The US department of the Treasury and the office of the US Trade Representative plan to ink a bilateral insurance agreement with the UK ahead of Britain’s departure from the European Union next year.
The US-UK Covered Agreement is said to offer regulatory certainty and market continuity in the wake of Brexit.
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It is also said to make US firms more competitive in domestic and foreign markets, while making regulations more effective.
On being effective, the pact would affirm the US state-based system of insurance regulation as well as enhance growth opportunities for the country’s insurance players, the regulators said.
Britain trade commissioner for North America Antony Phillipson said: “I’m very pleased that we’ve been able to preserve the benefits of the EU-US covered agreement for UK firms in the US, the largest insurance market in the world, once the UK has left the EU.”
With the announcement, a 90-day notification period begins before the pact is implemented.
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By GlobalDataLondon Market Group government affairs workstream chairman Malcolm Newman said: “The LMG welcomes the news of a new bilateral insurance agreement between the United States and the United Kingdom, which will provide much needed certainty and market continuity for UK firms operating in the US.”
