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A report from the European Insurance and Occupational Pensions Authority has endorsed key aspects of Bermuda’s commercial insurance and reinsurance regulatory regime as meeting the criteria of Solvency II, the Bermuda Monetary Authority said Friday.
The findings come in the form of a consultation paper from the authority, which called it a step toward insuring that Bermuda carriers maintain access to European Union insurance markets, the BMA said in a statement.
Solvency II is a set of risk-based capital rules slated for introduction in Europe in 2016.
“Equivalence with the Solvency II Directive is of the utmost importance for Bermuda,” said Jeremy Cox, CEO of the Bermuda Monetary Authority, in the statement. “This designation ensures that Bermuda’s commercial insurers may continue to transact business within the EU.”
EIOPA is a Frankfurt, Germany-based independent advisory body on financial stability and market transparency, and advises the European Commission.
Experts have said that the European Union's Solvency II rules could drive mergers and acquisitions among the 5,000 insurers in the region in 2015, reports Reuters.