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.
Related Links (in German)
Keywords: Europe, Germany, Insurance, Regulatory Requirements, Information Technology, Circular 10/2018, Insurance Supervision Act, BaFin
Previous Article
HKMA Issues Forms for Making Disclosures Under Parts 2A and 8 of BDRRelated Articles
HM Treasury Publishes Policy Statement Amending Benchmarks Regulation
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
PRA Consults on Implementation of Certain Provisions of CRD5 and CRR2
PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).
US Agencies Finalize Rule to Reduce Impact of Large Bank Failures
US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).
US Agencies Finalize Rule on Net Stable Funding Ratio Requirements
US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.
FSB Sets Out Effective Practices for Cyber Incident Recovery
FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.
ECB Publishes Eleventh Issue of the Macroprudential Bulletin
ECB published eleventh issue of the Macroprudential Bulletin, which provides insight into the ongoing work of ECB in the field of macro-prudential policy.
HM Treasury Seeks Views on Review of Solvency II Regime for Insurers
HM Treasury issued a call for evidence seeking views to reform the prudential regulatory regime—also known as Solvency II—of the insurance sector in UK.
ESRB Responds to EC Consultation on Review of Solvency II
ESRB responded to the EC consultation on review of Solvency II regime.
HM Treasury Consults on Phase II of Future Regulatory Framework Review
HM Treasury launched a consultation on Phase II of the Future Regulatory Framework Review, with the comment period ending on January 19, 2021.
EC Publishes Work Program for 2021
EC adopted the work program for 2021.
