Die Überwachung des versicherungsaufsichtsrechtlichen Risikomanagement durch den Aufsichtsrat

§ 64a VAG intensifies control of insurance undertakings through their supervisory board concerning risk management. These extended duties and the new risk management specific qualification standards will result in higher liability risks for the members of the supervisory board. However, the new law does not ensure that the supervisory board is supplied with the information necessary to comply with these requirements. Particularly information of the supervisory board of insurance undertakings in a group is seriously insufficient. On the other hand the Federal Financial Supervisory Authority in its MaRisk VA Circular concedes rights to information to the supervisory board which conflict with the basic conception of corporate law, e.g. permanent direct contacts between the supervisory board and staff of the risk management function. Insurance undertakings can react to the new challenges by professionalizing the supervisory board, establishing audit committees, internal limitation of the admissible maximum number of supervisory board’s seats and/or by purchasing D &; O insurance.