EU faces Solvency II equivalency balancing act for third countries

Legal Focus edited by Liz Boothliz@lizbooth.co.uk

FOR certain insurance jurisdictions, the road to third-country equivalence under Solvency II became considerably smoother on July 21, when the Committee of European Insurance and Occu­pational Pensions Supervisors (Ceiops) released draft advice on the list of non-European Union (EU) (third) countries that will be subject to an “equivalence assessment” starting in November 2010, reports Guy Soussan, a partner at Steptoe & Johnson LLP in Brussels.