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Solvency II Equivalence Decisions and U.S.-EU Covered Agreement
1 December 2015
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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.
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