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17th of May 2012

Bermuda’s equivalence ‘could be limited’

Vicky Beckett 17/01/2012

Bermuda will not have to apply the most stringent aspects of Solvency II to captives, the European Commission has said.

The European Commission (EC) indicated captives will be allowed a carve-out in equivalence due to Bermudian insurance regulation being globally first league.

Karel Van Hulle, the European Commission’s head of unit for insurance and pensions, told Captive Review: “I did indeed indicate that equivalence could be limited to a distinct category of undertakings.”

Nicholas Dove, Quest Management Services president, said: “I think that it is a positive step forward for captives in Bermuda, and recognition from Europe that captives need different regulations.

“The regime for captives will remain practical and proportionate for the market while at the same time being consistent with relevant international standards,” said a BMA spokesman.

This news comes amid reports that jurisdictions could gain transitional equivalence by agreeing to support the directive and aim for equivalence by 2018.

Dove said if this is the case it would be unfair on Bermuda, and he did not think any other countries were trying to achieve equivalence.

A final decision on Solvency II equivalence for Bermuda will be given 2013.

Tags: Bermuda, Captive, EIOPA, European Commission, Insurance, Karel van hulle, Management, Nicholas Dove, Quest, Solvency II

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Mohammed 22/02/2012 9:16am

Claude,so good to hear from you again. Thank you for the greteing.Send our love to Daniella and the children,Love you guys tonsFernando and Yvette

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