Hashtag: #SolvencyII

Bermuda Officials In Talks With European Union

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

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’

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

EIOPA Boss: Solvency II ‘Essential’

EIOPA Boss: Solvency II ‘Essential’

Solvency II is a necessary response to the global financial crisis, said Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority [EIOPA], citing the fact other jurisdictions including Bermuda, Japan and non-European Union member Switzerland are seeking equivalency. Speaking to an audience at Lloyd’s yesterday... Read more of this article

‘Bermuda Has Made Itself Obsolete’

‘Bermuda Has Made Itself Obsolete’

Bermuda’s decision to seek equivalency with the new European Union Solvency II requirements harmonising insurance regulations will make the island “obsolete” as an off-shore domicile says an American industry veteran. Jeff Mulholland, who runs insurance and pensions services for Societe Generale in the Americas, told the “Caymanian... Read more of this article

Webinar: Solvency II’s Impact On Captives

Webinar: Solvency II’s Impact On Captives

A panel of analysts from A.M. Best Europe will review the potential impacts of Solvency II on the captive sector — including Bermuda’s role as the leading international domicile — during a one-hour public webinar being held on Tuesday, 21 February. Although the captive sector reported widespread growth in 2011, the approach of Solvency... Read more of this article

Equivalence Decision In The New Year

Equivalence Decision In The New Year

The European Commission is drawing up a final list of countries that may qualify for equivalence with Solvency II and will decide on the equivalence of the regulatory regimes of Bermuda, Switzerland and Japan during the first half of 2012. Jonathan Faull, director-general, internal market and services at the Commission, said 16 countries had been identified... Read more of this article

Best: Equivalency Will Boost Bermuda Firms

Best: Equivalency Will Boost Bermuda Firms

If Bermuda and Switzerland are successful in their bids to be considered among the first non-European Union jurisdictions to meet new regulatory requirements under Solvency II, it could have a positive impact on companies domiciled there, Stefan Holzberger, managing director of analytics with A.M. Best Europe, said in this week’s issue of “BestWeek... Read more of this article

Website’s Critical Analysis Of EIOPA Report

Website’s Critical Analysis Of EIOPA Report

While Japan and Switzerland meet the equivalence criteria for Europe’s Solvency II regime “with caveats” , Bermuda still has considerable work to do before it’s likely to be granted equivalency according to an analysis by the financial news website Risk.net. Risk.net said today  [Oct. 31] the European Insurance and Occupational... Read more of this article

European Insurance Watchdog Backs Bermuda

European Insurance Watchdog Backs Bermuda

European insurance watchdog EIOPA has said Bermuda’s regulatory regime for big insurers mostly complies with the European Union’s own strict Solvency II rules, Reuter is reporting, easing fears of a mismatch that could have hindered Bermudian players’ access to the European market. “EIOPA’s advice is that Bermuda meets... Read more of this article

Island “Well Placed To Reach Equivalency”

Island “Well Placed To Reach Equivalency”

Bermuda’s top insurance regulator believes the island “is in a very good position” for reaching Solvency II equivalency by the end of next year, international ratings agency A.M. Best reports today [Oct. 24]. The European Insurance and Occupational Pensions Authority, one of three European supervisory authorities, released a preliminary... Read more of this article

Swiss Rules Tougher Than Solvency II

Swiss Rules Tougher Than Solvency II

Switzerland is continuing efforts to blunt the island’s competitive edge as the leading catastrophe re/insurance domicile by rolling out new regulatations even more stringent than the European Union’s Solvency II rules  the Bermuda Monetary Authority is working to gain equivalence with. Bloomberg reports today [Jan. 31] the new solvency... Read more of this article