Key takeaways

• The European Commission has adopted two additional equivalence decisions under the incoming Solvency II regime, in respect of Bermuda and Japan.
• Bermuda has been granted equivalence in the three areas of Solvency II (reinsurance, group solvency and group supervision) for an unlimited period.
• Japan has been granted temporary equivalence for reinsurance for five years (ending on 31 December 2020) and provisional equivalence for group solvency for a period of ten years.
• The US Federal Insurance Office and Trade Representative is to negotiate a covered agreement with the EU on insurance.