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DFSA has refused to grant Gefion Insurance A/S an extension of three months to the recovery period and has, therefore, withdrawn the company’s license as insurance company.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 Therefore, DFSA informed BaFin that it has withdrawn permission, from the insurance company Gefion Insurance A/S, to conduct business.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.
Keywords: Europe, EU, Germany, Denmark, Insurance, Gefion Insurance, Insurance License, Solvency II, Solvency Capital Requirements, DFSA, BaFin, EIOPA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.
The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.
The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.
The European Banking Authority (EBA) updated the implementing technical standards that specify the data collection for the 2023 supervisory benchmarking exercise in relation to the internal approaches used in market risk, credit risk, and IFRS 9 accounting.
The European Insurance and Occupational Pensions Authority (EIOPA) published a feedback statement on the responses received to the consultation on blockchain and smart contracts in insurance.