Richards: Solvency II sets Bermuda apart

Reaching Solvency II equivalence with the European Union is a badge of honour for Bermuda that other offshore jurisdictions are unlikely to achieve.That view was expressed by Bob Richards, the finance minister, during an interview at the Risk and Insurance Management Society conference in San Diego, California, this week.

“It establishes Bermuda as a major world class player in the reinsurance industry. It shows that we have arrived. It’s like a badge of honour,” said Mr Richards during an interview with Am Best TV’s Meg Green [scroll down to watch video].

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“We are confident that no other offshore jurisdiction is ever going to get Solvency II equivalence. We feel that the struggles and efforts that have been made by various people in this government and the Bermuda Monetary Authority and our industry partners — all these efforts have been worth it for us.”

Last month Bermuda secured Solvency II equivalence with the EU recognising that the island’s insurance regulation is at the same level as its own new and enhanced insurance rules.

Another topic that arose during the interview was the global controversy swirling around the leaking of 11.5 million documents from a law firm in Panama, showing offshore financial dealings of, among others, wealthy individuals and politicians.