The U.S. Treasury and U.S. Trade Representative’s office signed a bilateral deal with the United Kingdom to provide insurance market regulatory certainty and continuity after the country exits the European Union, they said in a statement on Wednesday.
The Treasury and USTR signed the pact on Dec. 18, according to the statement published on the USTR’s website. They had announced their intent to sign the U.S.-UK Covered Agreement earlier this month, in a bid to provide stability as Britain prepares to leave the EU on March 29, 2019.
The pact allows U.S. insurers and reinsurers to “cut red tape for their cross-border operations,” USTR Robert Lighthizer said in the statement.
