Treatises on Solvency II (eBook)

Preface 6
List of Abbreviations 8
Contents 14
Part I: Basics 23
Chapter 1: Harmonization of Insurance Supervisory Law 24
1.1 Introduction 25
1.2 The Typology of Harmonization Methods 26
1.3 The European Law Sources for Harmonization of the Insurance Supervisory Regime 29
1.3.1 The Solvency II Framework Directive 29
1.3.1.1 The Legislative Process 29
1.3.1.2 The Recitals 29
1.3.1.3 The Legislative Text 31
1.3.2 The Implementing Regulations for the Solvency II Framework Directive 33
1.3.3 The EIOPA Regulation 35
1.3.4 Interim Result 36
1.4 Consequences for the Future Insurance Supervisory System in Germany 37
1.4.1 The Impact of Full Harmonization on the Insurance Supervision Act 37
1.4.2 Supervision According to the Principle of Abusiveness with Regard to Primary Insurance Undertakings 38
1.4.2.1 The Existing System of Supervision According to the Principle of Abusiveness Under the General Clause 38
1.4.2.2 The End of Supervision According to the Principle of Abusiveness and Reverse Discrimination 40
1.4.2.3 Summary 42
1.4.3 The Effect of Full Harmonization in Certain Areas 42
1.4.3.1 The Requirements for Members of Supervisory Boards 42
1.4.3.2 The Prohibition on Borrowing 43
1.5 Conclusions 44
Chapter 2: Supervisory Review Process 47
2.1 Introduction 48
2.2 Principles of Insurance Supervision Under Solvency II 49
2.3 Objective and Concept of the Supervisory Review Process 50
2.3.1 Objective 50
2.3.2 Art. 36 of the Solvency II Directive and Its Implementation in Sec. 289, Paras. 2-4 of the VAG Reg-E [Government´s Draft... 51
2.3.2.1 The Terms of Art. 36 of the Solvency II Directive 51
2.3.2.2 The Implementation in the VAG-RegE [Government´s Draft of a Tenth Act Amending the German Insurance Supervision Act] 53
2.3.3 The CEIOPS Advice on Procedures for Supervisory Authorities 56
2.4 The Subjects of the Supervisory Review Process 57
2.4.1 Subject of the Investigation and Investigatory Standard 57
2.4.1.1 Subject of the Investigation 57
2.4.1.2 Investigatory Standard 58
2.4.1.3 Review, Assessment, Evaluation, and Report of Results 59
2.4.2 The Governance System as Examination Subject 61
2.4.2.1 The System of Governance as Source of Risk and as Structural Framework for Adequate Risk Management 61
2.4.2.2 The Complex Governance Concept in Application of the Law 63
2.4.3 Capital Requirements as Examination Subject 64
2.4.3.1 General Assessment Requirements 64
2.4.3.2 Compliance with Requirements on Technical Provisions 65
Overview of the Rules on Technical Provisions 65
Concretizing the Principle of Proportionality 66
Future-Looking Approach 67
2.4.3.3 Compliance with the Minimum and Solvency Capital Requirements 68
2.4.3.4 Compliance with the Investment Provisions 69
2.4.3.5 Compliance with the Requirements on the Quality and Quantity of Own Funds 71
2.4.3.6 Compliance with the Requirements on the Internal Model 73
2.5 Powers of Supervisory Authorities to Remedy Weaknesses and Deficiencies 73
2.5.1 ``Weaknesses or Deficiencies´´ as Legal Terms 73
2.5.1.1 ``Weaknesses or Deficiencies´´ as Uniform Legal Requirement 73
2.5.1.2 ``Weaknesses or Deficiencies´´ as Non-compliance with Legal Requirements 74
2.5.1.3 Scope of Judicial Review Over Decisions of Supervisory Authorities 76
2.5.2 The Role of Art. 36, Para. 5 of the Solvency II Directive in the Classification of Intervention Powers 78
2.5.3 Non-compliance with Capital Requirements 80
2.5.4 Non-compliance with Requirements on Governance 81
2.6 Summary 83
