BaFin opens early-check procedure for lighter Solvency II rules
BaFin's insurance supervisor Ludger Hanenberg says the Solvency II review needed only adjustments. A new preliminary procedure lets insurers learn early whether they can use new proportionality measures, which are simplified rules for smaller insurers. So far BaFin has received twelve notifications from small non-complex insurers and 13 applications from other insurers.
What does it mean?
Smaller insurers may be able to follow simpler rules from January 2027, and they can ask BaFin in advance which of the easier rules apply to them. Companies that file through BaFin's portal will automatically get the official decision once the new rules take effect.
Who is affected?
Smaller and non-complex insurance companies, insurers near the new size thresholds, and insurance groups.
What changes?
Insurers below the raised thresholds will fall under the lighter Solvency I rules from January 2027 instead of Solvency II.