Bermuda, the world's leading domicile for captive insurers, will not apply Solvency II equivalency to the captive businesses domiciled there, announced the Bermuda Monetary Authority (BMA) on Tuesday.
Solvency II requirements would require captives to conform to rules about capital levels that must be maintained by insurance businesses within the European Union.
“We can definitively state that Bermuda will not apply any Solvency II-type regime to the captive sector,” says Jeremy Cox, chief executive officer at the BMA. “We will introduce a risk return as part of consolidated annual filing for captives that they will submit electronically, which will create efficiencies in the process for both the market and the Authority.”
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