Regulatory Alerts2021-01-13 | General Administrative Act of the Federal Financial Supervisory Authority to regulate the conduct and run-off of cross-border activities of insurance undertakingsGeneral Administrative Act Regulating UK and Gibraltar Insurance Cross-Border Activities
BaFin issued this General Administrative Act to establish a post-Brexit supervisory framework for UK and Gibraltar insurance undertakings and occupational retirement provision institutions operating in Germany. The regulation exempts these entities from new German authorization requirements while mandating the prompt termination and complete run-off of existing cross-border contracts in accordance with civil law. Affected institutions must submit detailed contingency plans, financial data, and policyholder statistics by February 2021 and annually thereafter, with IORPs additionally prohibited from accepting new pension commitments.
Share