Because insurance is a global industry, the Solvency II regime (entering into force on 1 January 2016) includes some provisions regarding the recognition of third country jurisdictions as offering an equivalent level of supervision. For FERMA, an equivalence decision means an easier access to insurance capacities.
The process leading to the Solvency II equivalence of the insurance supervisory system of a third country jurisdiction is conducted by the European Commission in cooperation with EIOPA, the European insurance supervisor. Continue reading
The Delegated Act for the Solvency II Directive was finally published on 17 January 2015 on the EU Official Journal.
The definition and simplifications for the calculation of provisions for captives have remained constantly the same since the versions of July and October 2014; they are treated in the articles 89, 90, 103, 105 and 106 of the new Delegated Act. Eligible captives are still limited to the type of captives which do not have compulsory third party liability business and which provide cover only to undertakings belonging to the group.