Notice of Entry into Force of EU-US Bilateral Agreement on Insurance and Reinsurance Prudential Measures Published in OJ

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[author: Kevin Wong]

A notice confirming the entry into force of the bilateral agreement between the EU and the US on insurance and reinsurance measures was published in the Official Journal of the EU (“OJ“) on April 9, 2018.

The notice states that the US and the EU have notified each other of the completion of the procedures necessary for the entry into force of the agreement. The agreement entered into force on 4 April 2018, under Article 8 of the agreement (which provides that the agreement will enter into full force seven days after the EU and the US exchange written notifications certifying that they have completed their respective internal requirements and procedures, or on such other date as they may agree).

The EU and the US announced the signing of the agreement in September 2017 and the final text of the agreement was published in the OJ in October 2017. A decision of the Council of the EU approving the agreement was published in the OJ on April 6, 2018.

 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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