Chapter 3: Insurance Supervisory Law and Consumer Protection 86
3.1 Introduction 87
3.2 Consumer Protection Provisions of the New Insurance Supervisory Regime 88
3.2.1 The EIOPA Regulation 88
3.2.2 The Solvency II Directive 90
3.2.3 The Draft Regulation on Key Information Documents and the Draft Directive on Insurance Mediation 91
3.2.4 The Second and Third Regulatory Levels of the Solvency II System 91
3.2.5 The VAG-RegE [Government´s Draft of a Tenth Act Amending the German Insurance Supervision Act] 92
3.2.6 The BaFin [Federal Financial Supervisory Authority] 93
3.3 The Role of Consumer Protection in the Supervision of Insurance Undertakings 94
3.3.1 The Objective of Supervision 94
3.3.2 Further Implications 96
3.3.2.1 The Prohibition on Optimization in the Supervisory Review Process Under Solvency II and the European Law ``High Level ... 96
3.3.2.2 The Indirect Consumer Protection Function of the Insurance Supervisory Regime 99
3.3.2.3 EIOPA in Between Consumer Protection and Insured Protection: The EIOPA Guidelines on Complaints-Handling as an Example 101
3.3.2.4 Collecting Consumer Trends Under Art. 9, Para. 1 a of the EIOPA Regulation 106
3.3.2.5 Future Issues in the Relationship of Insurance Supervisory Regime and Consumer Protection 107
Collective Consumer Protection as a Point of Reference 107
Consumer Profile 109
Combining the Roles of Insurance Supervision and Consumer Protection in One Authority 111
3.4 Summary 113
Part II: Solvency 116
Chapter 4: Solvency Requirements 117
4.1 Introduction 118
4.2 The Solvency System Under Supervisory Law 119
4.2.1 The Economic Balance Sheet (Solvency Statement) 119
4.2.2 Own Funds Under Supervisory Law 120
4.2.3 Capital Requirements Under Supervisory Law 121
4.2.3.1 The Solvency Capital Requirement (SCR) 121
4.2.3.2 The Minimum Capital Requirement (MCR) 123
4.2.3.3 Special Solvency Requirements for Groups Under Supervisory Law 124
4.2.4 The Supervisory Review Process 125
4.3 Complexity, Volatility and Procyclicality of the Solvency Requirements: Implications for Solvency Supervision 127
4.3.1 The Problems 127
4.3.2 Complexity 129
4.3.2.1 The Flood of Regulations 129
4.3.2.2 The Failure of the Principles-Based Approach in Solvency Supervision 130
4.3.2.3 Equivalent Treatment of Insurance Undertakings in Solvency Supervision 131
4.3.3 Volatility 133
4.3.3.1 The Market-Consistent Valuation of Assets and Liabilities (Fair Value) 133
4.3.3.2 The Confidence Level 134
4.3.3.3 The Zero-Risk Weighting of Government Bonds 135
4.3.3.4 The Interest Rate Yield Curve, or: Systems Competition in Supervisory Clothing 135
4.3.3.5 Economic Pluralistic Methodology and Openness in Respect of Results Versus Legally Compliant Discretionary Powers in P... 137
4.3.4 Procyclicality 139
4.3.4.1 Distortions of Reality 139
4.3.4.2 The Matching Premium 140
4.3.4.3 The Counter-Cyclical Premium 140
4.3.4.4 The ``Exceptional Movements in the Financial Markets´´ as Supervisory Criterion 141
4.4 The New Roles of the Managing and Supervisory Boards, Supervisory Authorities, Courts and Insurance Academics in the Solve... 142
4.4.1 The Managing and Supervisory Boards of Insurance Undertakings 142
4.4.1.1 Solvency Management as a Core Function of the Entire Managing Board of Insurance Undertakings 142
4.4.1.2 The Suitability of Managing and Supervisory Board Members of Insurance Undertakings from a Solvency Perspective 148
4.4.1.3 Solvency-Related Issues in the Compensation of the Managing and Supervisory Boards of Insurance Undertakings 150
4.4.2 The Supervisory Authorities 151
