U.S. Representative Ed Royce (R-Calif.), Chairman of the House Foreign Affairs Committee, released the following statement regarding the recent negotiations between the United States and the European Union on an insurance and reinsurance covered agreement:
“I’m pleased to see negotiations progressing as it’s paramount the covered agreement process be allowed to play out and we promptly move forward to put aside the uncertainty, which is bad for business and consumers. The uneven application of insurance regulation is what the covered agreement powers were intended by Congress to remedy. U.S. and E.U leadership should be constructive and ambitious in establishing an agreement, keeping in mind both consumer protection and regulatory fairness.”
Last September, Chairman Royce sent a letter to the Treasury Department and the United States Trade Representative (USTR) urging them to begin negotiations with the E.U. on a covered agreement. Chairman Royce also questioned Federal Insurance Office (FIO) Director Michael McRaith about the merits of establishing a covered agreement.
Rep. Royce is Chairman of the House Foreign Affairs Committee and a senior member of the House Financial Services Committee.
Source:: U.S. Rep. Ed Royce