11 March 2015

EIOPA publishes the Final Reports on full equivalence assessments of Bermuda, Japan and Switzerland

The Solvency II Directive recognises the fact that insurance is a global industry. To avoid unnecessary duplication of regulation, Solvency II allows the European Commission to decide about the equivalence of a third country's solvency and prudential regime. Positive equivalence findings are mutually beneficial to European Economic Area (EEA) and third country (re)insurers.  Equivalence findings promote open international insurance markets, whilst simultaneously ensuring that policy holders are adequately protected globally.

In October 2011, EIOPA provided the European Commission with 3 draft reports regarding the Solvency II equivalence of the Swiss, Bermudian and Japanese supervisory regimes. In line with the EC's request, the Swiss and Bermudian regimes have been assessed for Article 172 (reinsurance supervision), Article 227 (group solvency calculation) and Article 260 (group supervision) of the Solvency II Directive. The assessment of the Japanese supervisory regime only relates to Article 172.

In February 2014, the European Commission requested EIOPA to update the equivalence advice for these three countries.

The Solvency II equivalence criteria are based on the overarching principles of Solvency II and include requirements relating to the system of governance, professional secrecy and the exchange of information, effective risk management, solvency, and powers and responsibilities of supervisory authorities.

The Final Reports include an annex with the resolution of comments received by EIOPA during the public consultation.

Press release

Final Report on full equivalence assessment of Bermuda

Final Report on full equivalence assessment of Japan​

Final Report on full equivalence assessment of Switzerland

© EIOPA