Information Duties Regulation Insurance Companies - Infov Vu

Original Language Title: Informationspflichtenverordnung Versicherungsunternehmen – InfoV-VU

Read the untranslated law here: https://www.global-regulation.com/law/austria/2996840/informationspflichtenverordnung-versicherungsunternehmen--infov-vu.html

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
15. Regulation of the financial market authority (FMA) on content and structure of the information of an insurance undertaking to insured persons or beneficiaries (entitled) (information duties regulation insurance companies - InfoV-VU)

On the basis of § 18 k para 3 of the insurance supervision Act - VAG, BGBl. No. 569/1978, as last amended by Federal Law Gazette I no. 54/2012, is prescribed:

Information before changing paid in an occupational pension group insurance

§ 1 (1) the information to be given a beneficiaries upon request prior to a possible change in paid in a corporate collective verse backup by the insurance company has to contain the following: 1. relevant parameter of the actuarial bases used during creation of the tariff and the calculation of the mathematical provisions of receiving occupational pension group insurance;

2. presentation of the systematic differences between the occupational collective insurance and pension company commitments;

3. forecast of the future development of pensions in the receiving occupational pension group insurance.

(2) as the relevant parameters according to para 1 subpara 1 are the interest rate used and the used Pension Board along with any changes to indicate.

(3) within the framework of the information referred to in paragraph 1, Z 2 has to indicate the insurance companies that it is occupational collective insurance and pension company commitments pension provision products, which although is a largely identical treatment in terms of employment and social, but differing in terms of investment, warranty service and change the used pension boards. As well is to lead that occupational collective insurance basically a guaranteed minimum pension and the use of pension boards valid for inclusion in the occupational pension group insurance is provided, while pension company commitments on the basis of the community use of income opportunities and risks regardless of the warranty options within the framework of the security VRG in accordance with § 12a PKG or a minimum income guarantee in principle no warranty provided and the possibility of amending the used pension boards.

(4) the forecast is referred to in paragraph 1 to give a possible realistic picture of the future development of pensions on the basis of the Unverfallbarkeitsbetrages acquired in the framework of the pension company commitment Z 3. Here are the relevant parameters of the receiving occupational pension group insurance be taken into account. Calculating the guarantee rate of receiving occupational pension group insurance for the development of the premium reserve and 2. income development a are 1) with an interest rate scenario in the amount of guaranteed interest of receiving occupational pension group insurance, b) with a scenario of interest equal to the overall interest of receiving occupational pension group insurance in the previous business year, c) with an interest rate scenario in the amount of 1% of the overall interest of receiving occupational pension group insurance in the previous fiscal year, and d) if higher than after lit. a, to set an interest rate scenario, amounting to 1% of the total interest on the receiving occupational pension group insurance in the previous financial year basis.

Information before changing at an upright working relationship in an occupational pension group insurance

2. (1) the information to be given a beneficiaries upon request before a potential change at upright working relationship in a corporate collective verse backup by the insurance company has to contain the following: 1. relevant parameter of the actuarial bases used during creation of the tariff and the calculation of the mathematical provisions of receiving occupational pension group insurance;

2. presentation of the systematic differences between the occupational collective insurance and pension company commitments;

3. forecast of the future development of the insurance benefits and pensions in the receiving occupational pension group insurance.

(2) as the relevant parameters according to para 1 subpara 1 are the interest rate used and the used Pension Board along with any changes to indicate.

(3) within the framework of the information referred to in paragraph 1, Z 2 has to indicate the insurance companies that it is occupational collective insurance and pension company commitments pension provision products, which although is a largely identical treatment in terms of employment and social, but differing in terms of investment, warranty service and change the used pension boards. As well is to lead that occupational collective insurance basically a guaranteed minimum pension and the use of pension boards valid for inclusion in the occupational pension group insurance is provided, while pension company commitments on the basis of the community use of income opportunities and risks regardless of the warranty options within the framework of the security VRG in accordance with § 12a PKG or a minimum income guarantee in principle no warranty provided and the possibility of amending the used pension boards.

(4) the forecast is referred to in paragraph 1 to give a most realistic picture of the future development of the insurance and pensions on the basis of the Unverfallbarkeitsbetrages acquired in the framework of the pension company commitment with expectation of staying right the last contributions of the employer and of the beneficiaries (entitled) Z 3. The relevant parameters of the receiving occupational pension group insurance, as well as the contributions of the previous financial year are taken into account. Calculating the guarantee rate of receiving occupational pension group insurance for the development of the premium reserve and 2. income development a are 1) with an interest rate scenario in the amount of guaranteed interest of receiving occupational pension group insurance, b) with a scenario of interest equal to the overall interest of receiving occupational pension group insurance in the previous business year, c) with an interest rate scenario in the amount of 1% of the overall interest of receiving occupational pension group insurance in the previous fiscal year, and d) if higher than after lit. a, to set an interest rate scenario, amounting to 1% of the total interest on the receiving occupational pension group insurance in the previous financial year basis.

