Trilogue parties lock horns on Solvency II third-country equivalence
Commission seeks flexibility to unilaterally recognise US, but resists making temporary regime open-ended
The European Parliament and the European Commission (EC) continue to disagree over how to grant Solvency II equivalent status to third countries that fail to engage in a formal equivalence process.
Legislators are under pressure from international insurers to review the rules after the US and Canada said they were not minded to seek Solvency II recognition of their regulatory regimes.
An overhaul of equivalence is high on the agenda of the Omnibus II trilogue discussions this week, but as
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