The advantages of being deemed Solvency II equivalent are principally that an insurer can elect to have its home, group regulator as the Bermuda Monetary Authority, which allows Bermuda (re)insurers and groups to conduct business in the EU without additional regulatory requirements and, more importantly, on an even playing field with existing EU insurance companies.
In early 2020, Bermuda was recognised by the Caribbean Financial Action Task Force for its exceptional work to establish an effective framework to combat money laundering and the financing of terrorism and proliferation. In February 2020 the Government of Bermuda confirmed that Economic and Financial Affairs Council (ECOFIN) had graded Bermuda as a 'cooperative jurisdiction' with respect to good tax governance; in turn, Bermuda was upgraded to the 'white list'.