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Governance, Risk and Compliance - The German Insurance Industry

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Synopsis

Timetric’s Governance, Risk and Compliance – The German Insurance Industry report is the result of extensive research into the insurance regulatory framework in Germany. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the Scope of non-admitted insurance in the country.

Summary

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 German insurance regulatory framework.

• Key regulations and market practices related to different types of insurance products in the country.

• Rules and regulations pertaining to key classes of compulsory insurance, and the Scope of non-admitted insurance in Germany.

• Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.

• Details of the tax and legal systems in the country.

Scope

• This report covers details of the insurance regulatory framework in Germany.

• The report contains details of rules and regulations governing insurance products and insurance entities.

• The report lists and analyzes key trends and developments pertaining to the German insurance regulatory framework.

• The report analyzes 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 companies.

• The countrys legal system is also covered in the report.

Reasons To Buy

• Gain insights into the insurance regulatory framework in Germany

• Track latest regulatory changes and expected changes impacting the German insurance industry

• Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country

• Understand key regulations and market practices relating to various types of insurance product.

Key Highlights

• 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.

• The government of Germany imposes corporate income tax at 15%, capital gains and dividends are exempt from taxation.

• The placement of non-admitted insurance is not permitted in the German insurance industry with a few exceptions.

1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
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
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 European Insurance and Occupational Pensions Authority (EIOPA)
2.5.3 Federal Financial Supervisory Authority (BaFin)
2.5.4 German Insurance Association (GDV)
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 Types 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 margins
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 Corporate tax
2.8.3 VAT
2.8.4 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’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 – Corporate Tax Rates for the Financial Year 2015


List Of Figures

Figure 1: Germany – The Three Pillars of Solvency II
Figure 2: Germany – Insurance Supervision and Control at Various Levels
Figure 3: Germany – Insurance Regulatory Frameworks for Company Registration and Operation


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Reports Details

Published Date : Jul 2015
No. of Pages :56
Country :Germany
Category :Finance and Banking
Publisher :Timetric
Report Delivery By :Email
Report Delivery Time :12 to 24 hours after placing the order.

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