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The European Commission has awarded Bermuda full equivalence under the European Union's Solvency II regulations, The Royal Gazette reports.
Bermuda and Switzerland are the only non-European Union jurisdictions to be found fully equivalent under the Solvency II regime. "Solvency II equivalence for Bermuda will ensure competitive markets and better prices for European businesses and consumers," said the president of Association of Bermuda Insurers and Reinsurers.