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ARTICLE · 10 FEBRUARY 2016

Bermuda's Solvency II Equivalence Advantage

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This article will attempt to address the background and basics of Solvency II equivalence: how it came about, how it relates to Bermuda, and why it is good for Bermuda in the overall context of insurance regulation.

BermudaWealth Management
Matthew Carr
Matthew Carr
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Based on recent efforts in the insurance regulation space, the Bermuda Monetary Authority (BMA), Bermuda's regulator of financial services, has brought about equivalence for Bermuda commercial (re)insurers under the EU's Solvency II regulatory regime.

This article will attempt to address the background and basics of Solvency II equivalence: how it came about, how it relates to Bermuda, and why it is good for Bermuda in the overall context of insurance regulation.

"Solvency II" refers to a European Unioequivalencen Directive (2009/138/EC) relating to insurance regulation. (For those of you needing an EU jurisprudential refresher - a Directive is a legislative act mandating member state adherence, but allowing for implementation to be overseen by the respective member state.)

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