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Stand:updated on 10.06.2021 Supervision of groups and financial conglomerates

The supervision of insurance groups and financial conglomerates are important tools of BaFin. With these, BaFin ensures that even highly networked groups operating in different industries and sectors or working multilaterally are adequately supervised. In this way, BaFin safeguards the legitimate interests of policyholders, beneficiaries and customers even in complex corporate structures. Furthermore, BaFin makes an important contribution to maintaining financial market stability in this way.

Group su­per­vi­sion

The current legal framework for insurance supervision under Solvency II governs the supervision of insurance groups. This is the first time group supervision has been covered comprehensively by EU law. In adopting Solvency II, the European legislature has recognised the important role that insurance groups play in the European single market.

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Fi­nan­cial con­glom­er­ates

The supervision of financial conglomerates began when Directive 2002/87/EC of 16 December 2002 was adopted. New developments on the financial markets had allowed financial groups to form that offered their products and services in different financial sectors. A financial conglomerate is a group or subgroup formed of companies that operate both in the banking or investment sector and in the insurance sector. It was deemed necessary to supervise these financial groups at the conglomerate level in addition to solo and group supervision.

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