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Member, Beacon International Group, Ltd.
Bermuda has taken a step closer to equivalence with the European Union's upcoming Solvency II risk-based capital regulatory regime, with the European Insurance and Occupational Pension Authority endorsing key aspects of the country's insurance and reinsurance regulations, The Royal Gazette reports.
Solvency II will take effect in 2016 and failure to meet the required standards would bar Bermudian insurers from operating in Europe.
"This milestone is a major development for Bermuda and its well-deserved reputation as the world's risk capital," a Bermudian official said.