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| Bermuda Makes Strides On Solvency II Equivalence |
by Amanda Banks, Tax-News.com, London
Thursday, October 27, 2011
The Bermuda Monetary Authority in its latest Regulatory Update for the third quarter
of 2011 said that significant progress has been made on Bermuda's equivalence
with the European Union's Solvency II principles, which require that insurance
companies maintain financial buffers against the risk of insolvency.
The Authority reported that the territory "has achieved significant progress
with its insurance regulation enhancements", as demonstrated in a recent report
from the European Insurance and Occupational Pensions Authority (EIOPA) in its preliminary
Solvency II equivalence assessment of Bermuda.
According to the Authority, the results of the assessment are that Bermuda’s
regime for commercial insurers (Class 3A, 3B and 4 firms) meets the criteria for Solvency
II equivalence, with certain caveats which were anticipated prior to the assessment.
The report also noted that Bermuda's standards are aligned with Solvency II principles in key areas such as the scope of group supervision and the solvency regime
for groups. The Authority said that, in many respects, outstanding areas relate to supervisory enhancements that
were either in progress at the time of EIOPA’s review or are scheduled to
come into effect by the end of 2012.
Proposals to address other issues will be published shortly for market consultation.
A comprehensive report in our Intelligence Report series
which studies the 20 main offshore jurisdictions which offer captive insurance
regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report11.asp
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