As an insurance undertaking, report the appointment of a member of the administrative or supervisory board
Source: Serviceportal Rheinland-PfalzAs an insurance company under federal supervision by the Federal Financial Supervisory Authority (BaFin), you must notify BaFin of certain circumstances. Among other things, if you have appointed a member to the supervisory or administrative board.
The members of the supervisory or administrative board must adequately monitor the management of your company.
- control,
- monitor and
- actively support the development of the company.
To do this, they must always be able to understand the business conducted by the company, assess its risks and, if necessary, implement changes to the management. This requires theoretical and practical knowledge of insurance transactions.
BaFin assesses the qualifications of the person on the basis of the documents submitted. It checks whether the person is reliable and professionally suitable. This requires professional qualifications, knowledge and experience that ensure sound and prudent supervision of the company.
The documents submitted must not be older than 3 months at the time of notification.