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Captive Insurance Positively Impacted by Bermuda Solvency II Equivalence

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February 22, 2016

While most captive insurers are aware of Solvency II, a February 2, 2016, article in Bermuda: Re + ILS, titled "Solvency II equivalence: why it matters," explores why this issue is particularly germane to Bermuda and—by implication—captives. The article notes that Bermuda became one of the first jurisdictions to receive full Solvency II equivalence from the European Commission in November 2015. It then explores how this is linked to Bermuda's status as a hub for risk transfer.

By winning full equivalence, the Island and its insurance industry will be able to conduct business freely within the European Union. It also buttresses Bermuda's reputation as a recognized insurance jurisdiction. Solvency II recognition removes any impediments to insurers, which maintained operations both in the European Union and Bermuda, and removes any uncertainties in the market.

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