Germany Insurance Industry – Governance, Risk and Compliance

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Germany Insurance Industry Regulation Overview

The insurance industry in Germany is regulated by the Federal Financial Supervisory Authority. The other bodies that oversee the market are the International Association of Insurance Supervisors (IAIS), the European Insurance and Occupational Pensions Authority (EIOPA), and the Federation of European Risk Management Associations (FERMA) among others.

The Germany Insurance Industry Governance Regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.

Key Regulators ·        Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin)

·        International Association of Insurance Supervisors (IAIS)

·        European Insurance and Occupational Pensions Authority (EIOPA)

·        Federation of European Risk Management Associations (FERMA)

Compulsory Insurances ·        Professional Indemnity Insurance

·        Marine Liability Insurance

·        Social Security Insurance

·        Aviation Liability Insurance

Key Taxes ·        Tax on Insurance Premium

·        Corporate Income Tax

·        Corporate Capital Gains Tax

·        Value Added Tax

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Germany Insurance Industry – Key Regulators and Legislation

Federal Financial Supervisory Authority: The BaFin is the federal regulator responsible for the supervision and regulation of banking, financial services, insurance, and reinsurance. The Insurance Supervision Act 2015 specifies the duties and powers of the Authority which include monitoring all business operations of the insurance companies and safeguarding the interest of the policyholders among others.

International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.

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Germany Insurance Industry - Compulsory Insurance

Some of the key compulsory insurance required within the Germany insurance industry are:

  • Professional Indemnity Insurance
  • Marine Liability Insurance
  • Social Security Insurance
  • Aviation liability insurance

Germany Insurance Industry Analysis by Compulsory Insurances

Germany Insurance Industry Analysis by Compulsory Insurances

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Germany Insurance Industry - Company Registration and Operation

Insurers are required to obtain a license to operate in the country. Section 9 of the Insurance Supervision Act 2015 and the Insurance Contract Act 2008 stipulate the guidelines for establishing an insurance business in the country. All insurance companies intending to operate in Germany must obtain authorization from the BaFin and submit a business plan defining the purpose and establishment of the company. In addition, the Supervisory Authority issues licenses to insurance mediators according to the provisions specified in the Insurance Mediation Directive.

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Germany Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Germany. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.

Corporate Income Tax: A company is considered to be a resident if its registered office or principal place of management is in Germany. The resident company is taxed on its worldwide income, while a non-resident company is subject to taxation on income derived from Germany. Corporate income tax applies to the assessable profits of corporations at a rate of 15%.

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This report provides:

  • Details of the insurance regulatory framework in Germany.
  • Details of the rules and regulations governing insurance products and insurance entities.
  • Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
  • Analysis of the rules and regulations on the establishment and operation of insurance businesses in the country.
  • Details of the taxation imposed on insurance products and insurance companies.

Key Highlights

  • Bafin is the insurance regulator supervising and regulating federally regulated insurance and reinsurance companies. In addition, each state has its own insurance regulator.
  • Composite insurance is not permitted in Germany.
  • The government of Germany permits 100% FDI in the insurance industry of the country.
  • Solvency II was implemented across the EU effective from January 1, 2016.
  • The placement of non-admitted insurance is not permitted in the German insurance industry with a few exceptions.

Reasons to Buy

  • Insights into the insurance regulatory framework in Germany.
  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • Track the latest regulatory changes and expected changes impacting the Germany insurance industry.
  • Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
  • Understand key regulations and market practices on various types of insurance products.

Table of Contents


Legislation Overview

Supervision and Control


Compulsory Insurance

Non-Admitted Insurance Regulations

Company Registration and Operation


Foreign Direct Investment / Ownership

Minimum Capital Requirements

Solvency Margins

Reserve Requirements

Statutory Return Requirements

Fee Structure


Tax on Insurance Premium

Corporate Income Tax

Corporate Capital Gains Tax

Value Added Tax

Legal System

Policy Practice

About GlobalData

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Germany – Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft

Germany – Corporate Tax Rates for the Financial Year 2023


List of Tables

Germany – Corporate Tax Rates for the Financial Year 2021

Frequently asked questions

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