Featured Product

    DFSA Withdraws License of Gefion Insurance

    June 30, 2020

    EIOPA announced that DFSA has refused to grant Gefion Insurance A/S an extension of three months to the recovery period and has, therefore, withdrawn the company’s license as insurance company. DFSA informed the host national supervisory authorities, via the EIOPA Cross-Border Platform of Collaboration, about the supervisory actions taken toward Gefion Insurance. DFSA assessed that the application of Gefion Insurance did not provide sufficient evidence that the company would be able to meet the solvency capital requirement within the recovery period if an extension was granted. DFSA also published questions and answers that may be useful for policyholders of Gefion.

    DFSA, on March 24, 2020, decided not to approve the recovery plan of Gefion Insurance because the recovery plan did not provide sufficient evidence that the company would be able to fulfill the solvency capital requirement within six months and, hence, be able to adequately protect the interests of the current and future policyholders. As the company did not meet the solvency capital requirement before the end of the recovery period, the company submitted an application for the three-month extension of the recovery period. 

    The Danish insurance company Gefion Insurance A/S was also authorized to do business in the services sector in Germany. Therefore, DFSA informed BaFin that it has withdrawn permission, from the insurance company Gefion Insurance A/S, to conduct business. Due to the country-of-residence principle, financial supervision of this insurer is the responsibility of the Danish insurance supervision, not of BaFin. Gefion Insurace A/S offers insurance through agents in Europe. The company primarily offers insurance to individuals and small and medium-size companies and focuses on specialty lines in the different countries. The agents are responsible for the underwriting and the administration of policies and claims. 


    Related Links

    Keywords: Europe, EU, Germany, Denmark, Insurance, Gefion Insurance, Insurance License, Solvency II, Solvency Capital Requirements, DFSA, BaFin, EIOPA

    Featured Experts
    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    HKMA Announces Launch of Data Repository on Sustainable Finance

    The Hong Kong Monetary Authority (HKMA) announced that the Green and Sustainable Finance (GSF) Cross-Agency Steering Group has launched the information and data repositories and outlined the progress made in advancing the development of green and sustainable finance in Hong Kong.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    NGFS Report on Integration of G-Cubed Model into NGFS Scenarios

    The Network for Greening the Financial System (NGFS) published a report that explores the feasibility of integrating the G-Cubed general equilibrium model into the NGFS suite of models.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8301