On 9 March, Gabirel Bernardino, Chairman of EIOPA, gave a speech to the Committee on Economic and Monetary Affairs at the European Parliament. The speech set out EIOPA's position on third country equivalence under Solvency II and stated that there are three different types of equivalence decisions that can be made.
Mr Bernardino discussed EIOPA's assessment process and the equivalence assessments that have already been carried out. EIOPA has carried out three full equivalence assessments on the regimes in Switzerland, Bermuda and Japan. Twelve `gap-analysis' assessments were conducted in preparation for the transitional regimes in the Omnibus II Directive. EIOPA will be conducting a further 11 assessments in relation to professional secrecy and the exchange of confidential information with third country supervisors. On an ongoing basis EIOPA will monitor the practical implementation and supervisory approach in third countries as well as any regulatory developments.
A link to the text of the speech published by EIOPA is here.