BaFin Publishes Circular on Insurance Regulatory Requirements for IT
BaFin published circular 10/2018 on insurance regulatory requirements for information technology (IT). The circular provides a flexible and practical framework for the management of IT resources, information risk management, and information security management.
The circular contains information on the interpretation of the regulations on business organizations under the Insurance Supervision Act (VAG), as they relate to the technical and organizational equipment of companies. It applies to all insurance companies and pension funds subject to BaFin supervision. It does not apply to insurance special purpose vehicles within the meaning of §168 VAG as well as the security funds within the meaning of §223 VAG.
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Keywords: Europe, Germany, Insurance, Regulatory Requirements, Information Technology, Circular 10/2018, Insurance Supervision Act, BaFin
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