I was hoping someone else would slog through today’s reports by EIOPA, the EU’s uber-quasi-regulator. Thanks, Reuters!
LONDON, Oct 26 (Reuters) – European insurance watchdog EIOPA has said Bermuda’s regulatory regime for big insurers mostly complies with its own strict Solvency II rules, easing fears of a mismatch that could have hindered Bermudian players’ access to the European market.
“EIOPA’s advice is that Bermuda meets the criteria set out in EIOPA’s methodology for equivalent assessments under Solvency II,” EIOPA said on Wednesday in a submission to the European Commission.
EIOPA also said Switzerland and Japan’s regulatory regimes mostly complied with Solvency II, a set of rules aimed at bolstering European insurers’ capital expected to come into force in 2014.
The reports themselves are written in classic Euro-gook, but if you want, here’s: