U.S. Representative Ed Royce (R-Calif.), Chairman of the House Foreign Affairs Committee and a senior member of the House Financial Services Committee, sent a letter to Secretary of the Treasury Jack Lew and United States Trade Representative (USTR) Michael Froman urging them to move forward on a covered agreement with the European Union regarding prudential measures related to the business of insurance or reinsurance.
In the letter, Chairman Royce wrote: “The time is now for the Department of Treasury and the Office of the U.S. Trade Representative to use the statutory authority to begin formal negotiations of a covered agreement with the EU on a number of prudential issues, including reinsurance collateral requirements.”
Chairman Royce also acknowledged the Federal Insurance Office’s (FIO) 2015 Annual Report, released yesterday, that stated the USTR and FIO plan to notify Congress “in the coming weeks” that an agreement is in the works.
Today, the House Financial Services Committee Subcommittee on Housing and Insurance, of which Chairman Royce is a member, will convene a hearing entitled “The Impact of Domestic Regulatory Standards on the U.S. Insurance Market.” Witnesses include Roy Woodall, a voting member of the Financial Stability Oversight Council (FSOC) with insurance expertise, Tom …read more
Source:: U.S. Rep. Ed Royce