20/03/2018 (Agence Europe) – During the General Affairs Council on Tuesday 20 March, the member states of the EU endorsed the agreement signed last September between EU and US insurers (see EUROPE 11868). It should be pointed out that under the terms of this agreement, US and European insurers operating on the other’s market will be exclusively subject to the monitoring by supervisors of their respective parent company jurisdiction. EU re-insurers working in the US will now not have to provide guarantees to back up their insurance termination contracts with US insurers and it will be forbidden to impose a local presence requirement on re-insurers too. Certain provisions have already begun to apply on a provisional basis since September. (MF)