BaFin has imposed a surcharge on Haftpflichtkasse VVaG's solvency capital requirement for “deficiencies in the company's IT systems”.
The decision by the German watchdog was announced on 7 November and follows an inspection that revealed shortcomings in the German mutual liability insurer’s business organisation, specifically related to its IT infrastructure.
BaFin has ordered Haftpflichtkasse to address these deficiencies. The regulatory action came into force on 13 December and the surcharge will be lifted once the insurer has satisfactorily addressed the issues.
The watchdog implemented a similar surcharge on Axa’s health division in May 2023, also for its IT shortcomings.
Haftpflichtkasse has confirmed the accuracy of BaFin's announcement and told InsuranceERM that they are working on addressing the identified issues. The company declined to provide further details on the matter.
