On January 13, 2017, the U.S. Treasury Secretary and the then U.S. Trade Representative (USTR) informed Congress that they had negotiated a covered agreement with the European Union (EU). After a period of uncertainty during which it was not certain that the new Trump administration would accept the covered agreement negotiated by the outgoing Obama administration, the U.S. Treasury (Treasury) and USTR announced on July 14, 2017 their intention to sign the covered agreement that took place on September 22, 2017. Following the signing of the covered agreement, the U.S. Treasury and USTR also issued a joint political statement on its implementation, specifying the U.S. position on the interpretation of certain provisions of the agreement. On 12 December 2018, the Ministry of Finance and the USTR announced their intention to sign a covered agreement with the UK, which would extend the terms, which are almost identical to the EU-covered agreement, to insurers and reinsurers operating in the UK after Brexit. The UK Covered Agreement was signed on 19 December 2018. The Federal Insurance Office Act of 2010 (FIO Act), which was passed as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), created the Federal Insurance Bureau (FIO) within the Ministry of U.S. Finance and authorized the U.S. Treasury and USTR to negotiate “covered agreements” with one or more foreign governments or authorities regarding the recognition of prudential insurance or reinsurance measures that reach a level of protection which reaches a level of protection.
consumers of insurance or reinsurance, which correspond essentially to the level of protection achieved by the state regulation on insurance or reinsurance. Unfortunately, no. It only applies to contracts concluded after the date of the agreement, September 22, 2017. 3.3. the reinsurer has a practice of immediate payment of receivables on reinsurance contracts; no payment is demonstrated if any of the criteria covered by Article 3, paragraph 4, paragraph (i) (i) of the agreement is met [Article 3, paragraph 4, point (i) of the agreement].