The recent adoption of the EU Reinsurance directive and the continued progress on Solvency II emphasise the need for improved cooperation across the Atlantic and offer an opportunity “to do away with yesterday's outdated regulation”, said Charlie McCreevy, European Commissioner for Internal Market and Services.

In an address to the US Chamber of Commerce, McCreevy said that reinsurance collateral requirements were a case in point. Highlighting the fact that a large proportion of coverage in the US is provided by EU reinsurers, he urged the US to do away with their collateral requirements, and follow the example of Europe.