Tag: U.S. Treasury Department

Reinsurance

EU and U.S. Negotiators Reach Covered Agreement

On January 13, 2017, former U.S. Treasury Secretary Jacob Lew and former U.S Trade Representative Michael Froman notified Congressional leaders that U.S. negotiators reached a covered agreement with EU officials entitled “Bilateral Agreement between the European Union and the United States of America On Prudential Measures Regarding Insurance and Reinsurance” (Covered Agreement). The covered agreement covers three main areas of prudential insurance supervision: 1) group supervision; 2) reinsurance; and 3) exchange of information between supervisory authorities.

The U.S. Treasury Department released a Fact …

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Emerging Issues

New Kid on the Block

It’s tough to be the new kid on the block as the Federal Insurance Office (FIO) is quickly finding out. FIO Director Michael McRaith had an idea and it wasn’t like the idea was bizarre or anything. Simply put – there appears to be a question, if not a problem, with life insurers using special purpose vehicles and captives to offload insurance reserves. The Federal Advisory Committee on Insurance should set up a task force to investigate. This is important enough that the U.S. Treasury …

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