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Bermuda’s value as a world-class international financial centre received an immense boost a fortnight ago. In a much-anticipated announcement, the European Commission awarded our jurisdiction full equivalence under Europe’s Solvency II insurance regulatory regime, which comes into force January 1, 2016.
This impressive stamp of approval, now under final review by the European Parliament, marks the successful result of a six-year campaign for Bermuda. We applaud our colleagues at the Bermuda Monetary Authority (BMA), Bermuda government, and industry associations such as the Association of Bermuda Insurers & Reinsurers (ABIR), the Bermuda Insurance Management Association (BIMA) and the Bermuda International Long-Term Insurers & Reinsurers (BILTIR). All have worked diligently—in Bermuda and Brussels—to ensure our jurisdiction was among the first of non-EU markets to receive such an endorsement. Only Bermuda and Switzerland currently hold that distinction.