Reuters Events: The Future of Insurance Europe 2021: Official Launch Announcement
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The Future of Insurance Europe 2021: Official Launch | The Kingston Whig Standard
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By Luigi Serenelli2021-05-04T14:43:00+01:00
The EU Commission’s decision on the changes to the Solvency II Directive has to find the right balance between different aspects of the review, according to panellists at an annual event organized by the German Association of Actuaries (DAV) that took place last week.
“We need to look at a balanced outcome at an individual country level because the insurance business is still very national and still has very national components,” said Claudia Donzelmann, global head of regulatory and public affairs at Allianz.
Donzelmann noted that since its implementation in 2016 the Solvency II framework has proven to work well, including in times of crisis during the pandemic.
By Luigi Serenelli2021-04-21T14:13:00+01:00
The German financial supervisory authority, BaFin, has stressed the need to comply with the strict solvency rules for Pensionskassen and Pensionsfonds in the new circular 5/2021(VA).
The regulator has thus amended the circular 4/2005 (VA) on solvency rules for insurance companies following the implementation of the EU Directive 2016/2341 on the activities and supervision of institutions for occupational retirement provision (IORP II Directive) into German law.
The new circular addresses Pensionskasssen, Pensionsfonds, Sterbekassen and insurance companies.
According to BaFin, which offers a binding interpretation of the solvency rules in the Insurance Supervision Act (VAG), creditors of subordinated loans are already liable before the insolvency of a Pensionskasse or a Pensionsfond, if the regulator approves the decision for occupational pension institutions to cut benefits or orders it according to Section 314 paragraph 2 VAG.