In accordance with its habit to upload links to EIOPA publications relating to the aligned policy of European supervisors in light of the current coronavirus crisis, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) on 2 April 2020 published a note in which it referred to EIOPA’s statement of the
BaFin publishes FAQ on current supervisory measures for German insurers and pension funds in light of COVID-19
On 18 March 2020 and 21 March 2020 the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) published notes in which it referred to and appropriated EIOPA publications on Actions to mitigate the impact of Coronavirus/COVID-19 on the EU insurance sector (dated 17 March 2020) and Recommendations on supervisory flexibility regarding
German regulator publishes governance guidelines for small insurers
Before the impact of Coronavirus/COVID-19 materialized and lead to a shut down of much of the public life in Germany, on 6 March 2020, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) published its Circular 01/2020 (VA) on Minimum Requirements under Supervisory Law on the System of Governance of small
German regulator publishes English version of guidance regarding outsourcing by insurers to cloud services
The German regulator BaFin has published an English version of its guidelines published in November 2018, Link.
The guidance specifies the contractual provisions which BaFin expects to be included in agreements between German regulated insurers, reinsurers and credit institutions and cloud service providers.
German regulator updates its guidance on the EU-US Covered Agreement
The German regulator BaFin has updated its guidance on the conduct of reinsurance business by US insurers in Germany under the provisions of the 2017 EU-US Covered Agreement (“Bilateral Agreement between the European Union and the United States of America on prudential measures regarding insurance and reinsurance”). An English language version has also been published,
German government plans to introduce a cap on insurance commissions
The amount of insurance commissions paid to insurance intermediaries for the placement of life insurance contracts has been a thorn in the side of consumer protection groups and the German insurance regulator BaFin for years. Another area which came increasingly in the focus of the regulator’s attention are payment protection policies and the related remuneration
German government makes preparations to pave the way for a transitional regime for the run-off of the German business of UK insurers and reinsurers in the case of a hard Brexit
Update of 25 February 2019: The German draft act laying the ground for a limited transitional regime for UK financial services firms including insurers and reinsurers following a hard Brexit has passed the German parliament (Bundestag) on 21 February 2019 without any amendments regarding the transitional regime for UK insurers and reinsurers. The
IDD transposition in Germany almost complete through guidance provided by new German regulation
Insurers and other insurance distributors faced significant challenges while implementing the requirements of the German law transposing the Insurance Distribution Directive (IDD). Even though the IDD was transposed into German law as of 23 February 2018, several details were not yet available due to outstanding regulations. The new German regulation, i.e. the German Insurance Distribution
BaFin says that insurers need to be prepared for substantial burdens in their implementation of the new German law transposing IDD
Insurers and other insurance distributors will face significant challenges while implementing the requirements of the German law transposing IDD. Impacts on distribution models, training requirements and increased duties and obligations in distribution will need to be considered. In addition, there are a number of compliance issues, such as conflicts of interest, cross-selling and considerations regarding
German law transposing Insurance Distribution Directive (IDD) passed (in revised version) – final guidance on training requirements remains outstanding
The legislation transposing the IDD into German law has been passed (as resolved by the German Parliament on 28 June 2017 and by the Federal Council of Germany on 7 July 2017). One of many changes will be that the transposed IDD will be applicable to all insurance distributors (Versicherungsvertreiber), including insurers.
In addition to