US and EU sign covered agreement on (re)insurer rules

The covered agreement between the European Union and the United
States will be signed today, formally starting the process to
eliminate excess collateral and local presence requirements for
reinsurers operating in each other's markets.
For US carriers, the agreement "will eliminate barriers in
Europe" facing US providers under the EU's Solvency II
regime, the American Insurance Association (AIA) said.
Those have included a requirement for local offices and applying
Solvency II mandates to "upstr