New Covered Agreement on Insurance and Reinsurance Prudential Measures: Covered Agreement between the United States and the United Kingdom Is Designed to Provide Market Continuity and Regulatory Certainty for U.S. and U.K. Insurers Post-Brexit

Sullivan & Cromwell LLP - January 7, 2019
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On December 19, 2018, the United States and the United Kingdom jointly announced the signing of a “covered agreement” between the United States and the United Kingdom on insurance and reinsurance prudential measures. The United States and the European Union signed a nearly identical covered agreement on September 22, 2017. In anticipation of the United Kingdom’s pending exit from the European Union, this new covered agreement is designed to mirror the U.S.-EU covered agreement to ensure the terms of the U.S.-EU covered agreement will apply between the United States and the United Kingdom following Brexit.