Attempts by U.S. trade negotiators to open up foreign markets to U.S. insurance companies are being lauded by insurance industry trade groups.
Support of the industry was won by a decision by the Office of the U.S. Trade Representative to present a comprehensive services offer at the World Trade Organization talks.
Specifically, officials at the American Insurance Association said presentation of a comprehensive program is a "crucial step" in ensuring that opening up financial service markets overseas is a priority of the U.S. government.
The USTR's presentation sends "a resounding signal" that the trade agency "is serious about multinational trade liberalization," David Snyder, AIA vice president and assistant general counsel said in a statement.
Mr. Snyder explained that if the USTO had failed to provide a services offer, "the entire round of services negotiations might have collapsed."
He said that "Now that the U.S. has made a substantive offer, other nations should have an incentive to do the same. The negotiations to follow should lead to improvements and mutual concessions that open markets."
U.S. trade negotiators also presented the WTO with a formal paper on U.S. regulatory transparency that would apply to domestic regulation, including insurance.
"This document will help set a global floor for establishing open and unbiased regulation," Mr. Snyder said. "This is particularly important to insurers because insurance liberalization granted at the treaty table can easily be denied through day-to-day regulation. An open and transparent process is the most cost-effective regulation."
Mr. Snyder added, "We are looking forward to further market liberalization negotiations and adoption of the transparency recommendations at the WTO."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
