Regulation of the Financial Markets Authority (FMA) on the content and structure of the information provided by an insurance undertaking to insured persons or entitled persons entitled to the protection of the rights of the insurance undertaking (Information Obligations Ordinance on insurance undertakings-InfoV-VU)

Due to § 18k (3) of the Insurance Supervisory Act-VAG, BGBl. No 569/1978, as last amended by the Federal Law BGBl. I No 54/2012, shall be arranged:

Information prior to change in case of performance in a company collective insurance

§ 1. (1) The information to be provided by the insurance undertaking to an eligible person on request before a possible change in the event of performance in an operational collective insurance shall contain the following:

1.		relevant parameters of the actuarial basis of the receiving occupational collective insurance used in the preparation of the tariff and the calculation of actuarial provisions;
2.		Presentation of the systematic differences between collective insurance schemes and pension fund commitments;
3.		Forecast of the future development of old-age pension provision in the receiving company collective insurance.

(2) The relevant parameter referred to in paragraph 1 (1) (1) shall be indicated as the invoice rate used and the pension board used, together with any changes which may be made.

(3) In the context of the information referred to in paragraph 1 (2), the insurance undertaking has to point out that, in the case of collective insurance undertakings and pension schemes, it is a case of pension products which, although a large number of persons, are Treatment in terms of labour and social law, but which differ in terms of the assessment, guarantee benefits and changes in the pension boards used. It should also be noted that, in the case of collective insurance undertakings, there is in principle provision for a guaranteed minimum pension and the use of the pension boards valid for inclusion in the collective insurance scheme, while in the case of collective insurance undertakings, the pension plans are subject to a minimum of Pension fund pledges on the basis of the communal traits of earnings opportunities and risks, irrespective of the guarantee possibilities under the security VRG pursuant to § 12a PKG or a minimum term guarantee in principle, no guarantee benefits , and the possibility of amending the Pension boards.

(4) The forecast provided for in paragraph 1 (1) (3) shall provide as realistic a picture as possible of the future development of retirement provision on the basis of the inconspicuity amount acquired in the context of the commitment to the pension fund. The relevant parameters of the receiving company collective insurance should be taken into consideration. The calculation shall be

1.		the guarantee interest of the receiving company collective insurance for the development of the cover provision and
2.		a revenue development
a)			with an interest rate scenario in the amount of the guarantee interest of the receiving company collective insurance,
b)			with an interest rate scenario in the amount of the total interest rate of the receiving company collective insurance in the previous financial year,
c)			with an interest rate scenario of 1% above the total interest rate of the receiving company collective insurance in the previous financial year and
d)			if higher than in the case of lit. a, with an interest rate scenario of 1% below the total interest rate of the receiving company collective insurance in the previous financial year
to basically lay down.

Information prior to change in the case of an up-to-date employment relationship in a collective insurance company

§ 2. (1) The information to be provided by the insurance undertaking to an eligible person on request before a possible change in the employment relationship in an operational collective insurance shall contain the following:

1.		relevant parameters of the actuarial basis of the receiving occupational collective insurance used in the preparation of the tariff and the calculation of actuarial provisions;
2.		Presentation of the systematic differences between collective insurance schemes and pension fund commitments;
3.		Forecast of the future development of insurance performance and retirement provision in the receiving company collective insurance.

(2) The relevant parameter referred to in paragraph 1 (1) (1) shall be indicated as the invoice rate used and the pension board used, together with any changes which may be made.

(3) In the context of the information referred to in paragraph 1 (2), the insurance undertaking has to point out that, in the case of collective insurance undertakings and pension schemes, it is a question of pension provision products in which, although there is a wide Treatment in terms of labour and social law, but which differ in terms of the assessment, guarantee benefits and changes in the pension boards used. It should also be noted that, in the case of collective insurance undertakings, there is in principle provision for a guaranteed minimum pension and the use of the pension boards valid for inclusion in the collective insurance scheme, while in the case of collective insurance undertakings, the pension plans are subject to a minimum of Pension fund pledges on the basis of the communal traits of earnings opportunities and risks, irrespective of the guarantee possibilities under the security VRG pursuant to § 12a PKG or a minimum term guarantee in principle, no guarantee benefits , and the possibility of amending the Pension boards.

(4) The forecast provided for in paragraph 1 (1) (3) shall be based on the non-falsiveability amount acquired under the pension fund commitment, assuming that the last contributions of the employer and the person entitled to legal protection have been maintained. to give as realistic a picture as possible of the future development of insurance and pensions. The relevant parameters of the receiving company collective insurance as well as the contribution payments of the previous financial year must be taken into consideration. The calculation shall be

1.		the guarantee interest of the receiving company collective insurance for the development of the cover provision and
2.		a revenue development
a)			with an interest rate scenario in the amount of the guarantee interest of the receiving company collective insurance,
b)			with an interest rate scenario in the amount of the total interest rate of the receiving company collective insurance in the previous financial year,
c)			with an interest rate scenario of 1% above the total interest rate of the receiving company collective insurance in the previous financial year and
d)			if higher than in the case of lit. a, with an interest rate scenario of 1% below the total interest rate of the receiving company collective insurance in the previous financial year
to basically lay down.

