Vag Com Full Version 237

• Diagnosis Index entries containing back-references to O80: Admission (for) - see also Encounter (for) delivery, full-term, uncomplicated O80 Delivery (childbirth) (labor) completely normal case O80 normal O80 spontaneous O80 term pregnancy NOS O80 uncomplicated O80 Encounter (with health service) (for) Z76.89ICD-10-CM Diagnosis Code Z76.89Persons encountering health services in other specified circumstances2016 2017 2018 2019 2020 2021 2022 2023 Billable/Specific Code POA Exempt Applicable ToPersons encountering health services NOS

delivery, full-term, uncomplicated O80

7 BaFin uses the EIOPA Guidelines on the System of Governance (EIOPA-BoS-14/253 DE) for the purposes of interpreting the applicable provisions of the VAG and the DR, unless it has stated that it does not apply individual guidelines in full.

vag com full version 237

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21 All members of the management board are responsible for the proper and effective system of governance of the undertaking (see below under 8.2 regarding the regular evaluation of the system of governance by the full management board). The full management board is therefore also responsible to ensure that the undertaking has an appropriate and effective risk management and internal control system. In order to meet their overall responsibility, the management board members must also develop a risk culture appropriate for the undertaking that is actively supported and developed on a continuous basis. Where the requirements of this circular expressly relate to the full management board, the board cannot delegate its responsibility, not even to one or more of its members, unless otherwise stipulated.

43 The full management board assesses the governance system of the undertaking on a regular basis (section 23 (2) of the VAG) with the frequency of assessments to be laid down in accordance with the risk profile, and ensures that any required changes are implemented promptly. Assessments of individual units of the governance system can be made by the management board member responsible for this unit. The full management board must, however, be informed of the outcome of this assessment and manage the resulting implementations. Regular assessment of the overall system of governance is to be set out in an audit plan or similar instrument. The outcome of the assessment along with the implementation of the changes required are to be documented.

47 In order to support the business and risk strategies to be determined by the board, the full management board must agree on the written policy upon initial adoption at least, as well as in the event of significant amendments. If minor amendments are excluded from the need for agreement, the undertaking must determine beforehand which amendments in the written policy shall be assessed as minor.

57 The written policy must be reviewed at least once annually using the methods appropriate to the risk profile. The full management board determines the grounds for ad-hoc reviews of the individual policy. This responsibility can be delegated to one or more of the members of the management board.

64 The governance system of an undertaking includes processes for regular and ad-hoc transmission of information and reports from the business units and functions to the management board. On this basis, and based on corresponding advice, the management board carries out its executive responsibilities and takes its decisions. The processes that ensure that the relevant staff members are notified of the decisions made in such a way that these can be implemented in full are equally important as the processes for transmitting information and reports to the management board.

76 The key functions have an equal ranking. Persons internally responsible for a key function (see 9.1.1) who are not members of the management board are only subject to instructions from the management board in terms of exercising the key function. This also applies if the key function is not directly subordinate to the management board level from an organisational point of view. The full management board represents the escalation level in the event of disputes between key functions that cannot be solved between the relevant management board members answerable.

91 The compliance function evaluates any potential impact of changes to the legal environment. It must observe and analyse developments in the legal environment at an early stage for this purpose. The full management board must be informed of the consequences of any material changes to the legal environment in sufficient time to allow it to implement corresponding precautions and actions.

95 The compliance function regularly reports to the full management board on current compliance issues. It prepares a report for this purpose at appropriate intervals, and at least annually. See 9.1.2 on ad-hoc reporting requirements for the compliance function in accordance with Article 268(3) DR.

125 Conflicts of interest between the responsible actuary and the actuarial function are possible in the case of life insurance contracts with profit participation. While the discretionary bonuses are determined by the management board, the latter cannot completely ignore the proposal put forward by the responsible actuary in accordance with section 141 of the VAG (5) no. 4 and (6) no. 2 and no. 3. A profit participation that appears to be reasonable to the responsible actuary can harbour risks that are too high as far as the actuarial function is concerned, while a profit participation that appears appropriate to the undertaking's risk profile from the point of view of the actuarial function may be unreasonable to customers as far as the responsible actuary is concerned. If there is the possibility of conflicts of interest in individual cases, the person responsible for the actuarial function can only be the responsible actuary at the same time if the undertaking implements appropriate and effective measures to ensure that the relevant individual exercises each of the two responsibilities fully and independently.

139 In particular, the internal audit must not be impaired, even indirectly, in carrying out the audit, evaluating the audit results or reporting on these results. The internal audit must be able to communicate its results, findings, concerns, recommendations for improvement, etc. directly to the full management board, without any prior alterations through exertion of influence.

146 The IRMF assists the full management board and if necessary the responsible management board members as well as other functions in effectively operating the risk management system. In this respect, the IRMF must in particular

149 The IRMF reports to the full management board at a minimum on material risk exposures, the overall risk profile as well as the adequacy of the risk management system, and advises the management board on risk management issues.

150 The IRMF proactively advises the management board at a minimum of any material deficiencies or potentials for improvement in relation to the risk management system. It assists the full management board in rectifying any deficiencies and in developing the risk management system on a continuous basis.

152 The responsibility of the full management board does not release the supervisory board from its duty to check whether the entire management board has established an appropriate and effective risk management system.

153 Irrespective of the full management board's collective responsibility, the undertaking's risk profile may require a certain member of the management board to be assigned specifically to risk management.

154 The full management board's collective responsibility for the risk management system, which cannot be delegated to one or more members of the management boards, relates to the managerial functions. These functions include, inter alia, the strategic decisions and determinations for the organisational framework for risk management, and therefore specifically also assuming and managing material risks.

156 The full management board or the responsible management board member must consider the information from the risk management system appropriately in their own decisions. This also requires appropriate inclusion of the IRMF as the central unit for risk management. Inclusion of the IRMF does not release the entire management board or the responsible management board member from responsibility for their own decisions.

168 Material loss events resulting from operational risks must be reported both to the management board and the IRMF without delay and analysed in relation to their causes. The loss events that are covered by this shall be determined individually for each undertaking. The full management board will decide whether additional measures need to be implemented in the event of material loss events and which measures these are. Implementation of the measures must be monitored.

217 Undertakings that raise capital eligible for inclusion as own funds must prepare a medium-term capital management plan, which must be monitored by the undertaking's full management board. The medium-term capital management plan is used to ensure that the capital requirements are covered at all times. There should never be a coverage gap under any circumstances through repayments of subordinated loans. Undertakings that are exposed to future repayment obligations must therefore deal thoroughly with the issue of whether additional own funds should be raised after repayments and how any corresponding emissions can be implemented.

225 The process for monitoring the loss-absorbing capacity must be appropriate for the purposes of identifying any changes that may affect the recoverability of the ancillary own-fund items and have an impact on the status of the relevant counterparties, i.e. the default or increased risk of a default of a counterparty. Changes to the structure of the ancillary own-fund items or their contractual terms and conditions must also be considered. If ancillary own-fund items are cancelled, expire or are partly or fully used or called up, then this must be recorded as part of the monitoring and the information must be forwarded as required. 2ff7e9595c