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AIA Joins US-UK Coalition of Financial and Related Professional Services

Contact: Rachel Wallen
(202) 828-7149

Washington, D.C. – September 12, 2018 – Today, in partnership with more than a dozen other groups, the American Insurance Association joined a new US-UK Financial and Related Professional Services Coalition. The coalition aims to enhance economic collaboration between the US and UK and foster productive discussions on trade, investment, and related issues. 

“Today, the undersigned associations express our strong support for establishing a comprehensive US-UK government dialogue on financial services regulatory cooperation,” the groups wrote. “The UK and US are home to the world’s top two financial centers and share similar attitudes towards harnessing the business sector to foster economic growth and job creation. They are now afforded a unique opportunity to strengthen the integration of their financial markets and establish shared international leadership in the increasingly global financial services industry at a time when competing economic centers emerge around the world.” 

The coalition will focus on three broad themes:

  1. Fostering deeper regulatory cooperation: This will benefit not only market participants but also their end-user clients and investors. There is scope for more rigorous coordination and cooperation without undermining existing domestic rules and standards – differences can be respected but also managed in the interests of cross-border investment.
  2. Maximizing cross-border market access in trade and investment: A US-UK regulatory dialogue, which could be codified within a future trade and investment agreement, could build on the already very open and diverse financial services markets in the two countries. 
  3. Recognizing the importance of the evolving technological landscape to financial services: Policymakers are increasingly scrutinizing market conduct, data transfer, cyber security, artificial intelligence and financial technology (fintech). These issues will require close regulatory coordination to address emerging risks without stifling technological and financial innovation and should be addressed in any future UK-US discussions.

The full announcement, including a complete list of participating organizations, can be found here.

 

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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 330 companies, collectively writing more than $134 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 & MEDIA CONTACT
(202) 828-7149
rwallen@aiadc.org

 

 

AIA MEDIA

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