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Governance, Risk and Compliance - The German Insurance Industry

Governance, Risk and Compliance - The German Insurance Industry


Governance, Risk and Compliance - The German Insurance Industry, is a comprehensive source of analysis of the insurance regulatory framework for life, property, motor, liability, personal accident and health, marine, aviation and transit insurance in Germany. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report provides insurers with access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Germany, including -

  • An overview of the insurance regulatory framework in Germany.
  • The latest key changes, and changes expected in the country’s insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Germany.
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.
    • Some of the Key Takeaway’s of the report are -
      • Bafin is the insurance regulator supervising and regulating federally regulated insurance and reinsurance companies. In addition, each state has its own insurance regulator.
      • Composite insurance is not permitted in Germany.
      • The government of Germany permits 100% FDI in the insurance industry of the country.
      • Solvency II was implemented across the EU effective from January 1, 2016.
      • The placement of non-admitted insurance is not permitted in the German insurance industry with a few exceptions.
        • Scope
          • The report covers details of the insurance regulatory framework in Germany.
          • The report contains details of the rules and regulations governing insurance products and insurance entities.
          • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
          • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
          • The report provides details of taxation imposed on insurance products and insurance companies.
          Reasons to buy
          • Gain insights into the insurance regulatory framework in Germany.
          • Track the latest regulatory changes, and expected changes impacting the German insurance industry.
          • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
          • Understand key regulations and market practices pertaining to various types of insurance product.

    1.1 What is this Report About?
    1.2 Definitions
    2.1 Legislation Overview and Historical Evolution
    2.2 Latest Changes in Regulation
    2.3 Legislation and Market Practice by Type of Insurance
    2.3.1 Life insurance
    2.3.2 Property insurance
    2.3.3 Motor insurance
    2.3.4 Liability insurance
    2.3.5 Marine, aviation and transit insurance
    2.3.6 Personal accident and health insurance
    2.4 Compulsory Insurance
    2.4.1 Motor third-party liability insurance
    2.4.2 Workmen’s compensation insurance
    2.4.3 Air carriers and aircraft operators insurance
    2.4.4 Professional indemnity insurance for alternative investment fund managers
    2.4.5 Professional indemnity insurance for insurance intermediaries
    2.4.6 Product liability insurance for pharmaceutical manufacturers
    2.4.7 Clinical trial liability insurance
    2.4.8 Operating liability for plants posing a hazard to the environment
    2.4.9 Liability for ships with respect to oil pollution
    2.4.10 Liability insurance against the transport of hazardous and noxious substances by sea
    2.5 Supervision and Control
    2.5.1 International Association of Insurance Supervisors
    2.5.2 European Insurance and Occupational Pensions Authority
    2.5.3 Federation of European Risk Management Associations
    2.5.4 Federal Financial Supervisory Authority
    2.5.5 German Insurance Association
    2.6 Non-Admitted Insurance Regulations
    2.6.1 Overview
    2.6.2 Intermediaries
    2.6.3 Market practices
    2.6.4 Fines and Penalties
    2.7 Company Registration and Operations
    2.7.1 Type of insurance organization
    2.7.2 Establishing a local company
    2.7.3 Foreign ownership
    2.7.4 Types of license
    2.7.5 Capital requirements
    2.7.6 Solvency margin
    2.7.7 Reserve requirements
    2.7.8 Investment regulations
    2.7.9 Statutory return requirements
    2.7.10 Fee structure
    2.8 Taxation
    2.8.1 Insurance premium or policy taxation
    2.8.2 Withholding taxes on premium paid overseas
    2.8.3 Corporate tax
    2.8.4 VAT
    2.8.5 Captives
    2.9 Legal System
    2.9.1 Introduction
    2.9.2 Access to court
    2.9.3 Alternative dispute resolution
    3.1 Methodology
    3.2 Contact GlobalData
    3.3 About GlobalData
    3.4 GlobalData’s Services
    3.5 Disclaimer
    List of Tables
    Table 1: Insurance Industry Definitions
    Table 2: Germany- Insurance Regulatory Framework Key Features
    Table 3: Germany- Life Insurance Regulatory Framework
    Table 4: Germany- Property Insurance Regulatory Framework
    Table 5: Germany- Motor Insurance Regulatory Framework
    Table 6: Germany- Liability Insurance Regulatory Framework
    Table 7:Germany - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
    Table 8: Germany- Insurance Premium Tax (IPT)
    Table 9: Germany- Corporate Tax Rates for the Financial Year 2018
    List of Figures
    Figure 1: Germany- Insurance Supervision and Control at Various Levels
    Figure 2: Germany- Insurance Regulatory Frameworks for Company Registration and Operation

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