December 19, 2018 / 10:36 PM / 6 months ago

U.S. Treasury, USTR sign deal on post-Brexit insurance

FILE PHOTO: U.S. Trade Representative Robert Lighthizer gestures as he testifies before Senate Appropriations Commerce, Justice, Science, and Related Agencies Subcommittee hearing on the proposed budget estimates and justification for FY2019 for the Office of the United States Trade Representative, at the Dirksen Senate Office Building in Washington, U.S., July 26, 2018. REUTERS/Mary F. Calvert

WASHINGTON (Reuters) - The U.S. Treasury and U.S. Trade Representative’s office signed a bilateral deal with the United Kingdom to provide insurance market regulatory certainty and continuity after the country exits the European Union, they said in a statement on Wednesday.

The Treasury and USTR signed the pact on Dec. 18, according to the statement published on the USTR’s website. They had announced their intent to sign the U.S.-UK Covered Agreement earlier this month, in a bid to provide stability as Britain prepares to leave the EU on March 29, 2019.

The pact allows U.S. insurers and reinsurers to “cut red tape for their cross-border operations,” USTR Robert Lighthizer said in the statement.

Reporting by Chris Prentice; Editing by Alistair Bell

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