On 26 October 2011, the European Insurance and Occupational Pensions Authority (EIOPA) submitted its final advice to the European Commisson (EC) on its assessment of the Solvency II equivalence of the supervisory systems of Bermuda, Japan and Switzerland.
Each of the countries met the criteria for equivalence, but with certain caveats. For example, EIOPA identified that in Japan and Bermuda insurers are permitted to carry out incidental non-insurance business, which is inconsistent with the principles embedded in Solvency II, and that in Switzerland disclosure requirements are not as onerous as under Solvency II.
The advice represents EIOPA's opinion about the equivalence of each country's supervisory system and is not binding on the EC. The full advice in relation to each country can be found here.