Regulatory Alerts2015-06-16
Added · Updated
Solvency II: Equivalence of non-EU countries (third countries)
The document outlines the role of third-country equivalence in supervising groups with activities outside the EEA, specifically regarding reinsurers, group supervision, and insurance entities. A positive equivalence decision allows institutions to use local balance sheet and capital requirements for non-EEA activities, whereas the absence of such a decision mandates the use of Solvency II rules. The European Commission may take binding equivalence decisions assisted by EIOPA, while insurers can alternatively apply for a decision with their group supervisor in consultation with EIOPA and other Member States.