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AIA Statement on the Impending Covered Agreement Signing

Contact: Marguerite Seidel
(202) 828-7196

WASHINGTON, D.C. SEPTEMBER 22, 2017 -- The American Insurance Association issued the following statement in response to the impending signature of the Covered Agreement on insurance and reinsurance prudential measures between the United States and European Commission. The agreement establishes mutual acknowledgement of prudential supervision in the European Union and the United States, which will eliminate barriers in Europe that U.S. groups have faced since the implementation of the EU’s Solvency II framework for insurance supervision. 

A statement from Stef Zielezienski, AIA’s Senior Vice President and General Counsel, follows:

“AIA welcomes today’s news and greatly appreciates the hard work from U.S. and EU officials to get us here. When negotiations began, U.S. insurance and reinsurance groups were facing growing obstacles to their ability to do business in Europe, but this agreement removes those barriers – affirming not only each other’s regulatory systems, but also their commitments to non-discriminatory treatment and open, reciprocal, competitive insurance markets. As both sides now turn to implementation of this important agreement, the industry stands ready to help in any way we can.”


 

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The American Insurance Association (AIA) is the trade association for today’s leaders in the property-casualty insurance industry.  Our members work each day to protect the American Dream, whether that’s a house, car, business or otherwise.  Now more than 150 years old, AIA has an unparalleled record of advocating on state, federal and international issues for insurers and their customers.

Our membership is comprised of more than 320 companies, collectively writing more than $125 billion in premiums each year.

We have the experience of a veteran organization coupled with the innovative ideas that drive our industry forward. AIA is leading the insurance industry into the second half of the 21st Century… today.


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Media Contacts

Maggie Seidel
VICE PRESIDENT, PUBLIC AFFAIRS
(202) 828-7196
mseidel@aiadc.org

Rachel Wallen
PUBLIC AFFAIRS MANAGER
(202) 828-7149
rwallen@aiadc.org

 

AIA MEDIA

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