NAMIC Responds to Covered Agreement Announcement

Statement by Charles M. Chamness
President and CEO
National Association of Mutual Insurance Companies

RE: Covered Agreement Between U.S. and E.U. on Reinsurance and Group Supervision

“The Covered Agreement announced today was conceived in Dodd-Frank as a proposed solution to an invented problem - the question of European regulators deeming our regulatory system equivalent. Because the agreement has the authority to pre-empt U.S. insurance law and regulation, this agreement must meet a very high standard. Setting aside the specific elements of this agreement, which we’ll comment on once our analysis is complete, we note that some provisions appear to be temporary and several areas are ambiguous. This will result in confusion and potentially endless negotiations with Europe on insurance regulation. We look forward to working with Congress and the new administration to determine if this agreement is good for American consumers and the industry.”



Lisa Floreancig
Senior Director of Communications



Matt Brady
Senior Director of Advocacy Communications