Bermuda could be assessed for Solvency II equivalence within the next year after being named as one of two countries being considered in the latest Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) proposals.

The Island is listed along with Switzerland in consultation paper 81 as one of the countries set to be included in the first wave of assessments.

The Bermuda Monetary Authority's (BMA) CEO Jeremy Cox said the BMA was pleased that Bermuda had been put forward for inclusion in the first round of third country assessments and looked forward to the outcome of CEIOPS's latest consultation.

"We view this as a positive development and it places further importance on our ongoing preparations for the Solvency II assessment," he said.

"We have made significant progress to date on implementing enhancements to our regulatory framework for insurance with the goal of achieving regulatory equivalence in mind.

"We will continue our programme of regulatory change, maintaining dialogue with the market and relevant authorities overseas, in order to put Bermuda in the best position to gain equivalence under Solvency II and other similar international initiatives."

Next in order of significance according to CEIOPS were the likes of Japan, Barbados, Turkey and Hong Kong, but none of these countries make up a final list.

The paper says that, based on a survey of 30 European insurance groups, Europe has subsidiaries operating in 50 jurisdictions across the world that will not be implementing Solvency II.

The European Commission wrote to CEIOPS last month outlining a timetable for equivalence assessments, asking the committee to produce fully consulted final advice on the third countries by the end of next month. Stakeholders have until August 13 to respond.