US omitted from second wave of equivalence assessments

New approach needed for US, says European Commission, as seven countries identified for assessment

South Africa, Australia and Hong Kong are among the countries that will be in the second wave of assessments for third-country equivalence with Solvency II, the European Commission has said.

The US is absent from the list, but the commission said that a "different approach" for determining its equivalence should be sought.

The commission has identified seven countries that could be given transitional equivalence with Solvency II. These are: Australia, Chile, Hong Kong, Israel, Mexico, Singapore