The American Insurance Association, Insurance Europe, and the American Council of Life Insurers have reiterated their support for the full inclusion of insurance and other financial services in the Transatlantic Trade and Investment Partnership (TTIP).
Collectively, these bodies represent the life and non-life insurance sectors in the US and the European Union (EU).
Insurance Europe said transatlantic trade and investment benefit those on both sides of the Atlantic by stimulating economic activity, job creation and competitiveness.
Insurance Europe said The TTIP can increase insurance trade and investment between the US and the EU, set a high standard for future trade negotiations with third parties, and facilitate dialogue between regulators on both sides of the Atlantic.
The transatlantic insurance industry continues to support the recently launched negotiations for an international "covered agreement" on specific insurance prudential matters, as well as the Financial Markets Regulatory Dialogue and bilateral Insurance Dialogue Project.
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However, it believes that the TTIP offers an opportunity to create enduring structures for broad, ongoing regulatory cooperation that builds upon these other existing regulatory dialogues.
The next TTIP negotiating round will occur the week of 11 July, with services-specific TTIP negotiations to follow the week of 18 July.
Insurance Europe is the European insurance and reinsurance federation. Through its 34 member bodies — the national insurance associations — Insurance Europe represents all types of insurance and reinsurance undertakings, eg pan-European companies, monoliners, mutuals and SMEs.