Information before changing paid into a pension fund

3. (1) the information to be given an insured person upon request before a possible change in paid into a pension fund by the insurer has to contain the following: 1. height of the Unverfallbarkeitsbetrages;

2. relevant parameter of the actuarial bases used during creation of the tariff and the calculation of the mathematical provisions of losing occupational pension group insurance;

3. presentation of the systematic differences between the occupational collective insurance and pension company commitments;

4. forecast of the future development of pensions in the losing occupational pension group insurance.

(2) as parameters relevant pursuant to par. 1 Z 2 are the discount rate used and the used Pension Board along with any changes to indicate.

(3) within the framework of the information referred to in paragraph 1, Z 3 has to indicate the insurance companies that it is occupational collective insurance and pension company commitments pension provision products, which although is a largely identical treatment in terms of employment and social, but differing in terms of investment, warranty service and change the used pension boards. As well is to lead that occupational collective insurance basically a guaranteed minimum pension and the use of pension boards valid for inclusion in the occupational pension group insurance is provided, while pension company commitments on the basis of the community use of income opportunities and risks regardless of the warranty options within the framework of the security VRG in accordance with § 12a PKG or a minimum income guarantee in principle no warranty provided and the possibility of amending the used pension boards.

(4) through the forecast according to para 1 No. 4 is to give a possible realistic picture of the future development of pensions on the basis of the provision. Here are the relevant parameters of the losing occupational pension group insurance be taken into account. Calculating the guarantee rate of losing occupational pension group insurance for the development of the premium reserve and 2. income development a are 1.) with an interest rate scenario in the amount of guarantee rate of losing occupational pension group insurance, b) with a scenario of interest equal to the total interest on the losing occupational pension group insurance in the previous business year, c) with a scenario of interest at 1% over the total interest of the transferor occupational pension group insurance in the previous fiscal year, and d) if higher than after lit. a, with a scenario of interest amounting to 1% of the total return on the losing occupational pension group insurance in the previous financial year


to put reason.

Information before changing at an upright working relationship in a pension fund

4. (1) the information to be given an insured person upon request before a potential change at an upright working relationship in a pension fund by the insurer has to contain the following: 1. height of the Unverfallbarkeitsbetrages;

2. relevant parameter of the actuarial bases used during creation of the tariff and the calculation of the mathematical provisions of losing occupational pension group insurance;

3. presentation of the systematic differences between the occupational collective insurance and pension company commitments;

4. forecast of the future development of the insurance and pensions in the losing occupational pension group insurance.

(2) as parameters relevant pursuant to par. 1 Z 2 are the discount rate used and the used Pension Board along with any changes to indicate.

(3) within the framework of the information referred to in paragraph 1, Z 3 has to indicate the insurance companies that it is occupational collective insurance and pension company commitments pension provision products, which although is a largely identical treatment in terms of employment and social, but differing in terms of investment, warranty service and change the used pension boards. As well is to lead that occupational collective insurance basically a guaranteed minimum pension and the use of pension boards valid for inclusion in the occupational pension group insurance is provided, while pension company commitments on the basis of the community use of income opportunities and risks regardless of the warranty options within the framework of the security VRG in accordance with § 12a PKG or a minimum income guarantee in principle no warranty provided and the possibility of amending the used pension boards.

(4) by the forecast Z 4 referred to in paragraph 1 on the basis of aggregate policy reserves assuming of staying right the last payments of premiums of the employer and of the beneficiaries (entitled) to give a most realistic picture of the future development of the insurance benefits and pensions. The relevant parameters of the occupational pension group insurance and the premiums of the previous financial year are taken into account. Calculating the guarantee rate of losing occupational pension group insurance for the development of the premium reserve and 2. income development a are 1.) with an interest rate scenario in the amount of guarantee rate of losing occupational pension group insurance, b) with a scenario of interest equal to the total interest on the losing occupational pension group insurance in the previous business year, c) with a scenario of interest at 1% over the total interest of the transferor occupational pension group insurance in the previous fiscal year, and d) if higher than after lit. a, to back up with a scenario of interest amounting to 1% of the total interest on the losing occupational pension group insurance in the previous financial year basis.

Outline

§ 5. The information referred to in paragraphs 1 to 4 are in section 1, paragraph 1, provided order to article 2, paragraph 1, article 3, paragraph 1, and article 4, paragraph 1.

Ettl Pribil