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In an open letter to European Commissioner Michel Barnier dated 29 March 2011, leading organisations within the European insurance and reinsurance industry have expressed concern with the development of the Solvency II process.
Read MoreEdwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review – March 2011, which contains nine articles about various topics in the insurance and reinsurance industry.
Read MoreOn 19 January 2011, the European Commission (EC) published the Omnibus II Directive proposal. The proposed Directive makes changes to the Solvency II Directive and the Prospectus Directive.
Read MoreOn 25 January 2011, Guernsey’s Financial Services Commission (the GFSC) announced that it had no plans to seek equivalence under Europe’s Solvency II regime.
Read MoreThe European Commission (Commission) launched a consultation on 24 November 2010 to obtain input on the impacts, costs and benefits to support the policy decision making-process for the Solvency II level 2 implementing measures (the Consultation). Views on the impact of policy decisions on pricing, design and availability of insurance products are also being sought.
Read MoreIn a letter to CEIOPS dated 29 October 2010, the European Commission has confirmed the countries that will undergo the first wave of equivalence assessments under the Solvency II regime. Bermuda and Switzerland will undergo a full assessment and Japan will be assessed for equivalence in relation to reinsurance under Article 172 only. This reflects the draft advice published by CEIOPS in July 2010 (see here).
Read MoreIn its quarterly Regulatory Update, released October 21, 2010, the Bermuda Monetary Authority (“BMA”) summarizes its latest initiatives and proposals for the island’s insurance industry. A consultation paper titled, “A Solvency Framework for Long-Term Insurance,” proposes assigning Long-Term insurers to captive and commercial classes in order to enhance reporting and solvency standards.
Read MoreFurther to its recent work in considering potential jurisdictions in the first wave of Solvency II equivalence assessments, CEIOPS has recently published a proposed methodology for carrying out these assessments and has asked for comments on its proposals by 22 October 2010.
Read MoreIn a continuing effort to enhance the supervisory regime for Bermuda-based (re)insurers ahead of third country assessment of its framework under Solvency II, the Bermuda Monetary Authority (“BMA”) issued a 2010 Amendment to the Insurance (Prudential Standards) (Class 4 Solvency Requirement) Order of 2008. The 2010 Order, captioned Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Amendment Order 2010, will extend the requirements currently applicable to Class 4 insurers, to Class 3B insurers.
Read MoreThe Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has published its final advice to the European Commission on the Equivalence assessments to be undertaken in relation to Articles 172, 227 and 260 of the Solvency II Directive. The advice follows the draft advice previously published (see here) in July 2010.
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