On 26 November 2015, the European Commission adopted and published Delegated Decisions regarding the equivalence of Bermuda and Japan.  Except for captives and special purpose insurers, the Commission considers the Bermudan regimes regarding (a) reinsurance, (b) insurance activities and (c) prudential supervision of groups, fully equivalent for Solvency II purposes.  In relation to Japan, temporary equivalence has been granted for reinsurance activities (until the end of 2020) and provisional equivalence in respect insurance activities (for ten years from 1 January 2016).  The decisions apply from 1 January 2016.