EU Meetings & French Insurance Federation Conference

The Minister of Finance met with officials in the UK and Paris, prior to participating in the French Insurance Federation International Conference as a key note speaker. The Minister met in the UK with Lord Ahmad, Minister of State for the Foreign and Commonwealth Office, for a bilateral meeting on matters of mutual interest to Bermuda and the UK. The Minister then met in Paris with EU officials, including Pascal Saint Amans, Director of the Centre for Tax Policy and Administration (OEDC),  to discuss PIllars 1 and 2 of the Base Erosion & Profit Shifting initative (BEPS) and its impact on Bermuda (especially in respect to (re)insurance). BEPS is in response to the digitalization of the global economy and the tax complications digiitalization has caused; Messrs Pierre Michel and Stephane Cosse, Directors of the Covea Group, which is a French mutual insurance group and  leader of the French property and casualty insurance market; Mr. Bernard Delas, Vice Chair of the Autorite De Controle Prudentiel (ACPR); and Mrs. Florence Lustman, President of the French Insurance Federation (FFA).  These meetings focused on the current state of Bermuda's (re)insurance markets, our close links with France; Bermuda's commitment to maintaining full equivalence status under Solvency II, and Bermuda's successful efforts to comply with the EU and OECD economic substance standards.  The Minister's key note address at the French Insurance Federation Conference focused on Bermuda - a Global (re)insurance centre, and our approach to regulation and compliance with international standards.