US Treasury, USTR reach post-Brexit insurance accord with UK - Reuters

The US Treasury and US Trade Representative’s (USTR) office announced late-Tuesday that they plan to sign a new bilateral insurance agreement with the UK, Reuters reports.

The new agreement seeks to provide insurance market regulatory certainty and continuity after the Brexit takes place in March next year.

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The Treasury and USTR said the U.S.-UK Covered Agreement would be consistent with a similar agreement signed with the EU in 2017.

The announcement starts a 90-day notification period required by the U.S. Congress before it can be signed and put into effect.

In response to the deal reached, Britain’s Trade Commissioner for North America, Antony Phillipson, noted: “I am very pleased that we’ve been able to preserve the benefits of the EU-U.S. covered agreement for UK firms in the U.S., the largest insurance market in the world, once the UK has left the EU.”