Recital 5

(5)On the basis of the assistance of EIOPA and in the light of the solvency requirements applicable in Brazil, Japan and Mexico, it is clear that the criteria laid down in Article 227(5) of Directive 2009/138/EC continue to be met by the solvency regimes in force in Brazil, Japan and Mexico applicable to undertakings with their head office in those third countries. It is therefore appropriate to renew the determination, laid down in Delegated Decision (EU) 2015/2290 and Delegated Decision (EU) 2016/310, that those solvency regimes are provisionally equivalent to that laid down in Title I, Chapter VI of Directive 2009/138/EC. The Commission may, however, undertake a specific review at any time where relevant developments make it necessary to re-assess the equivalence determined by this Decision, including international developments. Such regular or specific reviews could lead to the amendment or repeal of this Decision. The Commission should therefore continue to monitor, with the assistance of EIOPA, the evolution of the solvency regimes in force in Brazil, Japan and Mexico and the fulfilment of the conditions on the basis of which this Decision has been adopted.