Stand:updated on 01.01.2016 | Topic Solvency Applications for approval of undertaking-specific or group-specific parameters
Insurance undertakings that wish to apply for approval to use undertaking-specific or group-specific parameters will find the application forms and questionnaires here along with information about the legal requirements.
Application
Since 1 April 2015, undertakings have been able to submit applications to BaFin for approval of undertaking-specific and/or group-specific parameters. BaFin recommends that undertakings wishing to make such an application contact it beforehand to communicate the status of preparations and agree on a timetable.
Application form and questionnaire
The application form for approval to use undertaking-specific parameters and/or group-specific parameters contains a list of the documentation that must be enclosed with each approval application in accordance with the implementing technical standards for the approval procedure for the use of undertaking-specific parameters. The BaFin form should be completed and enclosed with each approval application. This speeds up the application completeness check.
A questionnaire (undertaking-specific or group-specific) should also be completed when making the application. This questionnaire lists a series of questions that BaFin will ask when reviewing the application. Answering the questions listed here when you make the application speeds up the review of the content of the application considerably. The documentation submitted must give BaFin sufficient information to decide whether the prerequisites for an approval have been met. It is not sufficient for the undertaking merely to submit a confirmation that the prerequisites for an approval have been met, and this will result in follow-up requests from BaFin. Undertakings/groups that wish to apply for undertaking/group-specific parameters are therefore strongly recommended to submit a completed questionnaire.
Processing of applications
After receiving the application, BaFin will send the applicant a confirmation of receipt. If the application is complete, BaFin confirms its completeness within 30 days following receipt of the application. If the supervisory authority determines that the application is incomplete, it informs the insurance or reinsurance undertaking without delay that the approval period has not yet started and provides a detailed explanation of why the application is considered to be incomplete.
A processing period of six months can be assumed for the application. The period starts from the date that complete documentation has been submitted. BaFin usually does part of the USP/GSP application check on-site.
If the application is not approved, the undertaking is informed of the reasons. The undertaking is notified of the approval or rejection in writing. The application procedure is subject to a fee.
When assessing the applications, BaFin applies the regulations under the Solvency II Directive (Directive 2009/138/EC, in particular Art. 104 (7) and if applicable Art. 110) and the Delegated Regulation (in particular Art. 218, Art. 219, Art. 220, Art. 338), the implementing technical standards and the EIOPA-Directives.