Preparing for Solvency II: BaFin Requests Comments on General Governance Requirements

Summary: In its Circular dated April 16, 2014, BaFin is requesting comments in preparation for the so-called governance requirements imposed on insurers by Solvency II. BaFin also intends to issue more detailed Circulars once the present Circular is finalized. The April 16 Circular contains statements regarding corporate organization and procedure, the internal evaluation of governance systems, emergency planning and the four “key functions” to be established and maintained by each insurer.