Schwankungsrückstellungs Regulation 2016 - Vu Swrv 2016

Original Language Title: Schwankungsrückstellungs-Verordnung 2016 – VU-SWRV 2016

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315. Regulation of the financial market authority (FMA) on the formation of an equalization in the property - casualty insurance companies (Schwankungsrückstellungs regulation 2016 - VU SWRV 2016)

On the basis of section 139 of the insurance supervision law 2016 - VAG 2016, Federal Law Gazette I. No. 34/2015, as last amended by the Federal Act Federal Law Gazette I no. 112/2015, is with the consent of the Federal Minister of finance prescribed:

1 section

General terms and conditions

Insurance branch and Division

1. (1) when insurance branch in the sense of this Regulation shall apply:



1. accident insurance;

2. liability insurance: a) General liability insurance;

b) nuclear liability insurance;

3. motor vehicle liability insurance;

4. motor vehicle insurance;

5. motor vehicle - passenger accident insurance;

6. aviation insurance: a) flight liability insurance;

(b) flight insurance;

(c) Aviation passenger accident insurance;

7 legal expenses insurance;

8 fire insurance: a) insurance industry;

(b) fire business interruption insurance;

(c) other fire insurance;

9 Einbruchdiebstahlversicherung;

10 tap water damage insurance;

11 Glasbruchversicherung;

12 storm damage insurance;

13 household insurance;

14 hail insurance;

15 pet insurance;

16 machine insurance: a) machines business interruption insurance;

b) other machine insurance;

17 computer insurance;

18. transport insurance: a) baggage insurance;

b) other transport insurance;

19 credit insurance;

20 construction insurance;

21 other insurance.

(2) as a business unit in the sense of this Regulation shall apply:



1. disability insurance;

2. work accident insurance;

3. motor vehicle liability insurance;

4. other motor insurance;

5. Marine, aviation and transport insurance;

6 fire and other property insurance: a) fire insurance;

b) hail insurance;

(c) other non-life insurance;

7. General liability insurance;

8 credit and deposit insurance: a) credit insurance;

b) surety insurance;

9 legal expenses insurance;

10 assistance;

11. miscellaneous financial loss;

12. other insurances.

(3) a first-level insurance branch is a branch of insurance specified in subsection 1 with numbers. A first-level Division is a Division in para 2 with numbers known. An insurance branch which is second level one in para 1 with lowercase letters designated insurance branch. A second-level Division is a business unit specified in para 2 with lowercase letters.

(4) equalization is to make the insurance branch of first level referred to in paragraph 1 or for the operations referred to in paragraph 2 in accordance with the provisions of the third section.

(5) instead of the branches of the insurance referred to in paragraph 1 the first level of the volatility reserve also for the branches of insurance referred to in paragraph 1 the second level can be made. A fluctuation provision for the operations referred to in paragraph 2, is mandatory to make separately on the second level for the Division 6 ("fire and other property insurance") and for the divisions 8 ("credit and suretyship insurance"). A formation of the volatility reserve at the level of the first-level Division is excluded for these two business areas.

(6) the transition from the first layer to the second level is allowed only in the fiscal year in which the requirements pursuant to § 9 are first met for at least an insurance branch of the second level. For more than a second-level insurance branch qualify for the first time at the same time, an existing equalization in the ratio of the nominal amounts is so divided.

(7) the requirement of section 9 within the second level for any of the classes referred to in paragraph 1 more Z 1 met, so can be passed to the appropriate insurance branch of first level.

(8) for the exercise of the right to vote in accordance with § 1 para 4 is to apply the principle of continuity. A change from the classes of insurance referred to in paragraph 1 in paragraph 2 is divisions referred to or a change of the operations referred to in paragraph 2 on the branches of insurance referred to in paragraph 1 only if special circumstances and in accordance with the § 222 para 2 first sentence UGB spoken to objective allowed. The companies have to specify the change in year-end advanced to the annex, to establish and to demonstrate their influence on the asset, financial and earnings position of the company. An existing equalization is divided in the ratio of the nominal amounts on the newly elected insurance branches and divisions. The data of the observation period referred to in paragraph 2 are to adapt to the newly elected insurance branches and divisions.

Observation period

2. (1) the 15 in the hail insurance pursuant to section 1 para 1 No. 14, para 2 No. 6 lit are each observation period. b and in the credit insurance pursuant to section 1 para 1 No. 19, par. 2 Z 8 lit. a each 30 immediately preceding fiscal years fiscal years.

(2) an insurance undertaking not operates a branch of insurance or a division even during the entire observation period referred to in paragraph 1, but at least ten years prior to the fiscal year, so all fiscal years are considered each observation period.

