On April 21, 2015, the Council of the EU published a press release announcing that it has issued a mandate to the European Commission to negotiate an agreement with the US on reinsurance.

The mandate consists of a decision authorizing the opening of talks and directives for the negotiation of the agreement. The Commission will negotiate on behalf of the EU, in consultation with a Council committee. The agreement will be concluded by the Council with the consent of the European Parliament.

Commenting on the announcement, Janis Reirs, Council president, stated that the agreement would enable the US and EU to recognize each other’s prudential rules and help supervisors exchange information.