General Information & Client Services
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
September 01, 2017

BaFin published the September edition of its BaFin Journal, which contains expert articles, interviews, and reports on key national and international supervisory issues as well as official announcements by the Directorate of Insurance Supervision. The key expert articles this month covered topics such as the scope of application of insurance-based investment products, robo-advice, extended field testing of insurance capital standard (ICS), and internal models for Solvency II.

Insurance-based investment products and the scope of application on the German market. With the second Markets in Financial Instruments Directive (MiFID II), the Insurance Distribution Directive (IDD), and the regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs), European legislators have introduced a new technical term to insurance law—that is, the insurance-based investment product or IBIP. This introduction takes account of the fact that life insurance contracts not only serve to cover biometric risks but frequently also contain an investment component, associated with risks and opportunities, which is intended to offer a value to policyholders in the events of both death and survival.


Robo-advice, an automated investment advice in supervisory practice. The automated distribution of financial instruments and similar digital services—also known as robo-advicegenerally meet the definition of investment advice. This article is intended to help providers assess whether they meet the definition of investment advice. The article follows this standard procedure based on the three typical steps of "exploration," "recommendation," and "content of the recommendation"; it also explains the definition of investment advice using practical examples.


International insurance groups: Publication of extended field testing of global capital standard. IAIS has been conducting field testing exercises once a year since 2015 to test various parameters of the planned capital standard.  IAIS published the first version of the standard to be tested in extended field testing (insurance capital standard or ICS Version 1.0 for extended field testing). It hopes that this will provide helpful information and suggestions for the further development of ICS Version 2.0. The standard is to be finalized by the end of 2019 and is expected to be implemented internationally from 2020 onward.


Frank Grund’s views on internal models. One of the most substantial new developments under Solvency II is that undertakings can decide whether they determine their solvency capital requirements using the standard formula orwith BaFin's approval—the internal models. This article highlights the views of Frank Grund, Chief Executive Director at BaFin; he explains the advantages of internal models, the challenges associated with them, and his expectations regarding internal models.

 

Related Links

BaFin Journal (PDF in German)

Expert Articles

Keywords: Europe, Germany, Insurance, Solvency II, Internal Models, ICS, Investment Advice, Expert Articles, MiFID II, IBIP, BaFin

Related Insights
News

US Agencies Propose Rule on Appraisals for Real Estate Transactions

US Agencies (FDIC, FED, and OCC) proposed a rule to increase the threshold level at or below which appraisals would not be required for the residential real estate transactions from USD 250,000 to USD 400,000. Comments will be accepted for 60 days from publication in the Federal Register.

December 07, 2018 WebPage Regulatory News
News

EBA Single Rulebook Q&A: First Update for December 2018

This week one answer was published as part of the Single Rulebook Questions and Answers (Q&A).

December 07, 2018 WebPage Regulatory News
News

FED Updates Reporting Form and Instructions for FR Y-14Q

FED published the updated reporting form FR Y-14Q for Capital Assessment and Stress Testing, along with the associated instructions.

December 06, 2018 WebPage Regulatory News
News

PRA Finalizes Policy on Minor Amendments to Regulatory Reporting

PRA published the policy statement PS30/18, which contains the final policy following a consultation (CP16/18) on certain amendments to regulatory reporting.

December 05, 2018 WebPage Regulatory News
News

GM of BIS Examines Regulatory Implications of Big Tech in Finance

Agustín Carstens, the General Manager (GM) of BIS, during the keynote address at the FT Banking Summit in London, spoke about new challenges and policy implications of big tech in finance.

December 05, 2018 WebPage Regulatory News
News

European Council Endorses Package on CRD 5, CRR 2, BRRD 2, and SRMR 2

European Council endorsed the agreement achieved between the presidency and the Parliament on the key measures of a comprehensive legislative package aimed at reducing risks in the banking sector in EU.

December 04, 2018 WebPage Regulatory News
News

BCBS Report Examines Cyber Resilience Practices Across Jurisdictions

BCBS published a report that identifies, describes, and compares the range of observed bank, regulatory, and supervisory cyber-resilience practices across jurisdictions.

December 04, 2018 WebPage Regulatory News
News

ACPR Publishes Version 2.8.1 of the CRD IV Taxonomy

ACPR notified that version 2.8.1 of the Capital Requirements Directive (CRD) IV Data Point Model taxonomy and version 2.1.0 of the Anti-Money Laundering and Terrorist Financing (LCB-FT) taxonomy have been made available.

December 04, 2018 WebPage Regulatory News
News

EIOPA Publishes Q&A on Regulations and Guidelines

EIOPA published new sets of questions and answers (Q&A) on guidelines, implementing regulations, and delegated regulations applicable to insurers in Europe.

December 03, 2018 WebPage Regulatory News
News

ESMA Registers A.M. Best (EU) Rating Services as Credit Rating Agency

ESMA, the direct supervisor of credit rating agencies (CRAs) in EU, has registered A.M. Best (EU) Rating Services B.V. as a CRA under the CRA Regulation, with effect from December 03, 2018.

December 03, 2018 WebPage Regulatory News
RESULTS 1 - 10 OF 2310