In his State of the Union address, President Obama said he intends to launch talks on a comprehensive Transatlantic Trade and Investment Partnership with the European Union in an effort to support “millions of good-paying American jobs.”
The Property Casualty Insurers Association of America (PCI) said it supports these trade agreements, which could enhance regulatory cooperation and efficiency, adding that insurance regulation in the United States and Europe reflect a diversity of business models and different market conditions, and that trade liberalization should acknowledge differences, promoting competition and transparency, while preventing regulatory gaps and avoiding duplicative regulatory burdens.
"PCI's members write insurance across the globe and reducing or eliminating trade barriers will help grow insurance markets that in turn support economic development and improve living standards," said David Snyder, PCI's vice president, international policy. "PCI supports sound regulation that reflects different insurance markets. We believe the objective should be mutual recognition focused on outcomes, not convergence to a single non-U.S. standard or a standard that is designed for banks."
