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It was previously announced that Bermuda would be granted equivalence with the EU's insurance and reinsurance capital adequacy and risk management regulatory regime, Solvency II. The island's final multiple stage approval was completed on 4 March.
Following a formal 20-day notice period, the Bermuda Monetary Authority (BMA), which regulates the risk transfer industry on the island, was officially granted equivalence under Solvency on 25 March, with the regime becoming retroactively effective from the beginning of this year.
"Bermuda's robust regulation regime for commercial insurers has now been found 'equivalent' by the world's largest market - the EU has given Bermuda its stamp of approval," said Bradley Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers (ABIR).
Full article on Commercial Risk Europe