4.4.2.1 From Quantitative to Qualitative Supervision 151
4.4.2.2 Risk Focus 151
4.4.2.3 Process Focus 153
4.4.2.4 Economization 154
4.4.2.5 Assessment Orientation 157
4.4.3 Competent Courts in the Insurance Supervisory Regime 164
4.4.3.1 The Scope of Control 164
4.4.3.2 The Responsibility for Control 165
4.4.4 Insurance Academics 166
4.5 Summary 167
Part III: Governance 172
Chapter 5: Own Risk and Solvency Assessment 173
5.1 Introduction 174
5.2 Subject-Matter and Objective of the ORSA 176
5.3 The Solvency II Legal Principles Applicable to the ORSA 177
5.4 The ORSA and the Risk Management System 178
5.4.1 The European Law Framework 178
5.4.2 Present Law: The Relationship of the ORSA to Sec. 64 a, Para. 1, 2 of the VAG [German Insurance Supervision Act] and the... 180
5.4.3 Future Law: Sec. 28 of the VAG [German Insurance Supervision Act] in the Version of the Ministerial Draft 183
5.5 ORSA, Actuarial Function, Standard Formula and Internal Model 186
5.6 The ORSA, the Compliance Function, and the Internal Audit Function 188
5.7 Individual Issues Concerning the ORSA 189
5.7.1 The ORSA and Free Enterprise 189
5.7.1.1 The Problem 189
5.7.1.2 The Justification of the ORSA as an Obligatory Responsibility of the Undertaking 190
5.7.1.3 ORSA as an Integral Part of Business Strategy 191
The Task of the Managing Board and Monitoring of the ORSA by the Supervisory Authority 191
The Interaction of the ORSA as Part of and Input Factor to the Business Strategy 194
5.7.2 The Relationship of the ORSA to Capital Add-Ons 195
5.7.3 The Own Assessment of Interest Rate Risk 196
5.7.4 Significant Deviation from the Assumptions Underlying the Calculation of the Standard Formula and the Internal Model 197
5.7.4.1 The Ambiguous Wording of the German Version of the Framework Directive 197
5.7.4.2 The Significance of a Deviation 199
Point of Reference and Rule for Significance 199
Systemic Restrictions 201
5.8 Documentation and Publication of the ORSA 202
5.8.1 Addressees and General Principles of the ORSA Information 202
5.8.2 The Internal Report 203
5.8.3 Requirements for Reporting to the Supervisory Authorities 203
5.8.4 Requirements for Reporting to the Public 206
5.9 Supervisory Powers with Respect to the ORSA 207
5.10 Summary 208
Chapter 6: Fitness of Members of Supervisory Board 211
6.1 Introduction 212
6.2 General Requirements of Company Law Applicable to the Qualification of Supervisory Board Members 213
6.2.1 The Federal Court of Justice-Ruling in Hertie 213
6.2.2 The German Corporate Governance Code 215
6.3 The Insurance Supervisory Regime Requirements for the Qualification of Supervisory Board Members 216
6.3.1 The Statutory Rules on the Expertise Requirement 216
6.3.1.1 The Substantive Law Requirements of Sec. 7a, Para. 4 of the VAG [German Insurance Supervision Act] 216
6.3.1.2 Intervention Powers 218
6.3.2 The BaFin [Federal Financial Supervisory Authority] Bulletin of 22 February 2010 220
6.3.2.1 The BaFin [Federal Financial Supervisory Authority] Interpretation of the Expertise Requirement 220
6.3.2.2 Special Attention to the Existence of Minimum Qualification upon Assuming Office 221
6.3.3 Amendments in the Process of Implementing Solvency II 222
6.3.3.1 The Requirements of Art. 42, Para. 1, Art. 248, Para. 1 (d), and Art. 257 of the Solvency II Framework Directive 222
6.3.3.2 The Consequences for the Implementation of the Solvency II Framework Directive in National Law 226
6.4 Individual Expertise of the Supervisory Board Members and the Overall Qualification of the Supervisory Board 227
