UK, US Progress On Cutting Red Tape In Insurance Deal

Law360, London (March 31, 2021, 2:20 PM BST) -- British and U.S. officials have held their first meeting to discuss cutting red tape to help insurers and reinsurers do business in each other's jurisdictions in the post-Brexit era.

Representatives from the U.S. Treasury and state insurance commissioners, Federal Reserve Board and Britain's Prudential Regulation Authority and HM Treasury held a video conference to discuss progress on removing collateral requirements for the finance companies.

They also discussed group supervision, according to a joint British and U.S. statement published on Tuesday. Such a move would mean that a reinsurance group would be subject to global supervision it its home territory rather than...

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