In the future, the financial supervisory authority wants to publicly name insurers who have deficits in their IT and other parts of the organization. The Bafin is breaking an old principle.
By Friederike Krieger and
Herbert Fromme, Cologne
The financial regulator Bafin has had an iron rule for decades: it never publishes its criticism of deficits at individual insurers. “We cannot comment on individual cases,” it said so far. Behavior like that of the British regulator, who likes to pillory companies (“naming and shaming”): unthinkable in this country. And there are no fines, which the British like to impose.