Germany’s giant reinsurer Munich Re back regulator BaFin
Munich Re chief executive Nikolaus von Bomhardt has warned Angela Merkel’s newly elected Christian Democrat government against moving insurance regulation from regulator BaFin to the German Bundesbank, Dow Jones reports.
"The financial crisis has shown that BaFin's insurance oversight provides effective consumer protection and stability to the insurance sector. This successful model should be maintained," von Bomhardt said.
The German government has moved banking regulation to the Bundesbank, claiming BaFin failed, the FT reports. But it has yet to decide about the insurance sector.
