Bermuda’s success as a financial services jurisdiction has been boosted by the Solvency II equivalence for the local insurance market.

The Solvency II directive introduces “a modernised risk-based regulatory regime for insurance and reinsurance undertakings in the European Union”, finance minister Bob Richards told the House of Assembly this morning.

The directive takes effect from January 1.

Mr Richards said: “Meeting an imposed deadline is difficult, but reaching a goal that many thought to be impossible is a feat of determination, endurance and extraordinary discipline. Congratulations to the entire Bermuda team — you have truly performed a great service to Bermuda.”