Claims ratio, average loss ratio, variance

3. (1) the claims ratio for a financial year is the ratio of accrued insurance benefits in the excess including the expenses for the bonus and rebates in the excess to the deferred bonuses in the excess percentage.

(2) the average claims ratio is the arithmetic mean of the loss ratios of the observation period referred to in section 2.

(3) see variance is the difference between the average claims ratio (section 3 para 2) the observation period referred to in section 2 and the loss ratio of the respective financial year referred to in paragraph 1.

(4) accrued insurance benefits correspond to the expenses of insurance claims with the exception of expenses for claims settlement and prevention.

Cost rate, average costs

4. (1) the expense ratio for a fiscal year is the ratio of expenditures on insurance business including technical expenses and expenses for the control and prevention of insurance cases, less underwriting income for the accrued premiums in percent. Expenses and income from reinsurance cessions, that are included in the for the determination of the cost rate applicable expenses and income are not taken into account (accounts).

(2) for insurance branches in accordance with § 1 para 1 and divisions in accordance with § 1 para 2, a common uniform cost is each to determine.

(3) will be for an individual insurance branch in accordance with section 1, paragraph 1, or for a single Division in accordance with § 1 para 2 a cost on the basis of internal cost accounting determined, can this for that individual insurance branch or used for this single business area. The allocation of the expenses is to carry out this causation according to and a change of the applied procedure of distribution only in special circumstances allowed.

(4) the average expense ratio is the arithmetic mean of the rates of the last three financial years of the observation period referred to in section 2.

Marginal loss rates

§ 5. The border claims ratio is the difference between 100% and the average expense ratio.

Variance, standard deviation

§ 6. The variance of the loss ratios of the observation period referred to in section 2 is the sum of the squares of deviations (sec. 3 para. 3) the observation period divided by the number of the years of the observation period decreased by one. The standard deviation is the square root of the variance.

Lower damage amount, amount of the excess loss

Section 7 (1) the claims ratio of the business year in accordance with § 3 paragraph 1 under the average claims ratio pursuant to § 3 para 2, than a lower damage amount as the product of the gated Eigenbehaltsprämien of the year and the difference from the average claims ratio and the damage rate of the year to determine.

(2) the claims ratio of the business year in accordance with § 3 paragraph 1 above the average loss rate pursuant to § 3 para 2, an excess amount of the loss as the product of the gated Eigenbehaltsprämien of the year and the difference between the damage rate of the financial year and the average claims ratio is to determine. The average claims ratio is less than the marginal damage rate pursuant to § 5, the excess damage amount to 60% of the difference multiplied by the gated Eigenbehaltsprämien of the fiscal year from marginal loss rates and average loss ratio, up to a maximum to the amount of the excess loss decreases.

2. section

Approach to the indirect business


Section 8 (1) for the purposes of establishing an equalization can be summed up the direct and indirect business of a branch of insurance or a business unit. Is a separate calculation of equalization is performed, it is permitted to summarize the classes referred to in paragraph 1 Z 3 to 5, Z 8 to 13 and 16 Z and Z 17 for indirect business.

(2) the determination of pay rates pursuant to section 4 can be made separately in separate calculation for the direct and indirect business.

(3) a change from a procedure selected pursuant to paragraph 1 or paragraph 2 is allowed at entry into force of this regulation and thereafter only if special circumstances and has to comply with the principle of continuity. § 1 subsection 8 third sentence shall apply.

3. section

Formation and resolution of a volatility reserve

Conditions for the formation of a volatility reserve

§ 9. For each individual insurance class in accordance with § 1 para 1 or business pursuant to section 1 para 2 is an equalization pursuant to this regulation to make if



1 the gated Eigenbehaltsprämien the average of the last three fiscal years, including the fiscal year exceed 150,000 euros, 2. at least five percentage points is the standard deviation of the claims rates of the observation period according to § 2 of the average claims ratio in accordance with § 3 par. 2 and 3 at least once has exceeded the sum of the loss ratio and expense ratio in the observation period referred to in section 2 100%.

Debit amount

The nominal amount of the equalization is § 10 (1) in the hail insurance pursuant to section 1 para 1 No. 14 and § 1 para 2 No. 6 lit. (b) as well as in the credit insurance pursuant to section 1 para 1 No. 19 and § 1 paragraph 2 Z 8 lit. a six times, and in all other business lines in accordance with § 1 para 1 and divisions in accordance with § 1 para 2 the grow of the standard deviation of the claims rates of the observation period according to § 2 of the average claims ratio in accordance with § 3 par. 2 multiplied by the gated Eigenbehaltsprämien of the year.

