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Modifications of the stress test model are not permitted within the context of annual reporting on the results of the stress tests. Specific features of an insurance undertaking which are not taken into account in the stress test model, and the effects of such characteristics on the result, may be commented on separately if necessary. If one or more stress test scenarios produce a negative result, confirmation has to be sent to the Supervisory Authority that the entire management board and supervisory board have been informed.
Furthermore BaFin must be informed of the measures e. If no action is intended or required e. BaFin will request further information on a case-by-case basis and reserves the right to demand additional measures or to impose restrictions e.
The stress test must be submitted no later than three months after the financial yearend. A printout of all calculation tables including any auxiliary calculations must be provided for each class.
In addition, the file with the completed calculation tables is to be sent to the e-mail address notified in the separate mailing or posted on a floppy disk to BaFin's postal address. These internal stress tests must be of equivalent quality to recognised standards and must not lead to any materially relevant or systematic underestimation of risk. In the case of a model which is the same as or similar to the BaFin model, for example, this would mean that at a minimum the parameters listed in part A of this circular would be applied.
In the case of other model methodologies e. Compliance with these points will be reviewed by BaFin as required at regular intervals. With the consent of BaFin small insurance undertakings may be exempted from conducting the stress tests altogether on a case-by-case basis depending on the type and scale of their investments e.
BaFin may also exempt life insurance undertakings from stress testing if their insurance portfolio is predominantly or exclusively made up of term life or unitlinked contracts. Small insurance undertakings, usually small mutual associations within the meaning of section 53 1 sentence 1 VAG which do not meet the requirements set out in section 28 no.
Forms and are additionally required for the fourth quarter of a financial year. Form is intended to provide information on coverage and current values of investments shortly after the end of the financial year on the basis of the criteria of the AnlV.
These simplifications for small insurance undertakings co-ordinate with the provisions of the BerVersV. Decisions on exemption by BaFin will be guided by the different information needs fulfilled by the individual forms. The option also exists of reducing the frequency of the submission of forms, e. That means that in future all undertakings which submit forms electronically must also submit forms ff.
The stress test pursuant to this circular is to be submitted by 31 March on the basis of the balance sheet for the financial year. In the case of undertakings with a financial year other than the calendar year, the submission deadline is extended accordingly. Learning with bettermarks Feedback with every mistake Learning from your mistakes is the path to wisdom.
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