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In November 2015, the European Commission published a “Delegated Act” which recognised Bermuda’s commercial insurance regulatory framework as being fully equivalent to regulatory standards applied to European insurance and reinsurance companies and insurance groups in accordance with the requirements of the Solvency II Directive. Bermuda follows Switzerland as only the second country to date to be granted full equivalence by the European Commission.
As the Solvency II Directive came into force on 1 January 2016, the grant of full equivalence to Bermuda prior to the 2015 year end provided comfort to commercial insurers and reinsurers operating from the Island. Solvency II equivalence will ensure that Bermuda commercial insurers and reinsurers and insurance groups will not be disadvantaged when competing for and writing business in the EU.
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Bermuda: Solvency II