The American Insurance Association (AIA) on Friday strongly endorsed crucial steps taken by U.S. trade negotiators that will open global insurance markets and improve insurance regulation in many countries.
“The office of the U.S. Trade Representative this week presented a comprehensive services offer at the World Trade Organization (WTO), sending a resounding signal that it is serious about multinational trade liberalization,” said David Snyder, AIA vice president and assistant general counsel.
“Had the U.S. failed to provide a services offer, the entire round of services negotiations might have collapsed,” Snyder said. “Now that the U.S. has made a substantive offer, other nations should have an incentive to do the same. The negotiations to follow should lead to improvements and mutual concessions that open markets.”
U.S. trade negotiators also presented the WTO with a formal paper on U.S. regulatory transparency that would apply to domestic regulation, including insurance.
“This document will help set a global floor for establishing open and unbiased regulation,” stated Snyder. “This is particularly important to insurers because insurance liberalization granted at the treaty table can easily be denied through day-to-day regulation. An open and transparent process is the most cost-effective regulation.”
“We are looking forward to further market liberalization negotiations and adoption of the transparency recommendations at the WTO,” added Snyder.
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