The directors of insurance companies must be fit and proper persons. Professional competence requires adequate theoretical and practical knowledge in insurance activities, and management experience. This is to assume a regular basis, if a three-year managerial position is demonstrated by an insurance company of similar size and type of business law. Directors who are natural persons who are called by law or statute or as authorized agent of an office in a Member State of any party to the Agreement to manage the business and to represent the insurance company. For the manager may not be appointed, who has been working with two insurance companies, pension funds, insurance holding company or an insurance special purpose vehicles as Leader. If this is the same company or insurance group, the supervisory authority may allow more seats.

The owner of a major holding in the insurance company must satisfy the interest in a sound and prudent management of the insurance company on the appropriate standards, in particular, be reliable. If the participation of legal entities or commercial partnerships required to follow the same course, for those people who are called according to law, the Articles of Association to manage the business and to represent, and for the general partners. A significant interest exists when, whether in equity or in foreign interest, directly or indirectly through one or more subsidiaries or a similar relationship or interaction with other persons or companies hold at least 10 percent of the capital or voting rights of a stock insurance company or fund a insurance company will be held on reciprocity or be exercised over the management of another company a significant influence can. Not considered to remain the voting rights or shares which investment firms or credit institutions in the issuing business in accordance, provided that those rights are not exercised or otherwise used to intervene in the management of the issuer, and they are disposed of within one year from the date of acquisition. The shares are held indirectly the persons and companies involved indirectly attributable to the full. Subsidiaries are companies that are regarded as subsidiaries within the meaning of the Commercial Code or on which a dominating influence can be exercised without whatever the legal form and registered office. Parent company, companies benefiting from the parent company within the meaning of the Commercial Code or to exercise a controlling influence are, without that whatever the legal form and registered office. Control exists when a company is considered in relation to a company other than parent or if there is between a natural or legal person and an undertaking a similar relationship.

The members of the board of directors of insurance companies or pension fund or an insurance holding company or a mixed financial holding company must be reliable and to the supervisory function as well as to assess and monitor transactions, which the company operates, possess the necessary expertise. In determining whether a person referred to has the necessary expertise, taking into account the supervisory authority, the scope and complexity of the insurance company or from pension funds operated business and the characteristics of institutions for occupational retirement provision in relation to the occupation of the Supervisory Board by representatives of the employers and employees of the sponsoring company. Who was Leader, can not a member of the administrative or supervisory body headed by the company he will be ordered if you already have two former directors of the company are members of the administrative or supervisory body. It can not be appointed, who carries just five boards of control under the supervision of the Federal Agency related companies, boards of companies in the same insurance company or group are not taken into consideration.