German Regulator to Push Insurers to Fix Private Credit Failings

AI Briefing

• – Germany's BaCaFi regulator sets deadline for insurers to fix private credit failings, citing risks to financial system, warns of 'worst-case scenario' if problems not addressed
• – Regulator says insurers must report on credit exposure and develop plans to address weaknesses by March 2024, or face regulatory action
• – Failure to comply could lead to 'severe consequences', including loss of license