Client Alert

| July 27, 2010

Solvency II: First Wave of Equivalence Assessments

The European Union's Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has recommended to the European Commission that Bermuda, Switzerland and Japan be the first countries assessed for equivalence with EU insurance regulations under Solvency II. Solvency II is scheduled to become effective on December 31, 2012. The most noteworthy omission from the recommended first wave of countries to be assessed is the United States.

For more information, please contact your Dewey & LeBoeuf relationship partner, or one of the following:

John S. Pruitt

+1 212 259 8574

Nicholas Bugler

+44 20 7459 5015

Yannis Samothrakis

+32 2 227 0919

This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent. For further information on Dewey & LeBoeuf, please visit www.dl.com. +1 888 532 6383