As reported in the June edition of the Insurance Regulatory Update, the European Commission issued a decision confirming that the solvency regimes in force in Australia, Bermuda (with the exception of rules on captives), Brazil, Canada, Mexico and the United States are deemed provisionally equivalent to the Solvency II Regime for a period of ten years from 1 January 2016. After a period of scrutiny by the European Parliament, the decision was approved and was published in the Official Journal of the European Union on 9 December 2015. It entered into force twenty days thereafter, on 29 December 2015, in advance of the Solvency II Regime going live on 1 January 2016.

A link to the decision is here.