Insurance and reinsurance—Germany—Q&A guide

The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:

  • Insurance and reinsurance—Germany—Q&A guide
  • 1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.
  • 2. What are the requirements for formation and licensing of new insurance and reinsurance companies?
  • 3. What licences, authorisations or qualifications are required for insurance and reinsurance companies to conduct business?
  • 4. What are the minimum qualification requirements for officers and directors of insurance and reinsurance companies?
  • 5. What are the capital and surplus requirements for insurance and reinsurance companies?
  • 6. What are the requirements with respect to reserves maintained by insurance and reinsurance companies?
  • 7. What are the regulatory requirements with respect to insurance products offered for sale? Are some products regulated by multiple agencies?
  • 8. What are the frequency, types and scope of financial, market conduct or other periodic examinations of insurance and reinsurance companies?
  • 9. What are the rules on the kinds and amounts of investments that insurance and reinsurance companies may make?
  • More...

Insurance and reinsurance—Germany—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to insurance and reinsurance in Germany published as part of the Lexology Getting the Deal Through series by Law Business Research (published: June 2020).

Authors: Clyde & Co LLP—Dr Henning Schaloske; Dr Tanja Schramm; Dr. Daniel Kassing, LL.M.

1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.

All private and public insurance undertakings that carry on private (re)insurance business within the scope of the Insurance Contract Act and have their registered office in Germany are subject to supervision by the Federal Financial Supervisory Authority (BaFin) or the supervisory authorities of the federal states. Insurance undertakings that have their registered office in another EU member state or in a state party to the Agreement on the European Economic Area and conduct business in Germany on a cross-border basis are primarily subject to supervision in their home country. However, BaFin does consult foreign supervisory authorities if it identifies a breach of general German legal principles. BaFin is an independent public law institution that was established in 2002 and is subject to legal and technical oversight by the Federal Ministry of Finance.

Insurance supervision in Germany is mainly governed by the Insurance Supervisory Act. This has recently been revised, and it transposed the EU Solvency II Directive into domestic law as of 1 January 2016. According

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