The European Insurance
and Occupational Pensions Authority (EIOPA) has published its
latest announcement on measures for Solvency II equivalence for
non-EU countries.
The announcement, in
Solvency II – Equivalence Transitionals – comes after the European
Commission has developed a transitional regime for Solvency
II
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equivalence for third
countries which either have a risk based regime similar to Solvency
II, or are willing and committed to move towards such a
risk-based regime over a predefined period
The European Commission
has requested that EIOPA carry out an analysis whether persons
working for, or on behalf of, the supervisory authorities
are
bound by obligations of
professional secrecy. Professional secrecy equivalence is a
prerequisite to inclusion in a transitional regime.
Several countries have
expressed an interest in being covered by the transitional
provisions. These include Australia, Chile, Hong Kong, Israel,
Mexico, Singapore and South Africa.
