Politics is about the only hurdle standing in the way of Bermuda achieving Solvency II equivalence, believes Charles Dupplin, CEO of Hiscox Bermuda.Speaking at the Insurance Day Summit held at the Fairmont Hamilton Princess yesterday, Mr Dupplin said that the Bermuda Monetary Authority (BMA) will meet all the technical requirements for equivalence.He was taking part in a panel discussion on Solvency II, moderated by Richard Lightowler, partner in audit - insurance, Bermuda, KPMG, and panellists Margarita von Tautphoeus, head of solvency consulting at Munich Re, and Robert Bisset, CEO of Aon Benfield Bermuda.Having worked with a number of regulators across the world, including the UK’s Financial Standards Authority, Mr Dupplin said that the BMA measured up well compared, particularly due to the continuity of staff that he did business with and the Authority’s willingness to help interpret its own legislation for companies. “I am personally completely convinced that as a technical matter the BMA will get there,” he said. “I think that only the political situation will get in the way of the BMA getting equivalence.”Mr Dupplin said that his own company had spent a lot of money on preparing for Solvency II equivalence by January 1, 2013, but added there was still some uncertainty on the part of regulators signing up to it and their interpretation and enforcement of the new standards.He said that it was impossible for all 27 European Union states to be completely equal, with the likes of Germany and Britain having an advantage with significant re/insurance business already established and regulated there.“I don’t think that we will ever be completely equal and that the policing enforcement will be wholly effective,” he said.Mr Bisset said the biggest concerns among his clients were retrospective regulation in the event that it did not meet its deadline for implementation and any penalties incurred as a result.He said that company which started in the traditional markets such as Lloyd’s of London were better placed to meet Solvency II standards but there was still a lot of interest in the BMA’s progression towards equivalence.“From a Bermuda perspective, I do think that the market is perfectly positioned to help the companies out there that are going to be effected by Solvency II because it is quite a creative market and brings solutions to the market place and from a discipline standpoint risk management is embedded in the culture here,” he said. “So there can only be a positive outlook going forward.”