(2) is less than the average claims ratio (§ 3 par. 2) the marginal loss rates (section 5), it is in all classes of insurance referred to in article 1, paragraph 1, and all divisions in accordance with § 1 para 2 multiplied by the gated Eigenbehaltsprämien of the fiscal year of the amount determined in accordance with paragraph 1 to pull off the triple difference between marginal damage rates and average claims ratio. This hail insurance are the insurance branch pursuant to § 1 paragraph 1 Z 14 and the business area of hail insurance in accordance with § 1 para 2 No. 6 lit. b excluded.

(3) the Equalization provision shall not exceed the nominal amount. An excess of the target amount, through advancements in accordance with § 11 or § 12 the feeder is to shorten accordingly. Is the nominal amount at the end of the business year, the volatility reserve at the end of the previous financial year, the difference in the financial year is anyway to resolve. Article 14, paragraph 1 shall apply for the resolution.

Damage-independent supply

§ 11. The volatility reserve are in each fiscal year regardless of the claims initially to feed 1,5% of the nominal amount transferred.

Damage-specific feed

12 the loss ratio of the business year in accordance with § 3 paragraph 1 under the average claims ratio in accordance with § 3 par. 2 §, than the volatility reserve to the lower amount of damages pursuant to § 7 para 1 to increase.

Damage-dependent sampling

13 the claims ratio of the business year in accordance with § 3 paragraph 1 above the average loss rate pursuant to § 3 para 2 section, than the volatility reserve to the amount of the excess loss pursuant to § 7 para 2 to reduce.

Resolution of the Equalization

Not all the conditions for the equalisation provision pursuant to section 9 is satisfied to resolve the Equalization are section 14 (1). The resolution can be distributed evenly over the fiscal year and the following four years.

(2) if the volatility reserve is unable to resolve, if the requirements pursuant to § 9 in the fiscal year are not met, is clear, however, that these in the following fiscal year will be satisfied. In this case, the volatility reserve by the end of the fiscal year preceding the fiscal year amounting to remain unchanged in the balance sheet as of the end of the financial year is to take over.

4 section

Introduction of business lines and divisions.

Section 15 (1) of operating an insurance branch in accordance with section 1, paragraph 1 or a Division in accordance with § 1 para 2 is added, is the third section of this regulation for the first time to apply as soon as an at least three years its own observation period available. The own observation period begins at the earliest with the fiscal year in which the gated Eigenbehaltsprämien of the concerned insurance branch or Division for the first time exceed €150,000. The own observation period is that claims rates on a ten-year period to add VAG 2016 arising Z 1 from the data of insurance companies in accordance with § 5 authorized for the operation of the relevant insurance branch or Division headquartered in Germany; These data are provided the insurance companies by the FMA.

(2) can a ratio of the company for earlier business years of the observation period not be determined in the cases of paragraph 1, the average expense ratio of the own observation period shall be deemed cost of the previous fiscal years.

5. section

Entry into force and transitional provisions

Entry into force

§ 16. This regulation comes into force on January 1, 2016 and is to apply for the first time to fiscal years beginning after December 31, 2015.

Transitional provision

Section 17 (1) is designated an equalization in an insurance branch in accordance with section 1, paragraph 1, or in a business area in accordance with § 1 para 2 to the end of the fiscal year preceding the first application of this regulation and the prerequisites to the formation of an equalization (section 9) according to the previous method of calculation would be met also in the fiscal year of initial application of this regulation, the requirements pursuant to § 9 are not available but , article 14, paragraph 1 shall apply.

(2) is on the basis of this regulation in accordance with § 10 debit amount determined under the for a particular branch of insurance referred to in article 1, paragraph 1 or business pursuant to section 1 para 2 to the end of the fiscal year preceding the first application of this regulation formed equalization, article 14, paragraph 1 shall apply for the resolution of the difference.

(3) in the business year of the initial formation of a volatility reserve and in the following six years it is permissible to reduce the resulting after the third section contribution payments in accordance with paragraph 4.

(4) in the application of paragraph 3, the contribution payments arising for individual insurance in accordance with § 1 para 1 or divisions in accordance with § 1 para 2 in the ratio are to cut back, the the ratio of the sum of all contribution payments minus the sum of all resulting calculated withdrawal amounts, as far as these existing at the end of the previous financial year if the volatility reserve of the insurance branch pursuant to section 1 para 1 or exceed Division in accordance with section 1, paragraph 2 that is equivalent to the sum of all contribution payments. The reduction process is to proceed separately for direct and indirect business if the volatility reserve is determined separately.

Ettl Kumpf Müller