International Solvency II: Bring on Bermuda

At the end of February, Bermuda expects to receive the approval of the European Parliament and Council for equivalence with the Solvency II directive, with retrospective effect from 1 January 2016.

Equivalence means that Bermuda’s regulatory regime is comparable with the Solvency II regulation framework in respect of capital requirements, governance, risk management, and disclosure in relation to insurers and reinsurers.

This article highlights why Bermuda’s role in the global insurance industry will be cemented with this latest stamp of approval from Europe.