Risk-based supervision the ‘focus’ of equivalence criteria, says EC
Third-couuntry equivalence assessments should focus on whether regimes are risk-based
The European Commission (EC) has told the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops) that Solvency II equivalence assessments for third countries should focus on whether the regulatory regime in question is risk-based.
In a letter to Gabriel Bernadino, chairman of Ceiops, Jorgen Holmquist, director-general of the Internal Market and Services directorate, wrote: “Solvency II adopts an economic risk-based approach to insurance regulation, and the equivalence
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