2011年-IMF国际货币组织全球_Germany_Financial_Sector_Assessment_Program_Detailed_Assessment_of_Observance_on_Insurance_Core_Principles_50页_790kb

报告摘要

Germany: Financial Sector Assessment Program—Detailed Assessment of Observance on Insurance Core Principles (July 2011)

Core Content Summary

This document is a Financial Sector Assessment Program (FSAP) Detailed Assessment of Observance on Insurance Core Principles (ICPs) for Germany, prepared by the IMF in July 2011. It provides an overview of the current state of insurance regulation and supervision in Germany, highlighting areas of strength and recommendations for further improvements, particularly in preparation for the implementation of Solvency II in 2013.

Main Findings

1. Overall Observance Level

High level of observance of ICPs is observed.
Authorities are aware of the need for further improvements to meet the demands of a complex financial system.
The assessment is based on legal frameworks, discussions with regulators, market participants, and internal documents.

2. Insurance Supervision Framework

BaFin (Federal Financial Supervisory Authority) is the main insurance supervisor.
BMF (Federal Ministry of Finance) has legal and supervisory control over BaFin.
The Insurance Supervision Act (VAG) is the primary legal basis for supervision, supplemented by other regulations, codes, and circulars.

3. Market Overview

As of end-2010, Germany had 621 insurance companies, including 98 life insurers, 265 nonlife insurers, 152 Pensionskassen, and 36 reinsurers.
The five largest insurance groups account for about half of all premiums.
The life insurance sector has seen a shift toward single premium contracts, influenced by low interest rates.
Despite the global financial crisis, the soundness of the insurance sector has remained generally healthy.

4. Regulatory and Supervisory Standards

Insurance regulation and supervision are of high standard.
Most enhancements suggested in the 2003 assessment have been implemented.
The new regulatory framework aims to anticipate Solvency II requirements, especially in risk-based supervision and group-wide supervision.

5. Areas for Improvement

Enhance supervisory capacity for international insurance groups and Solvency II implementation.
Increase the frequency of on-site inspections, especially for medium-sized insurers (currently every 8 years).
Refine stress testing techniques to better assess group-wide stability.
Improve market conduct supervision by reviewing the division of competences between BaFin and local Chambers of Industry and Commerce.
Strengthen the regulatory framework for insurance intermediaries and consumer protection.

6. Specific Recommendations

Public disclosure of reasons for board member dismissals should be required.
Review the guidance for the control of BaFin by the Federal Ministry of Finance to reduce reporting burdens.
Improve the suitability of persons by extending due diligence to other high-level managers.
Enhance the internal actuarial expertise of BaFin to support the increasing complexity of Solvency II valuation criteria.
Monitor the application of confidentiality rules to ensure effective information sharing among supervisors.
Develop a more comprehensive risk classification tool to include group-wide supervision.
Harmonize the supervisory approach in group capital adequacy by issuing more detailed rules on credit institution participation and valuation criteria.

Key Information and Principles

Insurance Core Principles (ICPs) and Observance Status

ICP	Grading	Comments
1. Conditions for effective insurance supervision	O	Sound and progressive financial sector policy framework and market infrastructure
2. Supervisory objectives	O	Protection of policyholders; consideration of systemic stability
3. Supervisory authority	LO	BaFin is operationally independent; need to reduce reporting burden
4. Supervisory process	O	Moving toward a risk-based approach; further development needed for group supervision
5. Supervisory cooperation and information sharing	O	Regular exchange with other supervisors; need to monitor confidentiality rules
6. Licensing	O	Clear and transparent based on EU directives
7. Suitability of persons	LO	Due diligence on key personnel; extend to other high-level managers
8. Changes in control and portfolio transfers	O	Clear conditions; portfolio transfers must be approved by BaFin
9. Corporate governance	O	Strengthened corporate governance requirements; aligned with Solvency II
10. Internal controls	O	Clear supervisory expectations; enhanced for Solvency II
11. Market analysis	O	Market analysis and stress tests used to identify and mitigate risks
12. Reporting to supervisors	O	Systematic process; recommend explicit obligations for auditors and insurers
13. On-site inspection	O	Prioritized based on risk profile; need to increase frequency for medium-sized insurers
14. Preventive and corrective measures	O	Preventative measures in line with EU directives; flexibility expected under Solvency II
15. Enforcement or sanction	O	Proportionate approach; administrative fines rarely needed
16. Winding-up or exit from the market	O	Orderly exits and policyholder protection in case of insolvency
17. Group-wide supervision	O	Broadly in line with EU directives; further improvements needed for Solvency II
18. Risk assessment and management	O	Risk management requirements in place; anticipation of Solvency II
19. Insurance activity	O	Premium pricing reviewed; insurance risks monitored
20. Liabilities	O	Legal principles and guidelines for liability estimation; audit reports used
21. Investments	O	Proportionate investment risk management; specific limits for primary insurers
22. Derivatives and similar commitments	LO	Regulatory policy aligned with international best practices; less stringent for reinsurance
23. Capital adequacy and solvency	O	Capital adequacy regime is based on risk-based models; further development needed

Authorities' Response

The German authorities acknowledged the findings and expressed a commitment to further improvements.
They are working on enhancing supervisory resources and capacity for the implementation of Solvency II.
The split of competences between BaFin and local Chambers of Industry and Commerce is under review to ensure effective market conduct supervision and consumer protection.

The document emphasizes the importance of continual refinement and alignment with international standards, especially in the context of the upcoming Solvency II framework.

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