December 21, 2020
Financial Services Agency
Joint Statement on Japan’s Temporary Equivalence regarding Reinsurance and Enhanced Cooperation between Japan and EU in the Insurance Sector
The Financial Services Agency (FSA), jointly with the European Commission and European Insurance and Occupational Pensions Authority (EIOPA), published on December 21, 2020 a joint statement on Japan’s temporary equivalence regarding reinsurance and enhanced cooperation on insurance supervision. The key elements of the statement are as follows:
- The European Commission and EIOPA welcome the regulatory and supervisory developments in Japan, particularly the Advisory council on the economic value-based solvency framework - final report, published by the FSA.
- Japan’s temporary equivalence with respect to reinsurance granted by the European Commission is scheduled to expire on December 31, 2020. The expiration is due to the different timelines for the termination of status of temporary equivalence under the Solvency II Directive and the future implementation of Japan’s economic value-based solvency regime, respectively. It does not relate to an assessment of the quality of the supervision in Japan.
- Regulatory cooperation between the EU and Japan for the insurance sector remains strong. The authorities on both sides will further enhance supervisory cooperation.
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