About the Work

The minimum requirements for the business organization of insurance companies (MaGo), published by the Federal Financial Supervisory Authority (BaFin) on January 25, 2017, succeed the previous minimum requirements for risk management (MaRisk (VA)). They interpret the relevant provisions of the Insurance Supervision Act (VAG) and the delegated regulation (EU) 2015/35 (Solvency II), providing guidelines and instructions for shaping their business organization and risk management. The MaGo do not have the quality of norms, but they bind BaFin in its administrative actions. In this respect, the MaGo may also have external effects. This allows insurance companies to prepare for the expected supervisory practices. The so-called small insurance companies are exempt from the scope of the MaGo. The commentary.