This translation is furnished for information purposes only and may refer to an older version of the text. The original German text is binding in all respects. The notations section of this Circular contains in addition to general comments notations on the requirements as well as examples of applying the regulations in practice. The examples cited are of a non-binding nature and intended as an aid, especially for small undertakings, in establishing and operating a principle-based risk management system.
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Article from the Annual Report of the BaFin. A delegated act of the European Commission contains additional directly applicable stipulations. BaFin had already published many of these requirements in and in order to prepare the undertakings for Solvency II. With the commencement of the new supervisory regime , it revised and updated the published requirements and carried them over into interpretative decisions.
BaFin discussed the first draft of the MaGo with representatives of the industry associations in workshops in July and August It then revised the draft and made it available for public consultation until November The circular is aimed at all undertakings falling within the scope of Solvency II.
In the MaGo , BaFin brings together overarching aspects of governance and gives details of central concepts such as proportionality, administrative, management or supervisory bodies and significant risks.
The circular incorporates the initial feedback from the workshops, the public consultation and supervisory practice under Solvency II. BaFin revised its circular on guarantee assets 4 in since, with the entry into force of the new Insurance Supervision Act , the investment rules have also changed.
The Insurance Supervision Act now distinguishes between Solvency I and Solvency II undertakings and lays down different requirements for the investment of the guarantee assets. Both circulars are expected to come into effect on 1 January and will replace the predecessor circular.
Of the total number, were subject to federal supervision and ten to supervision at state level. The following undertakings do not fall within the scope of the new Solvency II regulations:. The circular provides Solvency I undertakings with instructions on how to maintain the guarantee assets register and contains minor substantive changes compared with the predecessor circular.
It also refers to the amended Insurance Supervision Act as well as to the Investment Regulation for Solvency I undertakings and to the Regulation on the Supervision of Pensionsfonds Pensionsfonds-Aufsichtsverordnung , which have been in force since 22 April In December , BaFin conducted a public consultation exercise on the draft of the guarantee assets circular for Solvency II undertakings.
The draft circular addresses all authorised primary insurers situated in Germany, which are not Pensionskassen or undertakings to which the rules for small insurance undertakings pursuant to sections to of the Insurance Supervision Act apply. It is also directed at all authorised primary insurance undertakings and institutions for occupational retirement provision situated outside the signatory states to the Agreement on the European Economic Area EEA.
The provisions in the draft circular are based on the prudent person principle in accordance with section 1 of the Insurance Supervision Act , according to which Solvency II undertakings must invest their guarantee assets. BaFin has therefore deleted all of the restrictions on the investment of guarantee assets that were based on the Investment Regulation. It helps us to continuously improve the website and to keep it up to date.
Please use our contact form if you have any questions regarding specific issues. For any disclosures about actual or suspected violations of supervisory provisions, please address to our contact point for whistleblowers.
The responsible handling of financial products in manufacturing and distribution is designed to protect clients. What are the requirements that credit institutions have to meet if they wish to apply for authorisation to conduct banking business pursuant to sections 32 and 33 of the German Banking Act Kreditwesengesetz — KWG in conjunction with section 14 of the German Reports Regulation Anzeigenverordnung — AnzV? To answer this question, BaFin has now published a guidance notice , in particular in view of ….
The development and promotion of an appropriate risk culture is a primary task of the management of any company. Translated by the Deutsche Bundesbank.
This translation is not official; the only authentic text is the German one as published in the Federal Law Gazette Bundesgesetzblatt. All documents. Topic Governance , Investments of insurance companies BaFin circulars. Solvency I or II? The following undertakings do not fall within the scope of the new Solvency II regulations: small insurance undertakings pursuant to section of the new Insurance Supervision Act Versicherungsaufsichtsgesetz as amended , funeral expenses funds pursuant to section of the Insurance Supervision Act as amended, institutions for occupational retirement provision Pensionskassen pursuant to section of the Insurance Supervision Act as amended and Pensionsfonds pursuant to section of the Insurance Supervision Act as amended , guarantee funds in accordance with section of the Insurance Supervision Act as amended, public-law insurers of the public service or of the churches, engaged solely in provision of retirement, invalidity or surviving dependants' benefits section 2 of the Insurance Supervision Act as amended , agricultural liability insurers in accordance with section 1 of the Seventh Book of the Social Security Code Sozialgesetzbuch.
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The core requirement is the establishment of an information security management system ISMS in order to protect the operating against cyber-attacks. A revised version of security requirements was last announced in and was set up for public consultation until February The amendments also incorporated the experience acquired by the BaFin and the Deutsche Bundesbank in their day-to-day supervisory activities and in inspections. For example, the BaFin increased the requirements for data aggregation. The new module AT 4.
Article from the Annual Report of the BaFin. A delegated act of the European Commission contains additional directly applicable stipulations. BaFin had already published many of these requirements in and in order to prepare the undertakings for Solvency II. With the commencement of the new supervisory regime , it revised and updated the published requirements and carried them over into interpretative decisions. BaFin discussed the first draft of the MaGo with representatives of the industry associations in workshops in July and August It then revised the draft and made it available for public consultation until November