UK and US continue to co-ordinate on insurance and reinsurance supervision

On 25 March 2021, UK and US participants held the first Joint Committee meeting under the UK-US Bilateral Agreement on Prudential Measures regarding Insurance and Reinsurance (Agreement).

Attendees discussed progress made towards timely implementation of the Agreement, including the removal of collateral and local presence requirements for reinsurers and the provisions on group supervision measures. The UK and US also affirmed their commitment to the Agreement and to close co-ordination between the two sides as implementation continues. Consistent with the Agreement, both sides are continuing to encourage relevant authorities to refrain from taking any measures that are inconsistent with any provisions of the Agreement.