The Minister of Finance travelled to Brussels, Belgium, to participate in the Association of Bermuda Insurance & Reinsurance (ABIR) International Regulatory Dialogue Conference (September 6th, 2019). The Minister welcomed influential insurance supervisors, European policymakers, and insurance industry leaders to the event. Conference discussions focused on key risks facing the insurance industry, european supervision in a changing environment, state of play at the US Federal Insurance Office, tax challenges of the digitalisation of the economy and the work of the OECD, Cyber Risk and Insurance, and other key matters. The Minister also attended a series of meetings with various EU key stakeholders, and lent support to the Bermuda Monetary Authority's 50th Anniversary celebrations in Brussels.
In regards to the EU stakeholder meetings, the Minister met with Mr. Olivier Guersent (Director General for Financial Stability, Services and Capital Markets), Mr. Stephen Quest (Director General for Taxation and Customs), Mr. Lucio Pench (Director General for Economic and Financial Affairs) and Mr. David O'Sullivan (Former Ambassador of the European Union to USA/Former Secretary-General of the European Commission) on matters relevant to Bermuda's equivalence/transitional period under the Statutory Audit Directive; Bermuda's current status in relation to the EU list of non-cooperative tax jurisdictions; Equivalence under Solvency II, Investment funds; Fintech; Bermuda's Economic Substance Regime, and key aspects of EU policies in the economic and monetary arena as they may impact Bermuda.