An IT firm is to hold a special conference to highlight the need for Bermuda’s international business sector to deal with new rules on solvency in the EU.

Consulting firm Fifth Step said that EU Solvency II regulations, which come into force next year, would affect how Bermuda businesses operate.

The firm’s CEO Darren Wray added: “There are significant issues relating to Solvency II non-compliance for all Bermuda-based companies that want to, or are already, writing business in Europe, especially if they want to establish and EU presence via opening an office of making an acquisition.

“These consequences extend to reputational damage, regulatory fines, increases in capital requirements, revoking of operating licences and, of course, the inability to expand client footprint in the region.”

The free lunchtime meeting will be held on Tuesday, April 21 at the Bermuda Insurance Institute in Hamilton’s Church Street, starting at noon.

Interested members of the insurance and reinsurance industry can register to attend at http://www.bii.bm/CourseStatus.awp?&course=152SEM0421.