On 21 April 2015, the Council of the EU announced that it had directed the European Commission to negotiate an agreement (on behalf of the EU) with the US regarding reinsurance. The Council's President welcomed the development, noting that the agreement would lead to mutual recognition of prudential rules between the US and EU.  Separately, on 16 April 2015, Insurance Europe, the American Insurance Association and the American Council of Life Insurers jointly reiterated their desire for financial services to be included in the proposed Transatlantic Trade and Investment Partnership agreement.