The Bermuda Monetary Authority (BMA) has welcomed a new report by the European Insurance and Occupational Pensions Authority (EIOPA) that updates its progress on moving towards granting Bermuda Solvency II equivalency.
Jeremy Cox, chief executive officer of the BMA, issued a statement thanking EIOPA for its efforts in updating the report, which now takes into account substantial amendments to the regulations applicable to commercial re/insurers introduced by the Bermuda Monetary Authority (BMA) since EIOPA’s last report was published in March 2015.
Changes to Bermuda’s Solvency II include amendments to the Insurance Act 1978, the Insurance Code of Conduct, and the Bermuda Capital Solvency Requirement (BSCR).
The European Commission considered that a further progress report was necessary in order for it to take fully informed equivalence decisions later this year.
Jeremy Cox, chief executive officer of the BMA, said: “We welcome the published update and commend EIOPA for its efforts during a very busy time. We particularly wish to thank EIOPA’s equivalence committee, chaired by Mr Edward Forshaw, who has had to conduct a very rigorous review.
“This takes time, discipline, patience, and a willingness to challenge, all with a view to achieving a jurisdictional assessment that fairly represents the inner workings of the third-country supervisor – in this case the authority.
“Tremendous work has been achieved by the authority’s equivalence-focused team, however, I also wish to thank representatives from industry who assisted the authority in charting an appropriate course for Bermuda by providing timely and meaningful feedback.
“Bermuda is a jurisdiction that believes in high standards of regulation and supervision, but also believes the best way to achieve this is to ensure that the markets to which that regulation and supervision will be applied, are given ample opportunity to comment on any proposed regime changes.”
Bermuda Monetary Authority, EIOPA, Jeremy Cox, Solvency II, Europe, Bermuda