Following the agreement reached by the European Union and United States on insurance and reinsurance, Lloyd’s Chairman John Nelson said:
“We welcome this agreement and believe it will be of great benefit to the international insurance and reinsurance industry and its customers. Lloyd's has long advocated the need to abolish discriminatory reinsurance statutory collateral requirements and is pleased to see that both the US and EU have worked so hard to achieve this.
“The bilateral agreement between the US and EU provides a pathway and timeframe within which the objective of complete abolition of statutory collateral requirements can be achieved and recognises the important role that the states play in the supervision of insurance and reinsurance. Lloyd’s is also pleased that the bilateral agreement provides for greater coordination and cooperation between the supervisory authorities of the EU and the US, the world’s two largest insurance markets, which will be good news for customers and businesses alike.
“We hope that the agreement will now receive the necessary legislative and governmental approvals in both the EU and US.”