Solvency II and solidarity is how I can best describe the initiatives and the continuity and administrative process that has brought Bermuda one step forward in enhancing the security and depth of the insurance and reinsurance business.

The preparation for Solvency II was started under the Progressive Labour Party government and Paula Cox, then the finance minister, who was often under great criticism when asked what this meant as she continued to pursue the various agreements between several nations and Bermuda to bring about this important step in the Island’s development.

This process was continued under the One Bermuda Alliance government under the guidance of Bob Richards. In both cases, the continuity and facilitation to bring this to a conclusion was aided by the Bermuda Monetary Authority under the determined administration of Jeremy Cox. We should all praise both parties as well as the BMA and I would recommend that every Bermudian should read the article “Solvency II” written by Darren Way and featured in the business section of The Royal Gazette on Wednesday, December 15, 2015. The article so appropriately describes what Solvency II means and I commend him for so ably spelling out the various aspects of such an important document.

Of note also is the article written by Matthew Carr entitled “Bermuda’s Solvency II Equivalence Advantage” featured in the business section of the Gazette the previous Wednesday.

Again, I commend the PLP, the OBA and the BMA for bringing this process to a conclusion, and we should appreciate that the journey of responsibility has just begun.

• Sir John Swan was the Premier of Bermuda from 1982 to 1995