Germany: Financial Sector Assessment Program Technical Note—Insurance Regulation And Supervision

International Monetary Fund

No 2022/264, IMF Staff Country Reports from International Monetary Fund

Abstract: The Financial Sector Assessment Program (FSAP) conducted a focused review of insurance regulation and supervision in Germany. This technical note (TN) provides an update on the insurance sector and highlights risks and vulnerabilities. It analyzes four key aspects of regulatory and supervisory oversight: supervisory powers, independence, and resources; the solvency framework; supervision; and changes of control and resolution.2 The Federal Financial Supervisory Authority (BaFin) is the federal German insurance supervisor. BaFin is subject to oversight by the Federal Ministry of Finance (MoF), which is accountable to the Federal Parliament. The analysis focuses on supervision within the scope of BaFin’s mandate. The TN comments on progress in respect of the implementation of recommendations made by the previous FSAP and offers further recommendations to strengthen the regulatory and supervisory regime.

Pages: 46
Date: 2022-08-03
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