EIOPA publishes the Equivalence progress report on developments in the Bermudian supervisory regime
04 September 2015
The European Insurance and Occupational Pensions Authority (EIOPA) has published today a progress report depicting the latest developments in the supervisory regime of Bermuda.
In March 2015, EIOPA provided the European Commission with additional advice regarding the full equivalence assessment under Solvency II of the insurance supervisory regime in Bermuda.
Since that advice, Bermuda has made substantial amendments to the regulations applicable to (re)insurers, and consequently the European Commission considered that a further progress report was necessary for it to take fully informed equivalence decisions later this year.
The progress report describes the latest developments on the basis of material provided by the Bermuda Monetary Authority.
The Bermudian government has amended the Insurance Act 1978 (the ‘Insurance Act’) to incorporate, amongst other things:
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New definitions in section 1 of the Insurance Act to facilitate the implementation of economic capital requirement measures under the statutory economic balance sheet (EBS) framework;
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A provision allowing the BMA to prescribe prudential standard rules for the preparation and publication of a financial condition report by commercial insurers and insurance groups (section 6A Insurance Act)
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A head office requirement in Bermuda for all commercial insurers (Section 8C Insurance Act);
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Notification of disposals of qualifying holdings (Section 30EA Insurance Act);
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Strengthening of regulatory oversight of the outsourcing of the Chief Executive Officer and Senior Executive Role (Sections 30JA, 30JB and 30JC Insurance Act).
Full news
Full progress report
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