396th regulation of the financial market authority (FMA), modifies the maximum interest rate regulation
On the basis of § 85 para 1 and 2 No. 2 of the insurance supervision Act - VAG, BGBl. No. 569/1978, as last amended by Federal Law Gazette I no. 184/2013, is prescribed:
The regulation of the financial market authority mark (FMA), used to set a maximum rate for the calculation of the technical provisions in life insurance warning (maximum interest rate regulation), Federal Law Gazette No. 70/1995, last amended by regulation Federal Law Gazette II No. 354/2012, is amended as follows:
1. paragraph 3:
"3. (1) insurance undertakings have to form an interest additional provision for the opposite the versi insured interest obligations, if sufficient current or expected income from the finances not to cover these obligations. The interest additional provision is in accordance with paragraph 2 and to make when the calculation evaluates to a value greater than 0.
(2) the interest additional provision is to make at least the following height:
The value of interest supplementary provisions (nper) in the years t emerges as a product from the premium reserve at time t-1 (section 81 c para 3 lit. D.II. VAG) and the average guaranteed interest rate of life insurance portfolios of the insurance undertaking, where t fiscal year, DRt the provision in the year t, ZZRt the interest additional provision in the year t, t the average assumed interest rate of an insurance company in t, the average rate of all Austrian insurance undertakings in the year 2012 and RZSt the reference interest rate in year t referred to. Reference interest rates the annual value of the secondary market yield of Austrian Federal bonds, or index arising in its place is to be used. The difference between the average rate of all Austrian insurance undertakings in the year 2012 and the reference interest rate in 2012 is 1.45 VH.
(3) the interest additional provision is a lump-sum provision which attributable to it wise and not the coverage capital of individual insurance contracts is as premium reserve.
(4) the basis for the revenue share within the meaning of § 18 para 4 is VAG in the to relating with article 3, paragraph 1 profit sharing regulation, BGBl. II. No. 398/2006 in the version of regulation BGBl. No. 397/2013 II can negatively, interest additional provision maximum dissolve in the goodwill contribution. The resolution was to be again disposed of interest supplementary provision evenly within at the latest five years after the dissolution of the value referred to in paragraph 2 is not reached.
"(5) for insurance contracts in accordance with §§ 108 g until 108i of the income tax Act (EStG 1988), BGBl. 1988 No. 400/1988 amended by Law Gazette I no. 156/2013 (State-sponsored retirement provision), for which a supplementary provision in accordance with Zusatzrückstellungs regulation, Federal Law Gazette II No. 450/2003 in the version of regulation Federal Law Gazette II No. 358/2010 is formed is to make as far as no interest additional provision."
2. According to § 6 section 7 the following paragraph 8 is added:
"(8) article 3, paragraph 1 to 5 in the version of regulation BGBl. II is no. 396/2013 to apply for the first time on GE schäftsjahre, that after December 30, 2013 end."
Ettl Kumpf Müller