22 October 2015

Procedures to determine small insurance companies as of 2016

Small insurance companies in terms of § 211 of the German Insurance Supervisory Act in its version of 1 January 2016 (Versicherungsaufsichtsgesetz - VAG 2016) do not fall within the scope of the Solvency II Regulation (Regulation 2009/138/EC). As far as the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) is the responsible supervisory authority for the relevant entity, its qualification as small insurance companies is required.

The determination takes place ex officio, once BaFin is in possession of the necessary information. For these purposes, BaFin has on 19 August 2015 asked all insurance companies which consider themselves as small insurance companies in terms of § 211 VAG 2016 to submit documents and communicate information which can facilitate the determination.

A Guide to Doing Business in China

We explore the key issues being considered by clients looking to unlock investment opportunities in the People’s Republic of China.

Doing Business in China
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