Insurance Company Actuary Report Regulation Vu-Aktbv

Original Language Title: Versicherungsunternehmen-Aktuarsberichtsverordnung – VU-AktBV

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300. Regulation of the Financial Markets Authority (FMA) on the report of the responsible actuary (insurance company actuarial report regulation-VU-AktBV)

Pursuant to Section 116 (3) of the Insurance Supervisory Law 2016-VAG 2016, BGBl. I n ° 34/2015, as last amended by the Federal Act BGBl. I No 112/2015, shall be arranged:

Definitions

§ 1. For the purposes of this Regulation, the following definitions shall apply:

1.

Reporting Year: Yen fiscal year through which the Actuary Report is created.

2.

Old stock: fares that were no longer offered for sale in the year under review, but of which there are still contracts in the stock.

3.

New stock: tariffs offered for sale in the reporting year.

4.

Insurance types in life insurance:

a)

Mixed insurance and life insurance and pure life insurance;

b)

Non-life insurance, including credit insurance;

c)

Pension insurance;

d)

Premium-favoured future provision according to § § 108g to 108i of the Income Tax Act 1988-EStG 1988, BGBl. N ° 400/1988, as amended by the Federal Law BGBl. I No 118/2015 (PZV);

e)

Fund-linked life insurance (excluding PZV);

f)

Index-linked life insurance (without PZV);

g)

Capital investment-oriented life insurance;

h)

company collective insurance;

i)

Occupational disability insurance (including additional benefits and invalidity insurance);

j)

Insurance against serious diseases (gleam disease insurance);

k)

Care insurance;

l)

Other type of insurance.

5.

Types of insurance in the health insurance scheme in the form of life insurance:

a)

Sickness cost insurance (inpatient and outpatient rates);

b)

Sickness insurance;

c)

Sickness insurance;

d)

care health insurance;

e)

other types of insurance.

6.

Embedded option: A contractual or statutory right of the policyholder to enter into the insurance contract at one or more future dates, if certain conditions necessary for the exercise of the option are fulfilled. to intervene in such a way that future, ie. changes in terms of time, amount or probability of occurrence after the exercise of the embedded option. These include, in any case, redemption options, premium exemptions, pension voting rights with guaranteed invoicing bases (in particular, pension funds and accounting rates), post-insurance guarantees in the case of marriage, death or the birth of a child, Pflegerentenoptions, partial payout options, capital voting rights in deferred retirement insurance, start-up options, extension options, retrieval options, index clauses or increases in the insured sum.

7.

Accounting Association: the partial stock of the total insurance cover for eligible life insurance contracts, which is set up in order to be able to carry out the profit sharing, and the insurance contracts, which are: contribute to profit in the same way according to their structure.

Form of transmission

§ 2. (1) The actuary report is to be transmitted electronically to the FMA in the Portable Document Format (PDF) developed by the company Adobe Systems. The PDF document is to be transmitted without limitation of the functionality.

(2) The audit opinion pursuant to § 3 (3) (3). is to be signed by the actuary and transmitted to the FMA in scanned form.

Outline of the Actuary Report

§ 3. (1) The actuarial report shall contain a title page from which the following data will be produced:

1.

Title; Legal Entity Identifier Code; address; telephone number and home page of the insurance company;

2.

Name, email address and telephone number of the responsible actuary;

3.

Name, e-mail address and telephone number of the deputy responsible actuary;

4.

Save ("Life insurance"; "Health insurance by type of life insurance" or "Accident Insurance by type of life insurance (UPR)");

5.

the creation date of the actuary report;

6.

Reporting year.

(2) The actuary report shall, in life assurance and health insurance in the manner of life assurance, have the items referred to in paragraph 3 above separately and in the prescribed sequence. For the UPR, this outline scheme should be applied in the appropriate way.

(3) The actuarial report shall be divided into the following items:

1.

General

2.

Analysis

2.1. Changes and innovations in the reporting year

2.2. Development of cover provision

2.3. Interest rate added

2.4. Flat-rate provisions

2.5. Extraordinary feeds

2.6. PZV Auxiliary Return

2.7. Analysis of the technical result

2.8. Profit sharing, including minimum basis of assessment

2.9. Reinsurance

2.10. Other business

3.

Confirmation note

3.1. Confirmation note and justification

3.2. Signature of the responsible actuary

4.

