Thursday, November 27, 2008

Stand-by duty for board members

A report by Financial Times Deutschland (FTD) Online describes today that Germany's Financial Services Supervisor BaFin has instructed insurers to nominate a board member who will be available on short notice during the period from 22.12.2008 to 11.01.2009. The dynamics of the current financial crisis may require the ability to act quickly, BaFin said in a letter to the insurers, demanding a mobile telephone number and the availability to personally attend a meeting at BaFin's seat in Bonn within half a day's notice.

Whilst some insurers critcised the letter, FTD quotes industry sources that BaFin may merely be reacting to some prominent board members' comments that they would not tolerate disturbances during their winter vacations.

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