Brussels, 26/11/2015 (Agence Europe) - On Thursday 26 November, the European Commission adopted two equivalence decisions under Solvency II, the EU's new prudential regulatory regime for the insurance sector, which harmonises the insurance regulatory framework across the EU. The decisions cover the systems in place in Japan and the Bermudas.
The European Commission says that legislation in the Bermudas is totally equivalent to EU Directive 2009/138: calculation of the solvency of an insurance company (Article 227of the directive in question), group supervision (Article 260) and reassurance (Article 172).
If endorsed by the Council of Ministers and the EP, the decision on the Bermudas would be permanent and rescind the provisional decision from June on the two countries (see EUROPE 11329).
The draft decision foresees temporary equivalence for Japanese law (until the end of 2020) for the reassurance aspect of the directive, and a provisional equivalence for the calculation of the solvency of an insurance company aspect (Article 227). (Original version in French by Mathieu Bion)