ARTICLE · 13 APRIL 2015

Solvency II - Bermuda's Regulatory Framework

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Solvency II, the European initiative to overhaul the capital adequacy regime of the European insurance industry and create an agreed set of capital and risk management requirements, was expected to be in place by January 2013.

European UnionWealth Management

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Solvency II, the European initiative to overhaul the capital adequacy regime of the European insurance industry and create an agreed set of capital and risk management requirements, was expected to be in place by January 2013. However, after several delays, Solvency II is now back on the front-burner and is scheduled to come into effect on 1 January 2016.

STRUCTURE

Solvency II will introduce a new regulatory and supervisory framework for Europe's insurance industry. This framework is divided into three pillars: Pillar 1 - Quantitative Requirements (Capital Requirements); Pillar 2 - Governance & Supervision; and Pillar 3 - Disclosure & Transparency.

BENEFIT OF THIRD-COUNTRY EQUIVALENCY

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