EC to grant temporary equivalence to risk-based regimes but US picture is unclear
Ceiops offers equivalence clarification
The European Commission (EC) has drafted transitional measures allowing countries that have risk-based regulatory regimes and that have announced an intention to converge with Solvency II to temporarily qualify for equivalent status for three-to-five years once the directive comes into force in 2013, but it is unclear whether the US will qualify under its terms.
The news is potentially a benefit to the US insurance industry whose equivalence status has been in doubt (see Life & Pension Risk
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