Solvency II equivalence comment sought on Bermuda, Japan, Switzerland
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FRANKFURT, Germany—The European Insurance and Occupational Pensions Authority is seeking comment on whether the supervisory regimes of Bermuda, Japan and Switzerland meet the criteria for equivalence with the upcoming Solvency II insurer capital rules.
Frankfurt, Germany-based EIOPA says interested parties can submit comments until Sept. 23.
Solvency II, a risk-based capital regulatory directive for insurance companies, is slated for introduction in the European Union in 2013. Bermuda, Japan and Switzerland are in the “first wave” of countries being considered for regulatory equivalence.
Similar protection
According to EIOPA, the equivalence assessments are to determine whether the three nations' regulatory systems ensure a similar level of policyholder protection as would be provided under Solvency II.
Draft reports on the equivalence assessments of the countries are available on the EIOPA site.
For in-depth coverage of this topic and related issues, visit our Solution Arc on Solvency II Compliance and Business Challenges for Insurers.
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