Insurance supervision

Background,BaFin supervises private insurance undertakings operating in Germany that are of material
economic and financial significance as well as public insurance undertakings engaging in
open competition that operate across the borders of any federal state. The supervisory
authorities of the federal states are mainly responsible for supervising public insurers whose
activities are restricted to the particular state and those private insurance undertakings that are
of lesser economic and financial significance. At present, roughly 600 insurance undertakings
and 30 pension funds are supervised by BaFin.