In early 2012, FIO convened the insurance leadership of the European Commission (EC), European Insurance and Occupational Pensions Authority (EIOPA), and state regulators to participate in dialogue and a related project (Project).
The objective of the Project is to increase mutual understanding and enhance cooperation between the EU and the United States in order to promote business opportunity, consumer protection, and effective supervision. The Project Steering Committee oversees technical committees that analyze and compare the EU and U.S. regimes on seven topics: professional secrecy/confidentiality; group supervision; solvency and capital requirements; reinsurance and collateral requirements; supervisory reporting, data collection and analysis; supervisory peer reviews; and independent third party review and supervisory on-site inspections.
In December 2012, the Steering Committee published an agreed-upon "Way Forward" that defines common objectives and initiatives. The shared objectives expressed in the Way Forward will lead to improved convergence and regulatory compatibility between the EU and the United States. Important work continues on the Project, with the parties having agreed upon priority work streams for 2013 through 2017. In light of recent developments in the EU and the United States, and of progress to date on the Project, the Steering Committee revisited and, in July 2014, updated the Way Forward and reaffirmed its commitment to the Project.
The Steering Committee of the EU-U.S. Insurance Project will host a public event on Saturday, November 10, 2018, in Luxembourg. The public event will include discussions of key areas linked to the Project initiatives addressing challenges and opportunities for the insurance sector in the European Union and the United States related to cyber security risks and the cyber insurance market, the use of big data, and intra-group transactions. For more information on this event, visit the EIOPA website.