6.4.1 Requirements for the Individual Supervisory Board Member 227
6.4.2 Overall Qualification of the Supervisory Board 228
6.5 Summary 230
Chapter 7: Definition and Holders of Key Functions 232
7.1 Introduction 233
7.2 The Term ``Key Function´´ 234
7.2.1 The Key Functions 234
7.2.1.1 Solvency II 234
7.2.1.2 VAG 2012 [German Insurance Supervision Act 2012] 234
7.2.2 Terminological Dual-Tracking and the Irrelevance of the Difference Between ``Key Function´´ and ``Key Task´´ 235
7.2.2.1 Solvency II 235
7.2.2.2 VAG 2012 [German Insurance Supervision Act 2012] 237
7.2.3 The Term ``Key Functions´´: Exhaustive or Open? 238
7.3 The Key Function Holders and Their Subordinate Staff Members in Key Functions 242
7.3.1 The Solvency II System 242
7.3.2 The Equalization of Key Function Holders and Persons Who Effectively Run the Undertaking 243
7.3.2.1 The Normative Point of Departure 243
7.3.2.2 The System, Telos and Scope of Equalization 243
7.3.2.3 The Special Question of Equalization of Supervisory Board Members 244
7.3.3 Factual Distinctions in the Duty of Notice 246
7.3.4 Factual Distinctions in Qualification Requirements 246
7.3.5 Determination of Each Key Function Holder and the Staff Members Subordinate to Them 247
7.3.5.1 The Restriction to Natural Persons 247
7.3.5.2 Institutional and Functional Determination of Terms 247
7.3.5.3 The Basic Question of Separate Departments (Centralized Organization) or an Integrated Management Structure (Decentral... 248
7.3.5.4 The Key Function Holders in a Centralized Structure of Key Functions 250
The Problem 250
The Director of a Function as Key Function Holder 251
Subordinate Staff Members of a Function Director as Key Function Holders 251
The Deputy Director of a Function as Key Function Holder 252
Managing Board Members as Key Function Holders 252
7.3.5.5 The Key Function Holders in a Decentralized Structure of Key Functions 254
7.4 Summary 256
Chapter 8: Supervisory Review of Key Functions 258
8.1 Introduction 259
8.2 The ``Fit´´ Requirement for Key Function Holders and Their Subordinate Staff Members in Key Functions 260
8.2.1 The Two-Tier Qualification Structure in General 260
8.2.2 The Special Rules 262
8.2.2.1 The Actuarial Function 262
8.2.2.2 The Outsourcing of Key Functions 263
8.2.3 The Fitness of Key Function Holders 264
8.2.3.1 The Requirements 264
Solvency II 264
VAG-RegE [Government´s Draft of a Tenth Act Amending the German Insurance Supervision Act] 265
8.2.3.2 Proceduralization 268
The Policies 268
The Establishment and Documentation of Fitness (``Assessment´´) 270
8.2.3.3 Timing and Retention of Qualification 271
8.2.4 The Fitness of Subordinate Staff to Key Function Holders 272
8.2.4.1 Solvency II 272
8.2.4.2 VAG-RegE [Government´s Draft of a Tenth Act Amending the German Insurance Supervision Act] 273
8.3 The ``Proper´´ Requirement for Key Function Holders and Their Subordinate Staff Members in Key Functions 273
8.3.1 The Two-Tier Structure of the Proper Requirement and the Proceduralization of the Proper Requirement as Starting Point 273
8.3.2 The Proper Requirement of Key Function Holders 274
8.3.2.1 Solvency II 274
8.3.2.2 VAG-RegE [Government´s Draft of a Tenth Act Amending the German Insurance Supervision Act] 277
8.3.3 The ``Proper´´ Requirement for Staff Members Subordinate to Key Function Holders 279
8.3.3.1 Solvency II 279
8.3.3.2 VAG-RegE [Government´s Draft of a Tenth Act Amending the German Insurance Supervision Act] 279
8.4 The Remuneration of Key Function Holders 279
