Follow Us

Follow us on Twitter  Follow us on LinkedIn
 

04 September 2015

EIOPA publishes the Equivalence progress report on developments in the Bermudian supervisory regime


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 d​evelopments 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:

  • 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;
  • 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)
  • A  head  office  requirement  in  Bermuda  for  all  commercial  insurers  (Section  8C Insurance Act);
  • Notification of disposals of qualifying holdings (Section 30EA Insurance Act);
  • 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



© EIOPA


< Next Previous >
Key
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information



Add new comment