EIOPA · 3071
Reinsurance, Equivalence
- Regulation
- (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance)
- Article
- 172; 227
- Topic
- Reinsurance, Equivalence
- Submitted
- 2024-04-09
- Answered
- 2025-03-13
Question
Please let me know the Japan's current status of equivalence concerning Article 172. Third-country reinsurers and Article 227 Capital requirements and own funds.
Background
I'm informed that Japan's Temporary Equivalence regarding Reinsurers has expired on 31 December 2020. I'm wondering whether Temporary Equivalence regarding reinsures has been renewed. Also, as of my knowledge, Japan's provisional equivalence regarding capital requirements expires at the end of 2025. Is there any change of status regarding Japan's provisional equivalence?
Answer
EIOPA wants to underline that the mandate for equivalence decision for third countries is with the European Commission. Regarding Japan and following the structure of the received question the situation is the following:The European Commission's decision under Article 172 of Directive 2009/138/EC (Solvency II) regarding the Japanese supervisory system for reinsurers has expired on 31 December 2020; and has not been subject to renewal by the European Commission.The current status of provisional equivalence of the Japanese supervisory system will expire on 31 December 2025 unless the European Commission will consider to take a decision on the renewal of provisional equivalence under Article 227 of Solvency II before end 2025.
This Q&A is published by European Insurance and Occupational Pensions Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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