Why the financial supervisory authority Bafin criticizes the IT of the insurance company

Munich The insurance group Allianz has to restructure its IT internally after criticism from the financial regulator Bafin. The Bonn supervisors took a special look at the insurer’s internal IT services last year, the Handelsblatt learned from Allianz circles. The authority had complained that processes sometimes took place twice or in parallel. According to Allianz, the first changes could already be in the offing in the summer.

The Bafin regularly checks the internal technical processes of all insurance companies for weaknesses and then asks the companies to make improvements. At Allianz, as the industry leader in many markets, the supervisors apply more complex standards to many regulations than at smaller competitors.

This also applies to the IT regulations, which are bundled in the so-called insurance supervisory requirements for IT (VAIT). The Bafin updated and specified this VAIT last March – this also leads to more objections.