Regulatory Alerts2024-06-06 | Circular 11/2023 (VA)Circular 11/2023 (VA) on Fit and Proper Requirements for Key Functions
Issued by the German Federal Financial Supervisory Authority (BaFin), this circular mandates fit and proper assessments for individuals responsible for or carrying out key functions in insurance undertakings. It requires undertakings to submit timely notifications of intended appointments, accompanied by specific documentation including curricula vitae and certificates of conduct. The guidance further clarifies notification procedures for both internal managers and outsourced providers, defines applicable entity scopes, and establishes document validity periods.
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