8.5 The Duties of Notice and Public Disclosure for Key Function Holders 280
8.5.1 The Duties of Notice to Supervisory Authorities 280
8.5.1.1 Solvency II 280
8.5.1.2 VAG-RegE [Government´s Draft of a Tenth Act Amending the German Insurance Supervision Act] 282
8.5.2 The Duties of Public Disclosure 283
8.6 Supervisory Recall and Prohibition of Exercise of Function for Key Function Holders in Cases of Fit-and-Proper Deficiencie... 283
8.6.1 Solvency II 283
8.6.2 VAG-RegE [Government´s Draft of a Tenth Act Amending the German Insurance Supervision Act] 284
8.7 Summary 286
Chapter 9: `Senior Management´ of Insurance Undertakings 290
9.1 Introduction 290
9.1.1 The Normative Rules 291
9.2 `Senior Management´ in the Solvency II System 292
9.3 Summary 296
Chapter 10: Definition, Tasks and Legal Nature of the Compliance Function 297
10.1 Introduction 298
10.2 The Legal Bases of Compliance Under the Insurance Supervisory Regime 300
10.2.1 The Relationship of Compliance Under the Insurance Supervisory Regime to Compliance Under General Company Law 300
10.2.2 The Solvency II Directive 301
10.2.3 The Draft of the Solvency II Implementing Regulation 302
10.2.4 The CEIOPS Guidelines on the System of Governance 304
10.2.5 The EIOPA Guidelines on the System of Governance 305
10.2.6 The VAG-RegE [Government´s Draft of a Tenth Act Amending the Insurance Supervision Act] 306
10.2.7 The Government´s Draft of the German Banking Ringfencing Act 307
10.2.8 MaRisk BA [Minimum Requirements for Risk Management (Banking Supervision)] 308
10.2.9 MaComp VA [Minimum Requirements for the Compliance Function (Insurance Supervision)]? 308
10.3 The Definition of ``Compliance Under the Insurance Supervisory Regime´´ 310
10.4 The Task of Compliance Under the Insurance Supervisory Regime and the Compliance-Related Requirements 313
10.4.1 Underlying Principles 313
10.4.1.1 The Area of Operation of Compliance Under the Insurance Supervisory Regime and Its Hierarchy 313
10.4.1.2 The Principle of Materiality and the Task of Compliance Under the Insurance Supervisory Regime 315
10.4.1.3 The Principle of Proportionality and the Function of Compliance Under the Insurance Supervisory Regime 316
10.4.1.4 The Task-Related Requirements for the Holder of the Compliance Function in the Insurance Undertakings and for the Man... 318
10.4.2 General Legal Monitoring 320
10.4.2.1 The Insurance Supervisory Regime or Legal Requirements in General as a Subject of Monitoring? 320
10.4.2.2 Internal Directives as Subject of Monitoring? 324
10.4.2.3 The Relationship of Compliance Under the Insurance Supervisory Regime to Compliance Under Company Law 324
10.4.2.4 The Relationship of Compliance Under the Insurance Supervisory Regime to Compliance Foreseen by Special Laws 326
10.4.2.5 Implementation of the General Legal Monitoring Task in the VAG-RegE [Government´s Draft of a Tenth Act Amending the G... 327
10.4.3 Advising the Managing Board 327
10.4.4 Evaluation of Risks from Changes in the Legal Environment 330
10.4.5 Evaluation of the Compliance Risk 331
10.5 The Legal Nature of Compliance Under the Insurance Supervisory Regime 332
10.5.1 The Long Arm of the Insurance Supervisory Authority? 332
10.5.2 Company Officials? 333
10.5.3 Statutorily Prescribed and Designed Functions of Undertakings 335
10.6 Summary 336
Chapter 11: Integrating the Compliance Function into the Legal Department 339
11.1 Introduction 340
11.2 Combining the Legal Department and the Compliance Function as a Legal Problem 341
