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The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has published a consultation paper outlining amendments to the circular relating to the investment of guarantee assets of insurance companies (Kapitalanlagerundschreiben – the “Circular”). The Circular shall specify the German investment ordinance (Anlageverordnung – the “Investment Ordinance”) which has been effective since 22 April 2016 and applies to smaller insurance companies (annually premium income of less than 5 million Euro) pension and death funds. One…
The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has published an interpretation circular – which explains the requirements for capital market models for the valuation of technical provisions under Solvency II Directive.  The German implementation of the Directive’s provisions can found in s. 74 et seq. Insurance Supervision Act (Versicherungsaufsichtsgesetz – VAG). The interpretation circular amalgamates the provisions of Art. 22 (3) Commission Delegated Regulation (EU) 2015/35 regarding the appropriateness of assumptions on…