WASHINGTON (Sputnik) — US authorities plan to begin negotiating a covered agreement with the European Union (EU) that will benefit the US insurance industry, the Department of the Treasury said in a press release on Friday.
“In the covered agreement negotiations, Treasury and USTR [Office of the US Trade Representative] will seek recognition of certain prudential measures to ensure a more level playing field for US firms,” the press release stated.
In 2013, the Treasury Department called for a covered agreement, or a deal with one or several foreign governments on measures with respect to insurance or reinsurance.
The United States and the EU are the two largest insurance markets in the world and present opportunities for insurers’ growth, according to the Treasury Department.