11.3 Combining the Legal Department and the Compliance Function in Light of Their Respective Responsibilities 342
11.3.1 Crossover in Tasks 342
11.3.2 Advisement of Insurance Undertakings´ Staff Members as an Area of Potential Conflict 344
11.3.3 Advisement of an Insurance Undertaking´s Managing Board as an Area of Potential Conflict 345
11.3.4 Formation of Law by the Legal Department as an Area of Potential Conflict 347
11.4 Combining the Legal Department and the Compliance Function in Light of the Special Rules Aimed at the Compliance Function... 348
11.4.1 Particular Competencies 348
11.4.2 Special Qualifications 349
11.5 Combining the Legal Department and the Compliance Function in Light of the Principle of Functional Segregation 350
11.6 Combining the Legal Department and the Compliance Function in Light of the Principle of Functional Independence 351
11.7 Combining the Legal Department and the Compliance Function in Light of the Principles of Freedom of Internal Organization... 352
11.8 Summary 354
Part IV: Disclosure 356
Chapter 12: Supervisory Reporting 357
12.1 Introduction 358
12.2 The Obligations to Notify Based on Formal Grounds 359
12.2.1 The Term ``Obligations to Notify Based on Formal Grounds´´ 359
12.2.2 Obligations to Notify Based on Formal Organizational Grounds 360
12.2.2.1 Appointments to Key Offices 360
12.2.2.2 Other Obligations to Notify Based on Formal Organizational Grounds 363
12.2.3 Reporting Duties Related to Tariffs and General Policy Conditions 363
12.3 The Disclosure Obligations of Financial Reporting 364
12.3.1 The Disclosure Obligations for Financial Reporting Based on Formal Organizational Grounds 364
12.3.1.1 Term and Distinction 364
12.3.1.2 The Disclosure of Shareholder Structure and Close Ties 365
12.3.1.3 The Disclosure of Restructuring Measures 366
12.3.1.4 The Disclosure of Establishment of Business in Foreign Countries 367
12.3.1.5 Disclosure Related to Outsourcing 368
12.3.2 The Disclosure Obligations for Substantive Financial Reporting 369
12.3.2.1 The Disclosure of Solvency 369
12.3.2.2 Disclosure of the Structure of Own Funds 372
12.3.2.3 The Disclosure Relating to Accounting 373
12.3.2.4 The Disclosure of Investment Activity 374
12.3.2.5 Disclosure of the Threat of Insolvency 375
12.4 The Disclosure Obligations for Risk Reporting 376
12.5 Disclosure Obligations at the Group Level 378
12.5.1 The Obligations to Notify Based on Formal Grounds at the Group Level 378
12.5.1.1 No Group-Specific Reporting Duties for Shareholding Direct Insurance and Reinsurance Undertakings 378
12.5.1.2 The Reporting Duties of Insurance Holding Companies with Respect to Appointments to Management Positions 379
12.5.2 The Disclosure Obligations of Financial Reporting at the Group Level 380
12.5.2.1 The Disclosure Obligations for Financial Reporting Based on Formal Organizational Grounds at the Group Level 380
12.5.2.2 The Disclosure Obligations for Substantive Financial Reporting at the Group Level 382
12.5.3 The Disclosure Obligations of Risk Reporting at the Group Level 383
12.6 The Disclosure Obligations for Financial Conglomerates 384
12.7 Further Implications 385
12.7.1 The Function of the Reporting and Disclosure Obligations 385
12.7.2 The Scope of the Reporting and Disclosure Obligations 387
12.7.3 The Relationship Between the VAG [German Insurance Supervision Act] and Solvency II Directive Regarding Reporting and D... 389
12.7.4 The Concretization and Practical Management of Reporting and Disclosure Obligations 392
12.8 Summary 394
