Members of the U.S. Trade Representative’s Office and the U.S. Treasury Department made a statement on December 11, 2018 that they have intentions to sign a post-Brexit bilateral insurance agreement with Britain that will bring regulatory stability and continuity to the industry.
According to officials the Agreement will be consistent with a similar one signed with the EU back in 2017.
Unless Brexit is somehow reversed, Britain is scheduled to leave the EU on March 29, 2019.
The timing of the announcement is not a coincidence. The U.S. Congress requires a 90-day notification period before it can be signed and officially put into effect.
U.S. officials say the pending agreement will affirm the U.S. state-based system of insurance regulation and should help in the competitiveness of U.S. insurance and reinsurance firms.
Antony Philliopson, Britain’s Trade Commissioner for North America, welcomed the announcement and said it’s an example of the work the British government is doing to ensure business continuity with the U.S. and said they will continue studying and looking into further bilateral trade ties.