Insurance supervision

from Wikipedia, the free encyclopedia

The state supervision of insurance companies is called insurance supervision . It is part of the financial market supervision .

In some states there are special authorities for this task , which are often also responsible for overseeing the pension funds . In other countries there is an all-round financial supervisory authority, which is responsible for all areas of the financial market , which also includes insurance and reinsurance .

Germany

Jurisdiction

In Germany , insurance supervision is entrusted to the financial supervisory authority, the Federal Financial Supervisory Authority (BaFin), or the state supervisory authorities . The Federal Insurance Supervisory Office (BAV) used to be responsible at the federal level.

BaFin and state supervisory authorities monitor insurance companies on the basis of the Insurance Supervision Act (VAG), § 1a BAFinBefugV i. V. m. Sections 320 to 325 VAG.

Insurance companies also require the approval of BaFin to start and maintain their business activities. Primary insurance companies (including pension and death funds ), reinsurance companies, holding companies, and security and pension funds are subject to supervision . This does not apply to insurers that only operate in a single federal state . These are subject to the supervision of the competent state supervisory authority.

tasks

The supervision includes in particular the monitoring of the coverage of the guarantee assets and the solvency in order to guarantee the permanent fulfillment of the concluded contracts (provision of benefits in the event of an insured event). To this end, BaFin ensures, among other things, that insurance companies have sufficient financial resources and assess risks appropriately. In addition, BaFin generally monitors compliance with all laws that apply to the operation of insurance business. It also (exclusively) exercises legal supervision over branches or service providers from the EEA.

Liechtenstein

In Liechtenstein , the FMA Financial Market Authority Liechtenstein is the competent authority for insurance supervision.

Austria

In Austria , the Financial Market Authority (FMA) is also responsible for insurance supervision.

The first Austrian insurance supervisory authority was founded in 1880. At that time, under Emperor Franz Joseph, the “ Assecuranz-Bureau ” was set up in the Ministry of the Interior due to the steadily increasing distrust of the booming insurance industry among the population and politicians

The tasks were defined in the founding acts as follows:

“The state supervision of insurance companies has to extend in general to the exact observation of the legal and statutory provisions, as well as to those circumstances, by which the ability to fulfill the future obligations of the institution at any time is required. The state supervisory authority must therefore, in particular, monitor the correct calculation of the premium reserve, the correct investment of capital, as well as the correct, complete and as clear as possible presentation of all financial and financial relationships in the financial statements and accountability reports. "

An example of the dangers of inadequate insurance supervision is the Phoenix scandal of 1936, the collapse of the Phoenix insurance, the damage of which amounted to around 5 percent of the national income of the time.

Switzerland

Since January 1, 2009, the Swiss Financial Market Supervisory Authority (FINMA) has been responsible for the supervision of private insurance companies in Switzerland , insofar as they are subject to the Insurance Supervision Act. Before that, the Federal Office for Private Insurance (FOPI) had the role of insurance supervision.

The supervision of the health insurers, which are subject to the Health Insurance Supervision Act, is regulated separately. The responsible supervisory authority here is the Federal Office of Public Health .

There are also separate supervisory authorities for insurers in the context of occupational pension schemes in accordance with the Federal Law on Occupational Pension Plans (BVG). The cantons are responsible, whereby the BVG supervision is usually combined with the foundation supervision in one authority and in some cases is organized across cantons.

Finally, the cantonal insurers under public law, namely the building insurance companies, are not subject to any federal supervision. This applies both to their core public law activity and to other insurance companies, even if they are provided in competition with private insurers.

European Union

In the EU , EIOPA is responsible. This was preceded by the Committee of European Insurance and Pensions Supervisors (CEIOPS) and the Insurance Committee (Insurance Committee).

European insurance supervision law has been comprehensively reformed by the Solvency II regulations, which have been binding since 2016 .

Individual evidence

  1. ↑ Questions and answers on financial market supervision (in bundesfinanzministerium.de)
  2. ↑ Insurance Supervision Act
  3. ↑ Health Insurance Supervision Act
  4. ↑ Federal law on occupational old-age, survivors' and disability benefits
  5. ↑ E.g. the Eastern Switzerland BVG and foundation supervision, which provides the BVG supervision for the cantons AI, AR, GL, GR, SG, TG and TI, the classic foundation supervision for the cantons SG, TG and TI, cf. Website
  6. ↑ No cantonal building insurance is subject to the supervision of FINMA
  7. ↑ Directive 91/675 / EEC (PDF)

See also

Web links