Chapter 13: Public Disclosure 397
13.1 Introduction 398
13.2 The Objectives and Addressees of the Duties of Public Disclosure 400
13.3 Minimum Content of the Report on Solvency and Financial Condition 403
13.3.1 Overview 403
13.3.2 Financial Reporting 404
13.3.2.1 The Description of the Business and Performance 404
13.3.2.2 The Description of the Bases of Valuation for Solvency Purposes 406
13.3.2.3 The Description of Capital Management 407
13.3.3 Information Related to Formal Organizational Aspects 409
13.3.4 The Information on Risk Reporting 410
13.4 The Duty to Update in the Event of Significant Changes to Published Information 412
13.5 The Duty of Disclosure for Direct Insurance and Reinsurance Undertakings in the National Context 413
13.5.1 Disclosure Duties Under Capital Market Law 413
13.5.1.1 Area of Application 413
13.5.1.2 Disclosure Duties with Respect to Ownership Structure Based on Certain Events 414
13.5.1.3 Regular Financial Reporting to the Public 414
The Annual Financial Report 414
The Interim Reports 415
13.5.2 Disclosure Duties Under Commercial Law 416
13.5.2.1 Area of Application and Scope of Publication Requirements Under Commercial Law 416
13.5.2.2 Content of the Annual Financial Statements 417
13.5.2.3 Content of the Management Report 417
13.6 Comparison of the Report on Solvency and Financial Condition Under Solvency II and Publication Required Under National Co... 419
13.6.1 The Equal Rank of the Disclosure Duties of Solvency II and Disclosure Duties Under Capital Market and Commercial Law 419
13.6.2 Content Overlap Between the Report on Solvency and Financial Condition Under Solvency II and the Annual Financial State... 420
13.6.2.1 Congruence in Content with Respect to Financial Reporting 420
13.6.2.2 Congruence in Content with Respect to Information Related to Formal Organizational Aspects 421
13.6.2.3 Congruence in Content with Respect to Information on Risk Reporting 421
13.6.3 Content Overlap Between the Report on Solvency and Financial Condition Under Solvency II and Publications Under Capital... 422
13.7 Disclosure Duties at Group Level 422
13.7.1 Disclosure Duties at Group Level Under Solvency II 422
13.7.1.1 The Report on Solvency and Financial Condition at Group Level 422
13.7.1.2 Comparison of Reports by the Individual Undertaking and the Group 423
13.7.1.3 The Deleted Obligation to Disclose Group Support 424
13.7.2 Disclosure Duties at Group Level in National Context 424
13.7.3 Content Overlap Between the Report on Solvency and Financial Condition at Group Level Under Solvency II and the Annual ... 425
13.7.3.1 Content Overlap Between the Report on Solvency and Financial Condition at Group Level and the Annual Financial Statem... 425
13.7.3.2 Content Overlap Between the Report on Solvency and Financial Condition at Group Level and Control Messages of the Ult... 426
13.8 Form of Disclosure in the Report on Solvency and Financial Condition 426
13.9 Protection of Business and Trade Secrets in Public Disclosure Duties 427
13.10 Further Conclusions 428
13.10.1 Regulatory Approach in Public Disclosure Duties 428
13.10.2 Potential Synergies in Fulfillment of Public Disclosure Duties 430
13.10.3 Selection of Publication Date for the Report on Solvency and Financial Condition 431
13.10.4 Relief at Group Level and the Principle of Proportionality 432
13.10.5 Less Favorable Protection of Confidentiality Interests for Direct Insurance and Reinsurance Undertakings Compared to B... 433
13.11 Summary 435
List of Rules 437
Index 485