300th regulation of the financial market authority (FMA) on the report of the responsible actuary (insurance company actuary report regulation VU-AktBV)
On the basis of article 116 paragraph 3 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 prescribed:
§ 1. Following definitions shall apply for the purposes of this Regulation:
1 year: the fiscal year which the actuarial report is created.
2. legacy: tariffs, which no longer have been offered in the year under review for sale, of which there are still contracts in its portfolio.
3. new stock: tariffs, which have been offered in the year under review for sale.
4. types of insurance in life insurance: a) mixed ER and death insurance and pure experience insurance;
b) pure death insurance including credit payment protection insurance;
(c) pension insurance;
(d) State-sponsored retirement provision in accordance with the § 108 g to 108i of the income tax Act 1988 - EStG 1988, Federal Law Gazette No. 400/1988, as amended by Federal Law Gazette I no. 118/2015 (PZV);
e) unit-linked life insurance (excluding PZV);
(f) Indexgebundene life insurance (excluding PZV);
g) Kapitalanlageorientierte life insurance;
h) occupational pension group insurance;
(i) disability insurance (including benefits and disability insurance);
(j) insurance against serious illnesses (dread disease insurance);
k) long-term care insurance;
(l) any other type of insurance.
5. types of insurance in health insurance like life insurance: a) health insurance (inpatient and outpatient rates);
b) hospital expense insurance;
c) sickness insurance;
d) health care insurance;
(e) any other type of insurance.
6 embedded option: A contractually or legally defined right of the policyholder to one or more future dates certain for the exercise of the option are necessary conditions met, the insurance contract so to intervene in, that changed future, i.e. This following the exercise of the embedded option cash flows with respect to their timing, height, or probability of occurrence. Anyway, buy-back options, premium positions, pension election law with guaranteed accounting principles (in particular Pension Board and assumed interest rate), insurance guarantees include marriage, death or birth of a child, Pfleger ducks options, payout options of part of, capital vote deferred annuity, deferral options, renewal options, call options, index clauses or increases the insurance sum.
7 billing Association: part of the stock of the entire insurance portfolio for qualifying life insurance contracts which is made causing suit to make the profit-sharing, and summarizes the insurance contracts that contribute to the profit according to their structure in the same way.
Form of delivery
2. (1) the actuarial report is the FMA portable developed by the company of Adobe Systems document format (PDF) electronic means to transmit. The PDF document is without sending limit functionality.
(2) the auditor's report in accordance with article 3 para. 3 is item 3 by the actuary to sign and submit to the FMA in scanned form.
Outline of the actuarial report
§ 3 (1) which actuarial report has to include a title page, emerge from the following data:
1. identification; Legal entity identification (legal entity identifier code, short: LEI-code); Address; Telephone number and website of the insurance undertaking;
2. name, E-Mail address and telephone number of the responsible actuary;
3. name, E-Mail address and telephone number of the Deputy responsible actuary;
4th Division ("life insurance"; ("Health insurance like life insurance" or "Accident insurance like life insurance (UPR)");
5. date of the actuarial report;
(2) the actuarial report has in life insurance and health insurance like life insurance separately and in the prescribed order of the items listed in paragraph 3. This classification scheme is to apply by analogy for the UPR.
(3) the actuarial report can be divided in following items:
2.1. changes and innovations in the year under review 2.2. development of the premium reserve 2.3. interest additional provision 2.4. lump-sum provisions 2.5. extraordinary contributions 2.6. PZV additional default 2.7. analysis of the Technical result 2.8. profit sharing including minimum tax base 2.9. reinsurance 2.10. Miscellaneous
3.1. audit opinion and rationale 3.2. signature of the responsible actuary
4.1. verification in accordance with article 92 par. 2 VAG 2016 4.2. collection of tariffs of 4.3. other (4) are not versions to individual items from paragraph 3 due to lack of relevance, so are to carry these items in the actuarial report and the note "eliminates".
