COVID-19 update included
The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic


Summary

Germany has two supervisors: Federal Financial Supervisory Authority (Bundesanstalt f?r Finanzdienstleistungsaufsicht - BaFin) at the federal level and respective supervisory authorities of the federal states at the state level. BaFin supervises all domestic reinsurance companies, pension funds, and public insurance companies engaged in open competition operating across the borders of any Federal state, and private insurance companies, which are of material economic and financial significance. The Supervisory authority of the Federal States supervises public insurers whose activities are restricted to a particular state and those private insurance companies, which are of lesser economic and financial significance.

BaFin is responsible for the supervision and regulation of banking, financial services, and insurance and reinsurance. BaFin supervises the insurance industry in the country through its specific insurance department, known as the Insurance Undertakings and Pension Funds Department. It regulates the insurance industry according to rules and regulations specified in the Insurance Supervision Act 2015 and the Insurance Contracts Act 2008. BaFin was established to govern and supervise various segments of the financial sector, such as banking, insurance, debt securities, asset management companies and investment funds. The main responsibility of the insurance division is to protect the rights and interests of policyholders and generate confidence in the financial market. It is also responsible for the general administration of legislations governing the finance industry.

Key Findings -

  • Bafin is the insurance regulator supervising and regulating federally regulated insurance and reinsurance companies. In addition, each state has its own insurance regulator
  • Composite insurance is not permitted in Germany
  • The government of Germany permits 100% FDI in the insurance industry of the country
  • Solvency II was implemented across the EU effective from January 1, 2016
  • The placement of non-admitted insurance is not permitted in the German insurance industry with a few exceptions



The report “Governance, Risk and Compliance - German Insurance Industry” is the result of extensive research into the insurance regulatory framework in Germany. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report “Governance, Risk and Compliance - German Insurance Industry” provides -

  • An overview of the insurance regulatory framework in Germany
  • The latest key changes, and changes expected in the country’s insurance regulatory framework
  • Key regulations and market practices related to different types of insurance product in the country
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Germany
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
  • Details of the tax and legal systems in the country




Scope

  • The report covers details of the insurance regulatory framework in Germany.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.




Reasons To Buy

  • Gain insights into the insurance regulatory framework in Germany.
  • Track the latest regulatory changes, and expected changes impacting German insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.