BaFin Publishes Consultation Paper for Insurance Companies’ Implementation of Solvency II Requirements for Internal Controls

Summary: BaFin published a consultation paper on 9 July 2014 in preparation for the implementation of the Solvency II requirements for internal controls within insurance companies, including the compliance function and internal audit. Insurance companies may comment on the paper until 8 August 2014. Insurance entities regulated by BaFin must establish a conforming compliance function and internal audit by 1 January 2016 at the latest.