Regulatory Alerts2016-12-15
Guidelines for Authorising Insurance Joint-Stock Companies Pursuing Property and Casualty Insurance Business
The Federal Financial Supervisory Authority (BaFin) establishes these guidelines to standardise the authorisation of insurance joint-stock companies pursuing property and casualty insurance as primary undertakings in Germany. Applicants must submit comprehensive documentation covering Stock Corporation Act formation, detailed business plans with territorial scope and class-specific risk coverage, and validated capital calculations for both minimum and solvency requirements. The framework additionally mandates fit-and-proper management, defined qualifying holdings and outsourcing arrangements, and streamlined capital thresholds for newly authorised small insurance undertakings.
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