[Record Number]
PUBLIC
EIOPA-22/306
30 March 2022
N/A
POLICY DEPARTMENT
EIOPA equivalence process
Example of Bermuda
1 phase of the process – EIOPA receives a Call for Advice letter from the European Commission
“The European Commission’s Call for Advice of 11th June 2010 asked CEIOPS (EIOPA’s predecessor
organisation) to provide final advice on whether the supervisory regimes of certain third countries
satisfy the general criteria for assessing third country equivalence. In its letter of 29th October 2010
the European Commission indicated that Bermuda should be assessed for equivalence under articles
172, 227 and 260. EIOPA was invited to provide its advice, by the end of September 2011, following
full consultation.” (Extract from EIOPA Advice to the European Commission, see phase 5 below)
2 phase of the process – Based on relevant legal provisions, EIOPA develops and sends a
questionnaire to the third country authority (Bermuda Monetary Authority in this case)
Guidelines on the methodology for equivalence assessments:
https://www.eiopa.europa.eu/sites/default/files/publications/eiopa_guidelines/eq_final_document_
en.pdf
Methodology for the assessment of the Equivalence of third country professional secrecy standards:
https://www.eiopa.europa.eu/document-library/recommendation/methodology-assesment-of-
equivalence-of-third-country-professional_en
Relevant legal provisions -
https://www.eiopa.europa.eu/rulebook/solvency-ii/article-
6935_en?source=search / https://www.eiopa.europa.eu/rulebook/solvency-ii/article-
6934_en?source=search / https://www.eiopa.europa.eu/rulebook/solvency-ii/article-
6933_en?source=search
3 phase of the process – Based on the replies from the third country authority (Bermuda Monetary
Authority in this case), EIOPA drafts a technical report.
EIOPA may also launch a consultation on such draft report.
Public Consultation document (draft report)
1/2
Handling instructions for documents with security markings:
https://www.eiopa.europa.eu/sites/default/files/publications/other_documents/summary_eiopa_information.pdf
EIOPA | Westhafen Tower, Westhafenplatz 1 | 60327 Frankfurt | Germany
Tel: +49 69-951119-20
xxxx@xxxxx.xxxxxx.xx | https://www.eiopa.europa.eu
EIOPA EQUIVALENCE PROCESS
[Record Number]
PUBLIC
https://register.eiopa.europa.eu/Publications/Consultations/20110816-EIOPA-EQUIV-11-021-
Bermuda-Equivalence-draft-report.pdf
4 phase of the process – EIOPA’s technical report, once final, is adopted by its Board of Supervisors
(BoS)
BoS Minutes
https://register.eiopa.europa.eu/Publications/Meetings/Final_Minutes_Meeting_2011-10-20-
21__EIOPA-BoS-11-022_.pdf
5 phase of the process – EIOPA publishes its advice and the resolution of comments to the Public
Consultation
Bermudan Equivalence Advice:
https://www.eiopa.europa.eu/sites/default/files/publications/submissions/eiopa-bos-11-029-
bermuda-equivalence-advice.pdf
Summary of Comments on Bermudan Advice:
https://www.eiopa.europa.eu/sites/default/files/publications/submissions/eiopa-bos-11-032-
template-comments-resolutions-cp-4-bm-equiv.pdf
6 phase of the process – EIOPA’s technical report is sent to the European Commission
Letter to COM:
https://www.eiopa.europa.eu/sites/default/files/publications/submissions/20111026-eiopa-letter-
equivalence-advice-submission.pdf
Final phase of the process (out of EIOPA’s scope) – the European Commission takes a decision
https://www.eiopa.europa.eu/sites/default/files/publications/other_documents/celex_32016d0309
_en_txt_1.pdf
2/2
EIO
PA | Westhafen Tower, Westhafenplatz 1 | 60327 Frankfurt | Germany
Tel: +49 69-951119-20
xxxx@xxxxx.xxxxxx.xx | https://www.eiopa.europa.eu