(5) the pages in the actuarial report are with "page x of y" number, where "x" the current page and "y" referred to the total number of pages in the actuarial report.
(6) immediately after the title page contents has to follow, in which the outline in accordance with paragraph 3, including the page number, under which the corresponding item is to find is led.
Content of the outline items
§ 4. The contents of certain items according to § 3 para 3 are defined as follows:
1. General information (item 1): here are general explanations and comments to the actuarial report to lead.
2. changes and innovations in the year under review (item 2.1.): Changes and innovations in the year under review, for example, new tariffs, set rates, new responsible actuary or Deputy here, to specify.
3. development of the premium reserve (post 2.2): it is the development of the amount of the premium reserve in accordance with § 152 VAG 2016 to indicate the reporting year and the four previous fiscal years for any type of insurance referred to in § 1 Z 4 and Z 5. Also is to make an assessment of the future development of the safety margins that are contained in the used accounting principles and to establish, in particular, with expected investment income and the development of the average Bill rate are taken into account. If the aggregate policy reserves for the insurance type "other type of insurance" according to § 1 No. 4 lit. l constitutes more than 1% of the total premium reserve, is to note this here and there are in the price range "other insurance type" list mentioned tariffs. It is to determine whether the provision included future expenses for administrative costs, including commissions, so far as they are not covered by future premiums, whether the calculation of the premium reserve for each individual contract or group of contracts in total or by means of a statistical approximation procedure was carried out (statistical approximation methods are extensively to describe and justify), and whether that contractually or legally guaranteed premium reserve repurchase values in life insurance , the claims at premium position, the already acquired rights of the policyholder on profit-sharing and that the policyholder granted embedded options adequately addressed.
4. interest additional provision (item 2.3.): this item is relevant only for life insurance. The actual values (in the case of excess funding) and the target values, the average guaranteed interest rate and calculate relevant aggregate policy reserves shall be indicated for the last three balance sheet dates and the next balance sheet date. Special aspects that must be taken into account to calculate the target values, are also to specify. The development of interest supplementary provision is to analyze future earnings situation.
5. lump-sum provisions (item 2.4): provided for General risks involving a breakdown on the individual contracts cannot be carried out, in particular for non-calculated embedded options pursuant to section 1, no. 6, are made within the framework of the lump-sum provisions, provision, separately from this fixed provision and justify are.
6 extraordinary allocations (item 2.5): extraordinary contributions according to article 301 para 5 VAG 2016 are to specify and explain.
PZV additional default (item 2.6.): g is an additional provision in accordance with the State-sponsored retirement provision additional provisions regulation - PZV ZRV, BGBl. at the State-sponsored retirement provision in accordance with § 108 108i EStG 1988 to specify II No. 297/2015, in the amended form, whose height is. In addition are to describe the models used for its calculation and parameters in detail and to explain. It is also to lead, to specify as the stock market has been determined, their volatility has been used for the calculation of the maximum loss in accordance with § 3 PZV ZRV and the data source from which the used volatility or the data used to calculate the volatility were involved. The volatility calculated by the company, the formulas and records are to lead, which have been used for calculating the volatility. In addition is to indicate the development of the amount of the additional provision since the introduction of the tariff. In any case, is to specify what percentage of equity stock in the State-sponsored retirement provision in the year under review the average were covered. The arithmetic mean of the protection levels to the last day of each month in the year under review is to be used for averaging. Also is the lowest level of protection to lead, from which a supplementary provision in accordance with the PZV ZRV is required. The calculation of this limit is to represent. In addition, the smallest loss in value of the shares in the portfolio of the State-sponsored retirement provision is to specify from which a supplementary provision in accordance with the PZV ZRV is necessary. The calculation of this limit is to represent. External capital guarantees or protection measures they are to explain. The term is explicitly specify, as well as to renew the ways.
8 analysis of the Technical result (item 2.7.): the individual profit sources, such as mortality result, net interest income, supplementary result (comparison of technical and actual costs), are to lead, sufficient to describe and to back up with the numbers of the reporting year. In addition, the underwriting result of the year is to specify. Furthermore, is to analyze the development of the Technical result of the reporting year and the four previous fiscal years; in particular, reasons for a lower result in the year under review compared to the previous year fiscal year must be indicated.
