Regulatory Alerts2021-08-18
Guidance on Authorising German Insurance Joint-Stock Companies for Life Insurance Business
The Federal Financial Supervisory Authority (BaFin) issues this guidance to outline the statutory conditions and procedural steps required for authorising German insurance joint-stock companies as primary life insurers. Applicants must submit written applications to BaFin in Bonn, accompanied by notarised formation documents, a detailed business plan covering organisational structure and territory, and proof of sufficient own funds meeting the €3.7 million absolute floor alongside a dedicated organisation fund. The notice further mandates that management and key personnel satisfy fit-and-proper requirements, while projected financial statements and solvency calculations for the initial years must demonstrate the undertaking's capacity to cover technical provisions and operational expenses.