RIMS Backs Treasury Department's US-EU Covered Agreement on Reinsurance
May 19, 2017
RIMS, the risk management society™, delivered an official letter to Treasury Secretary Steven T. Mnuchin that expressed the Society's support for the recently proposed US-European Union (EU) Covered Agreement on reinsurance. In voicing its support of the Covered Agreement, RIMS is joining four insurance industry associations that have also written to Mr. Mnuchin.
The letter, submitted by RIMS President Nowell Seaman, cites the Covered Agreement's propensity to benefit RIMS members—a constituency of approximately 11,000 risk management professionals—by the following.
- Eliminating collateral requirements that would result in additional capital
- Increasing in reinsurance capacity
- Requiring the appointment of insurance commissioners for service
- Streamlining the dispute process by clarifying jurisdiction and payment of final judgments
"For risk professionals to support their organizations' expansion into global markets, it is important that RIMS advocates for regulation that facilitates opportunities for our members to effectively achieve their objectives," said Mr. Seaman. "RIMS is encouraged by the US-EU Covered Agreement on reinsurance and looks forward to working with the Department of the Treasury to help bring this agreement to fruition."
May 19, 2017