The Act to Modernise Financial Supervision of German Insurance Companies (Gesetz zur Modernisierung der Finanzaufsicht über Versicherungen) was published in the Federal Law Gazette on 10.04.2015 (http://www.bgbl.de). The new Act transposes the European Solvency II Directive into German law. The Act will enter into force on 1.01.2016, with the exception of a provision which comes into effect immediately and allows , among other things, to issue certain supervisory authorisations in anticipation of the Solvency II regime.
In should be noted that the new Act differentiates between two regulatory regimes applying (i) to insurance companies that fall within the scope of the Solvency II and (ii) to companies that are not subject to Solvency II. The major new regulations of the Act are: new own funds rules, new provisions on the calculation of the Solvency Capital Requirement (), and governance requirements for insurance companies.
Finally, the new Act contains transitional provisions intended to make the changeover to the new supervisory regime easier for German insurance companies.