Bermuda gets Solvency II equivalency approval
Bermuda's regulatory scheme for managing larger (re)insurers is broadly equivalent to Europe's forthcoming Solvency II regime, according to the European Insurance and Occupational Pensions Authority (Eiopa).
In a formal submission to the European Commission (EC), Eiopa said that the regulatory regime for larger (re)insurers in Bermuda was mostly equivalent to the requirements of Solvency II, but added there were some caveats.
The pan-European supervisor raised concerns that the regulation of smaller firms, and especially captives, was not on a par...
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