Bermuda inches closer to Solvency II

The European Insurance and Occupational Pensions Authority has supported Bermuda's bid for "third-country equivalence" with the European Union's Solvency II rules, reported The Royal Gazette.

With this, Bermuda has inched closer to its Solvency II goal. EIOPA has submitted a final version of its report to the European Commission for approval. "We are hopeful that the final decision will be favorable," said Jeremy Cox, chief executive officer of the Bermuda Monetary Authority. The report also recommends Switzerland and Japan for equivalency, The Royal Gazette reported.

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