Corporate governance of insurers in Germany. German National Report : World Congress of the International Insurance Law Association (AIDA) 2018

  • Corporate governance is the set of rules, be they legal or self-regulatory, practices and processes pursuant to which an insurance undertaking is administrated. Good corporate governance is not only key to establishing oneself and succeeding in a competitive environment but also to safeguarding the interests of all stakeholders in an insurance undertaking. It is insofar not surprising that mandatory requirements on the administration of insurance undertakings have become rather prolific in recent years, in an attempt by regulators to protect especially policyholders against perceived risks hailing from improperly governed insurance undertakings. In Germany this has been regarded by many undertakings as an overly paternalistic approach of the legislator, especially considering that the German insurance sector has experienced for decades if not centuries a remarkably low number of insolvencies and that German insurers were neither the trigger nor the (especially) endangered actors in the financial crisis commencing in 2007. Notwithstanding the true core of this criticism, that the insurance industry was taken to a certain degree hostage by the shortcomings within the banking sector, the reform of German Insurance Supervisory Law via implementation of the Solvency II-System has brought many advances in the sense of better governance of insurance undertakings and has also brought to light many deficiencies that the administration of some insurance undertakings may have suffered from in the past, which are now more properly addressed.

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Author:Jens GalGND
URN:urn:nbn:de:hebis:30:3-813224
DOI:https://doi.org/10.1007/s12297-020-00467-9
ISSN:1865-9748
Parent Title (English):Zeitschrift für die gesamte Versicherungswissenschaft
Publisher:Duncker & Humblot
Place of publication:Berlin
Document Type:Article
Language:English
Date of Publication (online):2020/07/01
Date of first Publication:2020/07/01
Publishing Institution:Universitätsbibliothek Johann Christian Senckenberg
Release Date:2024/01/31
Volume:109
Issue:1
Page Number:24
First Page:41
Last Page:64
Note:
Open Access funding provided by Projekt DEAL.
HeBIS-PPN:51916251X
Institutes:Rechtswissenschaft
Dewey Decimal Classification:3 Sozialwissenschaften / 34 Recht / 340 Recht
Sammlungen:Universitätspublikationen
Licence (German):License LogoCreative Commons - CC BY - Namensnennung 4.0 International