EIOPA publishes final reports on the equivalence assessment of the Bermudan, Japanese and Swiss supervisory systems

The European Insurance and Occupational Pensions Authority (EIOPA)
published today three equivalence reports.

In June 2010, the European Commission asked CEIOPS, EIOPA's preceding
organisation, to provide advice on whether the supervisory regimes of
Bermuda, Japan and Switzerland meet criteria of equivalence. The goal of
this equivalence assessment is to ensure that the third country regulatory
and supervisory regimes provide a similar level of policyholder /
beneficiary protection as the one provided under the Solvency II
Directive.

In addition to EIOPA's assessment the reports include the results of the
official consultation that was conducted in August and September 2011.
Market participants and interested parties provided experience and
information on relevant aspects of the supervisory practices and insurance
regulatory regimes in the three countries respectively.

EIOPA's Chairman, Gabriel Bernardino, highlights: "Third country
equivalence assessments are an important instrument towards achieving
global supervisory convergence in insurance. The equivalence assessment of
other supervisory systems is an enormous undertaking. As such, this could
only be completed successfully due to the commitment of the Bermudan,
Japanese and Swiss authorities to participate in this exercise and thanks
to their cooperation, dedication and transparency. EIOPA is committed to
continue its work to ensure that the third country regulatory and
supervisory regimes provide a similar level of policyholder protection as
the one provided under the Solvency II Directive."

Click here to read the "Report on the equivalence Assessment of the
Bermudan supervisory system (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011/august-2011/consultation-paper-no-4-eiopa-draft-report-equivalence-assessment-of-the-bermudan-supervisory-system/index.html
)".
Click here to read the "Report on the equivalence Assessment of the
Japanese supervisory system (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011/august-2011/consultation-paper-no-5-eiopa-draft-report-equivalence-assessment-of-the-japanese-supervisory-system/index.html
)".
Click here to read the "Report on the equivalence Assessment of the Swiss
supervisory system (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011/august-2011/consultation-paper-no-3-eiopa-draft-report-equivalence-assessment-of-the-swiss-supervisory-system/index.html
)".
Click here to read the Call for Advice from the European Commission
(Link:
https://eiopa.europa.eu/publications/requests-for-advice/index.html ) and
related documents.

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