BaFin calls for transparency
The German financial services regulator, BaFin, has expressed concern about the wave of variable annuity and other guaranteed life products being sold to German customers from overseas jurisdictions. According to Thomas Steffen, head of insurance supervision at BaFin: "What I see are innovative products coming from European providers located, for example, in Ireland and entering some other European markets with guarantees above what is allowed in Germany."
With traditional guaranteed German life
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