Stand:updated on 01.01.2016 | Topic Reporting obligations Legal Entity Identifier (LEI-Code)
The LEI code is a 20-character, alpha-numeric reference code which is currently being established as an international standard for identifying enterprises in the financial markets. Insurance undertakings are to use the LEI code for regular reporting to BaFin.
BaFin expects all German insurance undertakings within the scope of the European supervisory regime of Solvency II to apply for a Legal Entity Identifier code (LEI-Code) and to communicate it to BaFin in an informal manner. All other insurance undertakings, as well as institutions for occupational retirement provision, should also apply for an LEI code and communicate it to BaFin by 30 June 2016.
The LEI code was already used for quantitative reporting under Solvency II during the preparatory phase. In 2016, the code will become mandatory for quantitative Solvency II reporting based on a Regulation on Reporting and Notification to be adopted in accordance with section 39 (1) of the revised Insurance Supervision Act (Versicherungsaufsichtsgesetz – VAG) (see BaFin Journal April 2015). As a result, the LEI code will be integrated in the automated validation processes.
Non-insurance companies that are part of an insurance group should also use the LEI code. Otherwise, the group would have to provide a specific code for each of these companies. In such cases, the provisions of the Technical Annex II (Template p. 32.01, cell B1 "identification code") of the EIOPA guidelines on submission of information to the competent national authorities apply.
BaFin recommends all these undertakings to comply with the international standard as soon as possible. BaFin's registration numbers will also continue to be applicable.
More detailed information can be found in the BaFinJournal August 2014 and on the website of the Legal Entity Identifier Regulatory Oversight Committees (LEIROC), which also shows a list of the national issuers where enterprises can apply for their LEI code.