prudential rules and supervision and collateral requirements) and exchange of information between supervisors in respect of professional secrecy. — For the latest regulatory updates check out the Solvency II Regulatory Updates Feed. To subscribe to the Solvency II Wire mailing list for free click here.]]>