US will not apply for formal SII equivalence: FIO

The US insurance market will not apply to the EU for formal
Solvency II equivalence, according to Federal Insurance Office
(FIO) director Michael McRaith.
Speaking before the Congressional House Financial Services
Subcommittee on Housing and Insurance, McRaith argued that the
prominence and longevity of the US market exempted the country from
the need to duplicate the system.
Pointing to the US's 26.88 percent global share of insurance
premiums and its greater importance as a market for the EU r