How Important is SII Equivalence for Third Country Reinsurers
The issue of equivalence continues to be a hot topic as the Solvency II regime is rolled out. Certain jurisdictions have worked to secure equivalent status, making changes to their own regulatory regimes in the process. Some have been granted equivalence on a provisional or temporary basis, and discussions between the US and EU representatives continue with respect to reciprocal recognition of each other’s regime. Meanwhile in the UK, the Brexit vote means that the UK will likely seek equivalent status on leaving the EU.