Insurers push for new way to recognise equivalence of Canada

Regime recognition mechanism proposal should be agreed in Omnibus II, says Standard Life's Porteous

Canadian flag

Insurers are urging European policy-makers to change the rules on third-country equivalence to enable countries that do not want to undergo a formal assessment to be recognised as Solvency II equivalent.

A new mechanism known as ‘regime recognition' is understood to be part of the trilogue negotiations between the European Parliament, European Commission (EC) and the Council of the European Union on Omnibus II.

While the negotiations have stalled as policy-makers disagree over the issue of long

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