BaFin has not increased the frequency or number of on-site inspections
On-site inspections: Despite being a recommendation in the FSAP, BaFin has not increased
the frequency or number of on-site inspections of insurance companies in recent years. This
is largely due to the significant volume of resources needed for internal model-related
inspections 37 in the pre-application phase of Solvency II.
In total, 100 insurers, of which six
are deemed to have a high market impact, have not received an on-site inspection during the
past ten years. BaFin has compensated for the lack of on-site inspections by planning shorter
on-site visits, interviews or unplanned event-driven inspections.
In 2014, BaFin will
reprioritise its work and expects to be able to double the number of on-site inspections.