The European Insurance and Occupational Pensions Authority (EIOPA) has published today a progress report depicting the latest developments in the supervisory regime of Bermuda.
In March 2015, EIOPA provided the European Commission with additional advice regarding the full equivalence assessment under Solvency II of the insurance supervisory regime in Bermuda. Since that advice, Bermuda has made substantial amendments to the regulations applicable to (re)insurers, and consequently the European Commission considered that a further progress report was necessary for it to take fully informed equivalence decisions later this year.
The progress report describes the latest developments on the basis of material provided by the Bermuda Monetary Authority.
The progress report can be viewed here.
More information about equivalence and an overview of equivalence decisions taken so far can be found on EIOPA’s website.