Commission adopts Solvency II equivalence decisions for Bermuda and Japan

26 November 2015

The European Commission has adopted two equivalence decisions under Solvency II, the EU's new prudential regulatory regime for the insurance sector, which harmonises the insurance regulatory framework across the EU.

These two decisions concern Bermuda and Japan and take the form of a delegated act.

They will provide more legal certainty for EU insurers operating in a third country as well as for third country insurance and reinsurance companies operating in the EU.

Depending on the scope of the decision, EU insurers can use local rules to report on their operations in third countries.

Third country insurers and reinsurers operating in the EU are also exempt from some aspects of group supervision and their reinsurance activities will be treated equally to those of EU reinsurers.

Equivalence decisions for Bermuda

Equivalence decisions for Japan

© European Commission