Minimum requirements for the business organization of insurance companies

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The BaFin circular 2/2017 (VA) - Minimum regulatory requirements for the business organization of insurance companies (MaGo) was published on January 25, 2017 after a consultation phase and has been in force since February 1, 2017. The MaGo replaces the MaRisk (VA) circular (3/2009) , which was repealed on December 31, 2015 . The MaGo sets minimum standards for the design of the business organization of insurers. A tightening of the requirements for the business organization of insurers can be seen, among other things, in the area of ​​documentation of processes, order of the written guidelines and the instruction system.


The aim of the circular is to interpret the regulations on business organization in the Insurance Supervision Act (VAG) and in the Delegated Regulation (EU) 2015/35 (DVO). It interprets these regulations in a binding manner for the Federal Financial Supervisory Authority (BaFin) and thereby ensures that they are applied consistently to all companies and groups.

scope of application

The scope of the MaGo relates exclusively to the insurance companies falling under Solvency II .

Structure of the MaGo

The MaGo is divided into a general (1st – 7th) and a special part (8th – 14th). Paragraph 3 deals with the relationship between the circular and the EIOPA guidelines and other BaFin publications. In addition to normative regulations, MaGo names examples in its 14 paragraphs that have resulted from initial experience of Solvency II supervisory practice. In various places in the circular, reference is made to the principle of proportionality, which sets the individual risk profile of the insurer as a benchmark for implementing the requirements for business organization. The risk profile is based on the nature, scope and complexity of the risks associated with the company's activities. In addition, an appropriate risk culture (approx. 155 MaGo) must be implemented. All guidelines are geared towards the strategies - in particular the business strategy and the risk strategy - and are continuously adapted accordingly.

See also

Web links

Individual evidence