European Commission finds Bermuda fully equivalent for Solvency II
Saturday, 11 28 2015, Category: Insurance and Reinsurance, Country: Europe
The insurance and reinsurance industry has applauded the decision by the European Commission to find Bermuda and the Bermuda Monetary Authority (BMA) to be fully equivalent under the Solvency II regulatory regime.
Bermuda and Switzerland, both considered key hubs for insurance and reinsurance, as well as for the insurance-linked securities (ILS) market, are the only two jurisdictions to be found fully equivalent under the European Union’s Solvency II regulatory and supervisory system for insurers, which comes into effect on 1st January 2016, so far.
For Bermudian insurers and reinsurers it means an ability to operate in a business as usual manner, under Solvency II, with the risk capacity provided by the Bermuda reinsurance market still able to flow into Europe to take its share of major risks and programs.