Regulatory Alerts2023-12-01 | Circular 10/2023 (VA)Added · Updated
VAG Circular 10/2023 (VA) — Professional qualifications and good repute of members of administrative or supervisory bodies
The circular establishes notification requirements and document submission standards for members of administrative or supervisory bodies in insurance undertakings, Pensionsfonds, insurance holding companies, and other supervised entities under the German Act on the Supervision of Insurance Undertakings (VAG). Appointments must be reported to BaFin without delay, defined as within two weeks, accompanied by a curriculum vitae, a personal statement on fit and proper requirements, and certificates of good conduct that are no more than three months old. The document specifies that reappointments at the same undertaking are exempt from notification, while changes in mandate or appointments at additional entities require updated documentation. It also outlines obligations regarding professional qualifications, reliability, conflicts of interest, and the governing body's self-assessment procedures.
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