David Burt, the Premier, marked the tenth anniversary of Bermuda acquiring recognition of regulatory equivalence from the European Union during a speech in Belgium.

Mr Burt, who is also the Minister of Finance, was speaking Government of Bermuda Brussels Office's annual reception, where he acknowledged how Bermuda had acquired equivalence with the EU’s Solvency II insurance regulation standard in 2016 and retained it over the decade since.

Mr Burt said: “This year marks ten years since Bermuda achieved full equivalence under the EU's Solvency II regime. Ten years since the European Commission looked at our regulatory framework, our capital requirements, our governance standards, our supervisory regime, and concluded that it was equivalent to the EU's own.”

During his visits to Brussels and Paris, Mr Burt met with government, regulatory and business leaders from across Europe, including officials from Germany, France, Spain, Switzerland, the National Bank of Belgium, the European Commission, the French Treasury, insurer Axa, international bank HSBC and the Organisation for Economic Co-operation and Development.

Discussions focused on matters affecting Bermuda's international business sector and the global regulatory environment.

While in Europe, the Premier was accompanied by officials from the Ministry of Finance and supported by the Government of Bermuda’s EU Representative, Aliyyah Ahad, and the Brussels Office team.

Mr Burt also attended the Association of Bermuda Insurers and Reinsurers’ Annual International Insurance Regulatory Dialogue, where he participated in a seaside chat with Mark Cloutier, Abir’s chairman.

In his remarks, Mr Burt thanked Abir for its partnership with the Government in promoting Bermuda’s re/insurance industry in Europe and around the world.

He also visited the Belgian Financial Services and Markets Authority’s Wikifin Lab, a financial literacy hub focused on consumer education and financial awareness.

-ENDS-

Photos Include:

Premier David Burt, joined by officials from the Ministry of Finance and the Brussels Office, meets with Jean Beunardeau, chairman of HSBC Continental Europe, and Greg Garnier, CEO of HSBC Bank Bermuda, during discussions in Brussels.

Premier David Burt, joined by officials from the Ministry of Finance and the Brussels Office, meets with Maria José Garde and John Peterson of the OECD Centre for Tax Policy and Administration.

Premier David Burt delivering remarks at the Government of Bermuda Brussels Office's annual reception and Premier Burt during the ABIR 19th Annual International Insurance Regulatory Dialogue pre-conference dinner Seaside Chat with Chair of ABIR, Mark Cloutier.