On-site inspections
Article from the Annual Report 2016 of the BaFin
On-site inspections are planned using a risk-based approach. As well as the results of the risk classification, one of the factors that BaFin takes into account is whether an insurer or Pensionsfonds was subject to an on-site inspection in the recent past. Ad hoc on-site inspections are also conducted. In the year under review, the Insurance Supervision Directorate conducted a total of 105 on-site inspections compared with 72 in 2015. The increase in the number of on-site inspections compared with the previous year reflected both the growth in internal model reviews and a higher number of regular inspections.1
Table 17 Breakdown of on-site inspections by risk class in 2016
Breakdown of on-site inspections by risk class in 2016
* Four on-site inspections were also conducted at unclassified undertakings, bringing the total to 105 inspections.
Source: BaFin
Footnotes:
- 1 Since 2016, on-site inspections are counted pursuant to a new method and in accordance with the reporting requirements set out in Delegated Regulation 2015/2451 ("Level II").
