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Transatlantic Re CEO Michael Sapnar Testifies in Support of Covered Agreement

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May 05, 2017

Michael Sapnar, president and CEO of Transatlantic Reinsurance Company and past chair of the Reinsurance Association of America (RAA), testified on May 2, 2017, before the Senate Committee on Banking, Housing, and Urban Affairs in support of the US-EU covered agreement. Mr. Sapnar testified on behalf of the American Insurance Association, the American Council of Life Insurers, the Council of Insurance Agents and Brokers, and the RAA. In his testimony, Mr. Sapnar stressed the importance of signing the covered agreement as negotiated, highlighting that if the agreement is not signed, US companies will be unable to renew (much less write) any new business in the European Union without first going through the regulatory processes necessary to create branches or subsidiaries in multiple EU member states—a process that requires time and significant cost.

Frank Nutter, president of the RAA, said, "Mike's testimony reinforces the fact that US and EU negotiators worked tirelessly over the last year to achieve a bilateral agreement to address important prudential reinsurance and insurance matters. The agreement ensures domestic and foreign (re)insurers are treated equally, and will help to resolve uncertainties in the global (re)insurance market."

Mr. Nutter went on to say, "The RAA looks forward to working with Chairman Crapo and the committee to alleviate concerns that have been raised about the agreement so that it can be promptly signed by both jurisdictions in the near term."

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