Brazil applies for Solvency II equivalence
Regulator to introduce Orsa requirement and toughen governance rules in 2015
Brazil is seeking Solvency II equivalence for its insurance solvency regime, in a reversal of its initially lukewarm response to the pan-European insurance project.
The country's insurance supervisory authority Susep is applying for a review of its regulatory framework, which will be carried out by the European Insurance and Occupational Pensions Authority (Eiopa).
This is the first step in a process that would enable European firms to apply local solvency rules to their Brazilian subsidiaries.
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