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Commenting ahead of the meetings, Cox said: “It is important to put a political face to Bermuda while crucial decisions are being made. We can afford to leave nothing to chance. It is crucial that the government is visible in its support of [the regulator] the Bermuda Monetary Authority and industry as Bermuda continues to press for formal recognition in its efforts to achieve [Solvency II] equivalence." "Although the gravity of the economic and financial issues dominates the Brussels agenda, there was real willingness and openness to meeting with me”, she reported.
Bermuda’s European advisor in Brussels, Alastair Sutton, accompanied Cox in the one-on-one meetings which were not limited to discussion concerning equivalence but were to underscore Bermuda's commitment to closer strategic partnerships with Brussels' decision-makers and regulators.
Cox in particular discussed with her European counterparts the territory's decision to seek equivalence with the Solvency II principles, which require that insurance companies maintain financial buffers against the risk of insolvency.
There was also a meeting with Paulina Dejmek, a member of Commissioner Barnier's Cabinet. Cox said: "Dejmek and I spoke frankly about the importance to Bermuda of the segmented approach relating to captive and insurance/reinsurance companies as a one-size-fits-all approach cannot be the appropriate model. I also indicated that I should be happy to have follow-up discussions on an ongoing basis with her on Bermuda-related issues.”