Hashtag: #SolvencyII
Fitch Ratings: Solvency II Will Increase Demand
Reinsurers’ trading updates following the crucial January renewals period reinforce their view that Solvency II [S2] will increase demand for reinsurance products as European insurers attempt to strengthen their capital position through risk transfers, Fitch Ratings said. “The main beneficiaries are likely to be the financially strongest... Read more of this article
Video: Webber On Solvency II & Panama Papers
Bermuda Business Development Authority CEO Ross Webber spoke with A.M. Best at the recent RIMS Conference in San Diego, covering topics including the Panama Papers, the island’s achievement of attaining Solvency II equivalency and more. In describing the segment, A.M. Best said that Mr Webber said “XL Catlin and Qatar Re have announced they... Read more of this article
Bermuda’s Solvency II Equivalence Takes Effect
On March 25, the BMA’s equivalency under the three measures of Solvency II became effective, and is retroactive to January 1st, the Association of Bermuda Insurers and Reinsurers [ABIR] said. Bradley Kading, President and Executive Director of ABIR, said, “Bermuda’s robust regulation regime for commercial insurers has now been found ‘equivalent’... Read more of this article
A.M. Best: Solvency II A “Positive Development”
A.M. Best said they believe that “Solvency II equivalence in Bermuda, expected to become in force on Jan. 1, 2016, will be a positive development for the market profile of Bermuda-domiciled entities, which is an important element of A.M. Best’s rating criteria.” A.M. Best said, “A new Best’s Briefing, titled, “Bermuda Inching... Read more of this article
Column: Solvency II Has Positive Repercussions
[Column written by Ross Webber] Bermuda’s value as a world-class international financial centre received an immense boost a fortnight ago. In a much-anticipated announcement, the European Commission awarded our jurisdiction full equivalence under Europe’s Solvency II insurance regulatory regime, which comes into force January 1, 2016. This impressive... Read more of this article
Premier Congratulates BMA On Solvency II
Yesterday [Dec 7] Premier Michael Dunkley spoke at an event hosted by the Association of Bermuda Insurers and Reinsurers [ABIR], and congratulated the Bermuda Monetary Authority [BMA] team on their successful work to achieve an equivalence finding from the European Commission under the Solvency II insurance regulatory scheme. The finding benefits European... Read more of this article
Minister Bob Richards: “It’s A Huge Win For Us”
“It’s a huge win for us and a stamp of approval for our industry,” Finance Minister Bob Richards said following the news that the European Commission has found Bermuda fully equivalent under the European Union’s Solvency II regulatory and supervisory system. Asked to explain why it’s so important, the Minister told Bernews:... Read more of this article
Business Groups Praise Solvency II Decision
Insurance and business associations from the European Union, the United Kingdom and Bermuda have praised the European Commission’s action to find Bermuda and the Bermuda Monetary Authority [BMA] as fully equivalent for all regulatory purposes under the European Union’s Solvency II regulatory and supervisory system for insurers which takes effect... Read more of this article
Solvency II Equivalence For Insurance Sector
Minister of Finance Bob Richards provided an update on Solvency II equivalence for the Bermuda insurance market in the House of Assembly today [Nov 27]. Minister Richards said, “The Solvency II Directive introduces a modernised risk-based regulatory regime for insurance and reinsurance undertakings in the European Union [EU]. The Directive also... Read more of this article
Cox: “This Is Significant News For Bermuda”
The Bermuda Monetary Authority said they are “pleased with the publication of the European Commission’s [EC] Delegated Act which recognises Bermuda’s prudential framework for [re]insurance and group supervision as being fully equivalent to regulatory standards applied to European reinsurance companies and insurance groups in accordance with... Read more of this article
“Bermuda Has Completed Another Milestone”
With Parliamentary and regulatory action this week, Bermuda has completed another milestone on its path to recognition by the European Commission as being fully equivalent under the insurance prudential regulatory regime known as Solvency 2, ABIR said. The equivalence effort is supported by Bermuda’s leading insurance associations: the Association... Read more of this article
BMA Pursues Full Equivalence For Solvency II
The Bermuda Monetary Authority has noted that Bermuda was named in a European Commission Delegated Decision adopted on Friday, 5th June. It will now be reviewed by the European Parliament and the Council. Within that Delegated Decision the insurance regimes of Bermuda [excluding captives], Australia, Brazil, Canada, Mexico and the United States were... Read more of this article
Fifth Step Information Session On Solvency II
Fifth Step Bermuda announced details of a special lunch-time session to explore the impact of Solvency II on Bermuda companies and how not being ready will adversely impact their ability to write insurance and reinsurance business in the EU. The free information session will take place on Tuesday April 21, 2015 at the offices of the Bermuda Insurance... Read more of this article
Bermuda Officials In Talks With European Union
Bermuda officials have been in talks with European Union authorities on policy matters of mutual interest, the Government said today, adding that “high on the list of priorities are impending EU laws that may disadvantage Bermuda’s insurers and reinsurers.” “But if Bermuda’s quest for equivalence with Europe’s Solvency II Directive... Read more of this article
Key European Report On Bermuda’s Equivalence
Bermuda’s quest for equivalence with Europe’s Solvency II Directive moved closer to fruition when EIOPA, the European Union’s leading insurance regulatory body, published its equivalence findings and invited feedback prior to a final report which is to be submitted to EIOPA’s Board of Supervisors before being sent to the European Commission,... Read more of this article
BMA: ‘On Right Track Of Achieving Equivalence’
Following high-level talks with officials in Brussels earlier this month, the Bermuda Monetary Authority remains confident that Bermuda will be successful in its bid to win equivalence with Europe’s Solvency II Directive. The Authority also said they are “optimistic that European Commission undertakings exempting captive insurance companies... Read more of this article
