Brazil applies for Solvency II equivalence

brazil-rio

Brazil is seeking Solvency II equivalence for its insurance solvency regime, in a reversal of its initially lukewarm response to the pan-European insurance project.

The country's insurance supervisory authority Susep is applying for a review of its regulatory framework, which will be carried out by the European Insurance and Occupational Pensions Authority (Eiopa).

This is the first step in a process that would enable European firms to apply local solvency rules to their Brazilian subsidiaries.