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International

Bermuda officially awarded full Solvency II equivalence

March 29, 2016 Reprints

The Association of Bermuda Insurers and Reinsurers said that Bermuda's Solvency II equivalence has become effective, and is retroactive to January 1, reported Bernews.

The equivalence "means an efficient rather than redundant layer of group supervision" for Bermudan insurers and "it means cross-border trade without individual jurisdictional restrictions," for reinsurers, said Bradley Kading, president of ABIR.

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Bermuda officially awarded full Solvency II equivalence

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