9 profit sharing including minimum tax base (item 2.8.): the current profit-sharing of the winning insurance contracts, broken down by the settlement associations and any subdivisions of the settlement associations, is to explain in detail. In addition is to explain results from which facts and assumptions the appropriateness of profit-sharing. The height of all items of the minimum basis of assessment according to the life insurance profit-sharing regulation LV-GBV, BGBl. No. 292/2015, in the current version, and the direct credits II is to specify. The derivation of all positions, in particular the distribution key, is to explain. To indicate you are in addition LV GBV, declared absolute height, the eligible direct credits and the eligible excess allocations pursuant to article 3 in its current version, for the last ten years. All billing organisations are to lead and to identify whether they are taken into account when the minimum allocation. In addition is to identify whether there are accounting associations, although not covered by the LV GBV in the currently valid version, where the profit-sharing but is handled by the provision for the participation in profits or performance-related premium refund in life insurance. Declared ongoing profits and the set closing gains and, where appropriate, the used collection rate, specifying the allocation year Pro billing Association absolutely to be specified. In life insurance is the development (opening balance additions, withdrawals, closing stock) the provision for performance-related premium refunds or profit participation (article 144, paragraph 3 D. V. VAG 2016) divided between a) already declared ongoing profits, b) already set, but not yet assigned to final profits, c) the final profit fund, d) and to explain the free profits. Health insurance like life insurance, the development of provisions for performance-related premium refund is to explain in detail.
10. reinsurance (item 2.9.): The reinsurance result is commenting. In particular, it is to explain whether the reinsurance result in the year under review was positive or negative. It is also to set out whether the insurance requirements to a reasonable extent been taken into account.
11 other (post 2.10.): other relevant particulars and peculiarities, which are listed under any of the other outline items, are to be set out here.
12 confirmation notice and justification (items 3.1.): An auditor's opinion is in accordance with § 116 paragraph 5 to 7 VAG 2016 to create; following wording to use are: a) is the auditor's opinion is fully issued, following formulation in the auditor's report is to include: "The auditor's opinion is fully issued.". Limitations of this formulation are not allowed.
(b) the auditor's report restricted grants, following formulation in the auditor's report is to include: "An auditor's opinion restricted grants.".
(c) the auditor's report denying, following formulation in the auditor's report is to include: "An auditor's opinion will be failed.".
13 review in accordance with article 92 par. 2 VAG 2016 (item 4.1.): is in the insurance companies the State-sponsored retirement provision pursuant to § 108 g 1988 offered up 108i ITA without external capital guarantee, the result of validation of the suitability of the model and the parameters used in accordance with § 92 section 2 is so VAG 2016 to represent.
14. list of tariffs (item 4.2.): it is at least a collection of all tariffs, which were either in the year under review for sale or for the run still upright insurance contracts in the stock, divided to lead No. 4 and Z 5 in the kinds of insurance referred to in § 1. This following information are to each tariff make: collective name, type of insurance, submission or approval date, new fleet or legacy, beginning date of sale, expiry date of sale (if old stock), billing Association, biometric basics (in particular mortality table, Pension Board, head damage tables, disability probabilities), be taken into account in the calculation of the interest additional provision, be taken into account when calculating the minimum tax base, other statistical data used, rate, cost rate for the calculation of the premium reserve (numerical indication of all cost rates) , Height of the Zillmersatzes and the premium reserve in relation to the total percentage.
Entry into force
§ 5. This regulation comes into force on January 1, 2016 and is for the first time on the actuarial report on the fiscal year 2016 to apply. The actuarial report for the year 2015 is the FMA pursuant to the actuarial report regulation, Federal Law Gazette II No. 228/2005, as amended by regulation BGBl. II Nr 398/2013, to submit.
Ettl Kumpf Müller