LONDON (Reuters) - Bermuda is on course to bring capital rules for insurers into line with theEuropean Union's tough new Solvency II regime, the island's financial regulator said.
"It is clear that we are on the right track," Bermuda Monetary Authority chief executive Jeremy Cox said following a round of talks on Solvency II between the BMA and the European Commission.
"I came away from the meetings with a renewed level of confidence."
Bermuda, home to hundreds of reinsurers attracted by a favourable tax regime, wants the EU to recognise its capital regime as equivalent to Solvency II otherwise it might lose business from European insurers.
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