Currently, supervisory boards have to deal with legal and political framework conditions and developments that place increasingly high demands on them. In January 2017, BaFin published the circular on the minimum supervisory requirements for the business organization of insurance companies (MaGo for short). The circular replaces Circular 3/2009 on the Minimum Regulatory Requirements for Risk Management (MaRisk VA), which was repealed as of 31 December 2015.
Supervisory boards require up-to-date know-how to analyze and present annual financial statements. Balance sheets of insurance companies are special and have to be interpreted differently than other company balance sheets. In addition, the German statutory accounting (HGB, Handelsgesetzbuch) is quite special from an international point of view. For this reason, the Federal Financial Supervisory Authority (BaFin) also requires knowledge of insurance accounting for supervisory board members.
This specialization for supervisory boards will introduce participants to German insurance accounting with a special focus on the balance sheet and income statement. The most important balance sheet and P&L items and will be discussed and explained. The seminar takes and approach covering the economic as well as the legal perspective. Practical examples will be given to read annual reports of German insurance companies, covering life, health, and property and casualty insurance.
