BaFin approves Talanx Solvency II regime

European insurer Talanx Group has received approval from the Federal Financial Supervisory Authority (BaFin) for its internal capital model in compliance with Solvency II.

European insurer Talanx Group has received approval from the Federal Financial Supervisory Authority (BaFin) for its internal capital model in compliance with Solvency II.

The new Solvency II supervisory regime will become effective on January 1, 2016.

Talanx began its work on the model back in 2007 and has since then been cooperating closely with BaFin. The approval confirms that the methods and procedures underlying the model conform with Solvency II, said the firm.

"Unlike the standard model, this internal model allows the Talanx Group to map its risk structure in the best possible way for a highly diversified group offering reinsurance and primary insurance," said Dr Immo Querner, chief financial officer at Talanx AG.