The Obama administration announced Nov. 20 its plans to negotiate a covered agreement with the European Union (EU) to deal with the potential impact of Solvency II on U.S. insurers.
A new and unconventional federal tool in the insurance regulatory world, the covered agreement could lead to the preemption of state insurance laws across the country with little or no ability for the states or even Congress to stop it.
The Dodd-Frank Act gave exclusive authority to the Office of the U.S. Trade Representative (USTR) and the Treasury to conduct the negotiations, although state regulators have been assured a voice in the process.
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