Bermuda Targeting Full Solvency II Equivalence
The European Commission has published its first Solvency II
third-country equivalence decision on 5 June 2015.
Switzerland has been granted full equivalence in all three areas
of Solvency II, namely solvency calculation, group supervision and
reinsurance. The decision also granted equivalence in the area of
solvency calculation for a period of ten years to Australia,
Bermuda, Brazil, Canada, Mexico and the USA. These decisions will
be considered by the European Parliament and the Council for
approval.
Jeremy Cox, CEO of Bermuda's regulatory authority, the
Bermuda Monetary Authority ("BMA") noted that
"this is good for Bermuda but it is not the complete and
final result we seek." The BMA has indicated that it
intends to seek full equivalence in all three areas. The BMA
further stated that it expects to have all measures in place by the
end of June 2015 to provide for full equivalence with Solvency II
and further
