Corinna Baltzer (DE)

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BaFin circular on group insurance contracts

Group insurance contracts are widely used in the German market for a variety of insurance classes, such as payment protection insurance, guarantee insurance and travel insurance. They are concluded by one policyholder to provide insurance cover for a number of beneficiaries that either automatically join the contract (e.g., because they are employees of a certain … Continue Reading

BaFin puts distribution policies regarding dividends and bonuses of German insurers and pension funds in the context of COVID-19 under scrutiny

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 same date … Continue Reading

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 the deadline … Continue Reading

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 Insurance Undertakings (Circular). … Continue Reading

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 … Continue Reading

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 required approval … Continue Reading