Erscheinung:18.05.2017 | Topic Measures East-West Assekuranz AG: BaFin revokes authorisation to pursue insurance business
With notice of 16 February 2017, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) revoked the authorisation of East-West Assekuranz AG (Berlin) to pursue insurance business, which had been granted to it by BaFin in 2009.
The undertaking was unable to fulfil the minimum capital requirement (MCR) and submitted a finance scheme to remedy this insufficient coverage, which BaFin judged to be inadequate.
As of May 8th 2017 this administrative act is final and has come into full legal force.