EIOPA Publishes Report: Bermuda Solvency II
The European Insurance and Occupational Pensions Authority [EIOPA] published an updated progress report regarding Bermuda’s Solvency II equivalence assessment.
This updated report takes into account substantial amendments to the regulations applicable to commercial [re]insurers introduced by the Bermuda Monetary Authority since EIOPA’s last report was published in March 2015.
The European Commission considered that a further progress report was necessary in order for it to take fully informed equivalence decisions later this year.
Jeremy Cox [pictured], Chief Executive Officer of the Authority said, “We welcome the published update and commend EIOPA for its efforts during a very busy time.
“We particularly wish to thank EIOPA’s equivalence committee, chaired by Mr. Edward Forshaw, who has had to conduct a very rigorous review.
“This takes time, discipline, patience, and a willingness to challenge, all with a view to achieving a jurisdictional assessment that fairly represents the inner workings of the third-country supervisor – in this case the Authority.”
“Tremendous work has been achieved by the Authority’s equivalence-focused team, however, I also wish to thank representatives from industry who assisted the Authority in charting an appropriate course for Bermuda by providing timely and meaningful feedback,” Mr. Cox said.
“Bermuda is a jurisdiction that believes in high standards of regulation and supervision, but also believes the best way to achieve this is to ensure that the markets to which that regulation and supervision will be applied, are given ample opportunity to comment on any proposed regime changes.”
The full EIOPA progress report follows below [PDF here]:
