The American Insurance Association, Insurance Europe, and the American Council of Life Insurers have reiterated their support for the full inclusion of insurance and other financial services in the Transatlantic Trade and Investment Partnership (TTIP).
The industry associations are collectively lobbying for the life and non-life insurance sectors in the US and the EU.
“Transatlantic trade and investment benefit those on both sides of the Atlantic by stimulating economic activity, job creation and competitiveness,” said a press release from Insurance Europe.
The next round of TTIP negotiating takes place the week of July 11, with services-specific TTIP negotiations to follow on the week of July 18.
“The TTIP can increase insurance trade and investment between the United States and European Union, set a high standard for future trade negotiations with third parties, and facilitate dialogue between regulators on both sides of the Atlantic. Therefore, a successful TTIP must include insurance trade, investment, and regulatory cooperation,” said the statement.
“The transatlantic insurance industry continues to support the recently launched negotiations for an international “covered agreement” on specific insurance prudential matters, as well as the Financial Markets Regulatory Dialogue and bilateral Insurance Dialogue Project. However, it believes that the TTIP offers an opportunity to create enduring structures for broad, ongoing regulatory cooperation that builds upon these other existing regulatory dialogues,” added the release.