Information before switching to a pension fund in case of performance

§ 3. The information to be provided by the insurance undertaking to an insured person on request before a possible change in the performance of a pension fund shall contain the following information:

1.		the level of the inconspicuity;
2.		relevant parameters of the actuarial basis of the imparting company collective insurance, used in the preparation of the tariff and the calculation of actuarial provisions;
3.		Presentation of the systematic differences between collective insurance schemes and pension fund commitments;
4.		Forecast of the future development of old-age pension provision in the discontinuing company collective insurance scheme.

(2) The relevant parameter referred to in paragraph 1 (2) of this Regulation shall be the rate of invoice used and the pension board used, together with any changes which may be made.

(3) In the context of the information referred to in paragraph 1 (3), the insurance undertaking has to point out that, in the case of collective insurance undertakings and pension schemes, pension schemes are those which, although they are very similar to those of the Treatment in terms of labour and social law, but which differ in terms of the assessment, guarantee benefits and changes in the pension boards used. It should also be noted that, in the case of collective insurance undertakings, there is in principle provision for a guaranteed minimum pension and the use of the pension boards valid for inclusion in the collective insurance scheme, while in the case of collective insurance undertakings, the pension plans are subject to a minimum of Pension fund pledges on the basis of the communal traits of earnings opportunities and risks, irrespective of the guarantee possibilities under the security VRG pursuant to § 12a PKG or a minimum term guarantee in principle, no guarantee benefits , and the possibility of amending the Pension boards.

(4) The forecast provided for in paragraph 1 (1) (4) shall provide as realistic a picture as possible of the future development of retirement provision on the basis of the cover provision. In this context, the relevant parameters of the issuing company collective insurance must be taken into account. The calculation shall be

1.		the guarantee interest of the surrender company collective insurance for the development of the cover provision and
2.		a revenue development
a)			with an interest rate scenario in the amount of the guarantee interest of the operating collective insurance that is issued,
b)			with an interest rate scenario in the amount of the total interest rate of the operating collective insurance in the previous financial year,
c)			with an interest rate scenario of 1% above the total interest rate of the imparting company collective insurance in the previous financial year and
d)			if higher than in the case of lit. a, with an interest rate scenario of 1% below the total interest rate of the discontinuing company collective insurance in the previous financial year
to basically lay down.

Information before switching to a pension fund when the employment relationship is open

§ 4. The information to be provided by the insurance undertaking to an insured person on request before a possible change in the employment relationship with a pension fund shall contain the following:

1.		the level of the inconspicuity;
2.		relevant parameters of the actuarial basis of the imparting company collective insurance, used in the preparation of the tariff and the calculation of actuarial provisions;
3.		Presentation of the systematic differences between collective insurance schemes and pension fund commitments;
4.		Forecast of the future development of insurance performance and retirement provision in the discontinuing company collective insurance scheme.

(2) The relevant parameter referred to in paragraph 1 (2) of this Regulation shall be the rate of invoice used and the pension board used, together with any changes which may be made.

(3) In the context of the information referred to in paragraph 1 (3), the insurance undertaking has to point out that, in the case of collective insurance undertakings and pension schemes, pension schemes are those which, although they are very similar to those of the Treatment in terms of labour and social law, but which differ in terms of the assessment, guarantee benefits and changes in the pension boards used. It should also be noted that, in the case of collective insurance undertakings, there is in principle provision for a guaranteed minimum pension and the use of the pension boards valid for inclusion in the collective insurance scheme, while in the case of collective insurance undertakings, the pension plans are subject to a minimum of Pension fund pledges on the basis of the communal traits of earnings opportunities and risks, irrespective of the guarantee possibilities under the security VRG pursuant to § 12a PKG or a minimum term guarantee in principle, no guarantee benefits , and the possibility of amending the Pension boards.

(4) The forecast provided for in paragraph 1 (1) (4) provides as realistic a picture of the future as possible on the basis of the cover provision, assuming that the last payments made by the employer and the person entitled to the award of the right of interest are maintained. development of insurance and retirement provision. The relevant parameters of the issuing company collective insurance as well as the premium payments of the previous financial year must be taken into account. The calculation shall be

1.		the guarantee interest of the surrender company collective insurance for the development of the cover provision and
2.		a revenue development
a)			with an interest rate scenario in the amount of the guarantee interest of the operating collective insurance that is issued,
b)			with an interest rate scenario in the amount of the total interest rate of the operating collective insurance in the previous financial year,
c)			with an interest rate scenario of 1% above the total interest rate of the imparting company collective insurance in the previous financial year and
d)			if higher than in the case of lit. a, with an interest rate scenario of 1% below the total interest rate of the discontinuing company collective insurance in the previous financial year
to basically lay down.

Outline

§ 5. The information in accordance with § § 1 to 4 shall be classified in the order provided for in § 1 (1), § 2 (1), § 3 (1) and § 4 (1).

Ettl Pribil