Overview
Guy Soussan and Algirdas Semeta authored an article titled “First Tier Solvency II Equivalence Countries Enter the Final Stretch” for Insurance Day. The January 14 article discusses the final stage of the Solvency II equivalence assessment process for Switzerland, Bermuda and Japan, the “first tier” candidate countries. Solvency II promises third countries substantial benefits in the areas of reinsurance, group solvency calculation, and group supervision in exchange for aligning their supervisory systems with its framework.
The European Commission is expected to make its decision on equivalence of these countries before summer 2015, after which the decision will be submitted to the European Parliament and Council, both of which can object.
The full article can be read at Insurance Day.
