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Germany: Solvency II Federal Ministry of Finance passed regulation to annul various regulations for insurance companies according to the Insurance Supervisory Act

25/01/2016

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Related topics: Solvency IIInsurance

According to this Regulation, various regulations have been annulled as from 1 January 2016 (Article 1). Moreover, various regulations will be annulled at a later point in time (1 April 2016 (Article 2) or 1 July 2016 (Article 3)). For example, as from 1 January 2016, regulations regarding capital resources ("Kapitalausstattungsverordnung"), actuaries ("Aktuarverordnung"), overplus ("Überschussverordnung") and calculation ordinance ("Kalkulationsverordnung") etc., just to name a few, are annulled.


Moreover, the Regulations also concerns the rule against granting special privileges ("Begünstigungsverbot") which applies to the German insurance sector (insurance companies and insurance intermediaries) and which has been under discussion in Germany for the last few years. According to Article 5 of the Regulation, the regulations regarding the rule against granting special privileges ("Verordnung über das Verbot von Sondervergütungen und Begünstigungsverträgen") will be annulled as from 1 July 2017. However, at present, it is still undetermined what will happen to this rule after 1 July 2017.

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