Recital 1

(1)In Commission Delegated Decision (EU) 2015/2290 ² and Commission Delegated Decision (EU) 2016/310 ³ , it was determined that the solvency regime in force in Brazil, Japan and Mexico and applicable to insurance and reinsurance undertakings with head offices in those third countries is to be considered provisionally equivalent to the regime laid down in Title I, Chapter VI, of Directive 2009/138/EC. Those provisional equivalences were granted as of 1 January 2016, and for a period of 10 years. Article 227(6), second subparagraph of Directive 2009/138/EC provides for the possibility to renew a provisional equivalence for a further period of 10 years, provided that the criteria laid down in Article 227(5) of that Directive continue to be met and subject to a delegated act of the Commission to that effect. In addition, the European Insurance and Occupational Pensions Authority (‘EIOPA’) is to assist the Commission when taking such a decision.