Aufsichtsrechtliche Anforderungen an Schlüsselfunktionsträger in Versicherungsunternehmen (Fit and Proper Requirements in Solvency II and German Insurance Supervision)

Düsseldorfer Vorträge zum Versicherungsrecht, 2012

53 Pages Posted: 23 Nov 2012

Date Written: November 23, 2012

Abstract

Article 42 of the Solvency-II-Directive requires all persons who effectively run the insurance company or have other key functions to be fit and proper. The Solvency II-Directive extends the supervision with regard to the persons concerned and also with regard to the qualifications required. The legal framework is still in a state of motion, though. Due to the hold-up of the Omnibus-II-Directive, which is meant to make necessary amendments to the Solvency-II-Directive, it is still uncertain when the transposition period for the member states will end, when the Directive will come into force and what the Commission’s delegated acts for the necessary specifications of the Solvency-II-Doctrine will look like.

The article examines which persons will be subject to the supervisory regime, what requirements they will face and how these requirements will be enforced by the supervisory authorities. Since the legal framework is still in flux, the paper discusses the Solvency-II-Directive as well as the possible specifications brought about by the delegated acts and the leeway for the transposition into German law. Special attention is given to publications of the European insurance supervisory authorities and to the draft of the German transposition law, the 10th amendment to the German insurance supervision act.

The article identifies several provisions of the Solvency-II-Directive and of the draft of the German transposition law that lack the necessary clarity. Inter alia, it comes to the conclusion that members of the supervisory board are subject to the requirements of Article 42 of the Solvency-II-Directive, that the Commission may define further functions as key functions within the meaning of the Solvency-II-Directive by way of a delegated act and that the draft of the German transposition law deviates from the requirements of the Solvency-II-Directive in numerous ways.

Note: Downloadable document is in German.

Keywords: fit and proper, insurance, insurance supervision, Solvency II, German insurance supervision

JEL Classification: K29

Suggested Citation

Pohlmann, Petra, Aufsichtsrechtliche Anforderungen an Schlüsselfunktionsträger in Versicherungsunternehmen (Fit and Proper Requirements in Solvency II and German Insurance Supervision) (November 23, 2012). Düsseldorfer Vorträge zum Versicherungsrecht, 2012, Available at SSRN: https://ssrn.com/abstract=2180065

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