The European Commission has published a joint statement1 on US-EU negotiations for a bilateral agreement on insurance and reinsurance measures.

This US-EU project, which began in January 2012, concerns the regulatory and supervisory treatment of insurers and reinsurers operating both in the US and the EU and is aimed at enhancing (i) understanding and cooperation for the benefit of insurance consumers, (ii) business opportunity and (iii) effective supervision.

The latest statement from the European Commission is very brief, containing no more detail than a similar statement which was released in February 2016.2 It confirms that both sides have agreed to continue pursuing an agreement on matters relating to group supervision, exchange of confidential information between supervisory authorities, and reinsurance supervision.

The statement concludes by saying that both the US and EU representatives “are considering next steps to ensure advancement of the negotiations.” It is perhaps best not to hold one’s breath, but we will continue to monitor the progress of the negotiations.