Supervisory Standard on Licensing

Licensing plays an important role in ensuring efficiency and stability in the insurance market. Strict conditions governing the formal approval of insurance companies are necessary to protect insurance users ...

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Year of publication:	1998-10-01
Institutions:	International Association of Insurance Supervisors
Subject:	Versicherungswirtschaft \| Aufsicht \| Lizenz \| license

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I. Background
II. Definitions
III. General licensing principles
The term licence in this paper - scope of application
Types of company which must be licensed
Domestic insurers
Subsidiaries of foreign companies
Types of business which must be licensed
Insurance business
Distinction between insurance and social security
Insurance business which may not be licensed
Scope of licence
IV. Licensing requirements
Legal form and head office of the company
Objective of the company
Specialisation
Minimum capital
Business plan
Suitability of directors and/or senior management
Suitability of owners (Control of shareholders)
Affiliation contracts and outsourcing
Product control
Articles of incorporation
Actuaries and auditors
V. Licensing procedure
Application
Examination procedure
Licence and registration in the register of commerce
Licensing body and supervisor
Duration of the licensing procedure
Cooperation
VI. Withdrawal of licence
ANNEX Extract from Insurance Supervisory Principles

Persistent link: https://www.econbiz.de/10005847912