EU and US insurers support including financial services market access and regulatory cooperation in TTIP

American Insurance Association | June 27, 2014

EU and US insurers support including financial services market access and regulatory cooperation in TTIP

WASHINGTON, June 27 — The American Council of Life Insurers issued the following news release:

Insurance Europe, the American Insurance Association (AIA), and the American Council of Life Insurers (ACLI) continue to support the Trans-Atlantic Trade and Investment Partnership (TTIP) as a comprehensive agreement. We believe it is essential for financial services to be included fully in any final outcome, given the current size of our bilateral financial services trade and the opportunity that this would present to drive economic growth in both Europe and the United States.

To this end, we support the vision provided by the EU-U.S. High Level Working Group Report to leaders that it is crucial that TTIP contain both ambitious market access commitments, as well as a framework to enhance and support trans-Atlantic regulatory cooperation in financial services. TTIP represents not only an opportunity to support and grow our bilateral trade relationship, but also to set the bar for multilateral high-level trade agreements and regulatory cooperation.

We also look forward to playing an active role in working with our respective policymakers ahead of the sixth negotiating round and afterward to ensure the TTIP is a success for business and consumers on both sides of the Atlantic.

- The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 300 member companies operating in the United States and abroad. ACLI advocates in federal, state, and international forums for public policy that supports the industry marketplace and the 75 million American families that rely on life insurers’ products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing more than 90 percent of industry assets and premiums. Learn more at www.acli.com. (Media contact: Jack Dolan, 202-624-2418, JackDolan@acli.com)

- 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. Insurance Europe, which is based in Brussels, represents undertakings that account for around 95% of total European premium income. Insurance makes a major contribution to Europe’s economic growth and development. European insurers generate premium income of more than Euros1 100bn, employ almost one million people and invest almost Euros8 400bn in the economy. www.insuranceeurope.eu (Media contact: Richard Mackillican, +32 2 894 30 69,Mackillican@insuranceeurope.eu)

- The American Insurance Association (AIA) is the leading property-casualty insurance trade organization in the United States, representing approximately 300 insurers that write more than $100 billion in premiums each year. AIA member companies offer all types of property - casualty insurance, including personal and commercial auto insurance, commercial property and liability coverage for small businesses, workers’ compensation, homeowners’ insurance, medical malpractice coverage, and product liability insurance. www.aiadc.org. (Media contact: Ben Tomchik, 202-828-7129, btomchik@aiadc.org)

source: AIA

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  • EU and US insurers support including financial services market access and regulatory cooperation in TTIP30-June-2014 | Andre

    After the outrageous BNP Paribas case of US extraterritorial enforcement of sanctions against third nations and the prosecution of European banks for the suprime mortgage regulatory failure on the US side there is really no credible base for that. And accounting rules? US GAAP is a mess. The EU favoured IAS are so much better.

    Europe should deepen its own banking and financial regulations while the Obama administration is elections-locked and in the upcoming multipolar world it should seek to let the US sign an association agreement and apply the Acquis communautaire.

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