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U.S. Treasury yet to make decision on transatlantic reinsurance agreement

28th March 2017 - Author: Luke Gallin

The U.S. Treasury remains undecided on the proposed ‘covered agreement’ between the U.S. and EU that aims to improve the $3 billion transatlantic reinsurance industry, according to a recent letter to Sean Duffy, Chairman, Subcommittee on Housing and Insurance, Committee on Financial Services, U.S. House of Representatives.

The letter (obtained by Bloomberg), signed by Luke Ballman, Deputy Assistant Secretary, Office of Legislative Affairs, is in response to a February 2017 letter from Duffy regarding the deal, but fails to answer any of the questions put forward, which suggests the Treasury is yet to make a decision on the agreement and uncertainty remains.

Ballman notes that prior to any final decision by the U.S. on the agreement, Treasury Secretary Steven Mnuchin has advised Treasury staff to further “engage with key stakeholders,” in order to “understand the views and questions of hose potentially affected by the agreement.”

Reinsurancene.ws has discussed the covered agreement a number of times, and experts had previously described the agreement as vital in “levelling the playing field,” although it clearly remains uncertain exactly how the Trump administration views the deal.

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