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DFSA has refused to grant Gefion Insurance A/S an extension of three months to the recovery period and has, therefore, withdrawn the company’s license as insurance company.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 Therefore, DFSA informed BaFin that it has withdrawn permission, from the insurance company Gefion Insurance A/S, to conduct business.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

    ECB Finds Banks Unprepared for Pillar 3 Climate Risk Disclosures

    The European Central Bank (ECB) published results of the 2022 supervisory assessment of climate-related and environmental risk disclosures among significant institutions (103) and a selected number of less significant institutions (28).

    April 21, 2023 WebPage Regulatory News
    News

    NCUA Assesses Credit Union Exposure to Climate-Related Physical Risks

    The National Credit Union Administration (NCUA) released a Research Note that examines the exposure of credit unions to climate-related physical risks. In a related development

    April 21, 2023 WebPage Regulatory News
    News

    EBA Issues Multiple Regulatory and Reporting Updates for Banks

    The European Banking Authority (EBA) is seeking comments, until July 31, 2023, on the draft Guidelines on the proposed common approach to the resubmission of historical data under the EBA reporting framework.

    April 21, 2023 WebPage Regulatory News
    News

    EC Adopts Regulation on Own Funds, Issues Other Updates

    The European Commission adopted Delegated Regulations on own funds and eligible liabilities, on requirements for the internal methodology under the internal default risk model

    April 20, 2023 WebPage Regulatory News
    News

    CDP Platform to Report Plastic-Related Impact, Issues Other Updates

    The Carbon Disclosure Project (CDP) announced that its global environmental disclosure platform has enabled reporting on plastic-related impact for nearly 7,000 companies worldwide

    April 19, 2023 WebPage Regulatory News
    News

    IASB to Enhance Reporting of Climate Risks, Proposes IFRS 9 Amendments

    The International Accounting Standards Board (IASB) updated its work plan to enhance the reporting of climate-related risks in the financial statements,

    April 19, 2023 WebPage Regulatory News
    News

    BIS Addresses Data Gaps and Macro-Prudential Policy for Climate Risks

    The Financial Stability Institute (FSI) of the Bank for International Settlements (BIS) published a brief paper that examines challenges associated with the use of macro-prudential policies to address climate-related financial risks.

    April 17, 2023 WebPage Regulatory News
    News

    FCA Sets Out Business Plan, Launches TechSprint on Greenwashing

    The Financial Conduct Authority (FCA) published its business plan for 2023-24. The plan sets out details of the work planned for the next 12 months to achieve better outcomes for consumers and markets

    April 17, 2023 WebPage Regulatory News
    News

    UK Committee Sets Out Recommendations for Next Phase of Open Banking

    The Joint Regulatory Oversight Committee (JROC), comprising the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) as co-chairs and the HM Treasury and the Competition and Markets Authority (CMA) as members

    April 17, 2023 WebPage Regulatory News
    News

    ECB Publishes Multiple Regulatory Updates for Banking Institutions

    The European Central Bank (ECB) published the results of the 2022 climate risk stress test of the Eurosystem balance sheet,

    April 17, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8868