BaFin announces stricter rules for insurtechs

Young insurance companies are planning too little money, Bafin criticizes. Now the supervisory authority wants to take stricter action against them.

The Federal Financial Supervisory Authority (BaFin) wants to regulate insuretechs more closely in the future, as it announced last week. In the "BaFin Journal", the authority criticizes that young insurance companies often plan too little money in the beginning. Therefore, start-ups should have to show more own funds in the future than before.

"The BaFin publication only refers to a very small part of insurtechs, namely the neocarriers that already have an insurance license - which in Germany is currently only a little more than a handful," says Nikolai Dördrechter, managing partner at XTP, the online portal Versicherungsbote. He therefore predicts fewer start-ups: "Setting up neocarriers with their own BaFin licence will require significantly more capital in future than in the past. This reduces the return from an investor's point of view. "Criticism also comes from the lawyer for banking supervisory law Frederik Winter. "With the requirement for a complete out-financing at the time of licensing, however, the supervisory authority interprets the legal requirements very strictly and extensively," he told the Handelsblatt.

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