Solvency II equivalence a good step for Bermuda
Jeremy Cox, the CEO of the Bermuda Monetary Authority (BMA) said Solvency II equivalence will open Bermuda up to international business.
Cox asserted at the Bermuda Captives Conference that the regulators’ intent on meeting regulation deadlines was not matched by other domiciles such as Guernsey or the Caymans, leaving Bermuda in a front-running position.
“We have some mischief makers out there — some competitor jurisdictions — that wish people to believe that Bermuda is following a path that will destroy its captive sector. The reasons are obvious why one would do that but we’re certainly not planning on doing that.”