Introductory text

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114, in conjunction with Article 218(6) thereof,

Having regard to the proposal from the European Commission,

Having regard to the consent of the European Parliament^f1,

Whereas:

In accordance with Council Decision (EU) 2017/1792^f2, the Bilateral Agreement between the European Union and the United States of America on prudential measures regarding insurance and reinsurance (‘the Agreement’) was signed on 22 September 2017, subject to its conclusion at a later date.

The conclusion of the Agreement will lead to enhanced regulatory certainty in the application of insurance and reinsurance regulatory frameworks for insurers and reinsurers operating in the Union and the United States of America as well as to improved protection for policyholders and other consumers through cooperation between supervisors on the exchange of information.

The Agreement should be approved,

HAS ADOPTED THIS DECISION: