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Brussels talks indicate Bermuda equivalence plan on track

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Following high-level talks with officials in Brussels earlier this month, the Bermuda Monetary Authority remains confident that Bermuda will be successful in its bid to win equivalence with Europe’s Solvency II Directive.

The Authority is also optimistic that European Commission undertakings exempting captive insurance companies in Bermuda from the Solvency II provisions will be honoured.

Authority Chief Executive Officer Jeremy Cox (pictured) is pleased with the tenor and content of the talks he held in Brussels.

“I came away from the meetings with a renewed level of confidence,” says Cox. “It is clear that we are on the right track, both in terms of achieving equivalence for our commercial insurers and reinsurers and in terms of securing the promised exemptions for Bermuda’s captive or limited purpose insurers.”

Cox believes that the meetings, which were arranged in collaboration with the Bermuda Government and the Association of Bermuda Insurers and Reinsurers, provided a further indication that the strong relationships which have been developed over recent years with the Commission, the regulatory body, EIOPA, and with members of the European Parliament, have helped pave the way for the current dialogue to take place.

Shanna Lespere, the Authority’s newly-appointed Director of International Affairs, who also attended the talks, says she was impressed by the commitment of officials in Brussels to treat Bermuda fairly.

“We are not yet over the finish line so I think our continuation of a strong advocacy programme remains a critical support element to achieving our goals in Europe,” says Lespere.

Group supervision, the merits of full equivalence, transitional equivalence, delays in Solvency II implementation and relations between Bermuda and EIOPA were among other subjects covered in technical discussions the Authority held in Brussels.

 

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