Featured Product

    BaFin Consults on Business Organization Requirements of Small Insurers

    November 11, 2019

    BaFin launched consultation (17/2019) on a circular that provides guidance on minimum regulatory requirements for the "business organization of small insurance companies,” in accordance with Section 211 of the Insurance Supervision Act. This circular is based on the approach that the directors of a company have the overall responsibility for proper and effective governance of the company. The scope of this circular covers all primary insurance companies supervised by BaFin that fulfill the conditions set out in Section 211 of the Insurance Supervision Act. The closing date for the comment period on this consultation is December 08, 2019.

    The key topics covered in the draft circular include proportionality, responsibility of management, significant risks, general business organization requirements, risk management, internal control framework, and spin-offs. The draft circular highlights that the principle of proportionality plays a significant role in the implementation of business organization requirements. On January 25, 2017, Circular 2/2017 on “Regulatory Minimum Requirements for the Business Organization of Insurance Companies” was published. The scope of Circular 2/2017 covered all companies to which the Solvency II Directive applies but it did not apply to the small insurance companies. However, the planned new circular will address the "business organization requirements" for these small insurance companies. 

     

    Related Links (in German)

    Comment Due Date: December 08, 2019

    Keywords: Europe, Germany, Insurance, Insurance Supervision Act, Proportionality, Governance, Operational Risk, Small Insurance Companies, BaFin

    Related Articles
    News

    EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio

    EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.

    November 19, 2020 WebPage Regulatory News
    News

    ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs

    In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.

    November 19, 2020 WebPage Regulatory News
    News

    IASB Begins First Phase of Post-Implementation Review of IFRS 9

    IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Report Examines Progress in Resolvability of Systemic Institutions

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.

    November 18, 2020 WebPage Regulatory News
    News

    EBA Benchmarks National Insolvency Frameworks Across EU

    EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Reports Assess Impact of Pandemic on Financial Stability

    FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.

    November 17, 2020 WebPage Regulatory News
    News

    RBNZ Consults on Implementation of Capital Review Changes

    RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.

    November 17, 2020 WebPage Regulatory News
    News

    IASB Announces Andreas Barckow as the New Chair from July 2021

    The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.

    November 17, 2020 WebPage Regulatory News
    News

    HKMA Consults on Capital Rules for Bank Equity Investments in Funds

    HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.

    November 17, 2020 WebPage Regulatory News
    News

    ESRB Supports Extension of Macro-Prudential Measure by Swedish FSA

    ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).

    November 17, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6153