Annex

4.1. Review in accordance with § 92 (2) VAG 2016

4.2. List of tariffs

4.3. Other business

(4) If there are no comments on individual items from paragraph 3, these items must be published in the actuarial report and shall be marked with the words "omitted".

(5) The pages in the actuary report are to be numbered with "page x of y", where "x" denotes the current page and "y" denotes the total number of pages in the actuary report.

(6) Immediately after the title page a table of contents has to be followed, in which the outline in accordance with paragraph 3, including the respective page number, under which the corresponding item is to be found, is listed.

Contents of the link posts

§ 4. The contents of certain items pursuant to Section 3 (3) are determined as follows:

1.

General (Item 1.): Here are general explanations and comments on the actuarial report.

2.

Changes and changes in the reporting year (Item 2.1.): Here are changes and innovations in the reporting year, for example new tariffs, adjusted tariffs, new responsible actuary or deputy.

3.

Development of the cover provision (Item 2.2.): The development of the amount of the cover provision according to § 152 VAG 2016 of the reference year and the four previous financial years for each type of insurance according to § 1 Z 4 and Z 5 shall be stated. In addition, an assessment should be made of the future development of the security margins contained in the accounting bases used, and in particular the expected capital gains and the development of the security margins. to take account of average invoice rates. In the event that the cover provision for the insurance type "other type of insurance" according to § 1 Z 4 lit. Where more than 1% of the total cover is recovered, this is to be noted and the tariffs listed in the "other type of insurance" tariff class are to be listed. It is necessary to indicate whether the cover provision shall take into account future expenditure on administrative costs, including commissions, in so far as they are not covered by future premiums, whether the calculation of the cover provision for each individual a contract or a group of contracts in sum or by means of a statistical approximation method (statistical approximation procedures are to be described and explained in detail), and whether the cover provision is contractually or legally guaranteed repurchase values in life insurance, the claims in the case of premium exemption, the already acquired rights of the policyholders for profit-sharing and the embedded options granted to the policyholder shall be taken into account sufficiently.

4.

Interest-rate supplementary provision (item 2.3.): This item is only relevant for life insurance. The actual values (in the case of overdoping) and the target values, the average guarantee interest rates and the calculation-relevant cover provisions shall be indicated for the last three balance sheet dates and the next balance sheet date. Special aspects which need to be taken into account in order to be able to calculate the target values are also to be stated. The development of the interest rate return is to be analysed taking into account the future earnings situation.

5.

Flat-rate provisions (Item 2.4.): In the case of general risks in respect of which a breakdown of the individual contracts cannot be carried out, flat-rate provisions, in particular for non-calculated, shall be provided in the context of the cover reserve. embedded options according to § 1 Z 6, these flat-rate provisions shall be identified and substantiated separately.

6.

Extraordinary performances (item 2.5.): Extraordinary feeds pursuant to § 301 (5) VAG 2016 are to be stated and explained.

7.

PZV supplementary provision (item 2.6.): In the case of the pre-payment beneficiary for the future, according to § 108g to 108i EStG 1988, an additional provision according to the Premium Beneficiaries for the Future of the Future Supplementary Provisions Regulation-PZV-ZRV, BGBl. II No 297/2015, as amended, indicate their level. Furthermore, the models and parameters used for their calculation should be described in detail and explained. It shall also be indicated how the stock exchange has been determined, the volatility of which has been used to calculate the maximum loss in accordance with § 3 PZV-ZRV and to indicate the data source from which the volatility used or the data source used for the calculation of the Volatility data was obtained. If the volatility has been calculated by the enterprise, the formulae and data sets used to calculate volatility shall be indicated. In addition, the development of the amount of additional provision since the tariff was introduced must be indicated. In any case, it should be stated how much of the stock stock in the year under review was averted on average in the year under review of the premium beneficiary. For the average formation, the arithmetic mean of the hedging levels is to be used for each month's last year in the year under review. Furthermore, the lowest degree of protection is to be found, from which the formation of an additional reset according to the PZV-ZRV is necessary. The calculation of this limit value shall be shown. In addition, the smallest loss of value of the shares in the portfolio of the premium-favored future provision must be indicated, from which the formation of an additional reserve in accordance with the PZV-ZRV is necessary. The calculation of this limit value shall be shown. In the case of external capital guarantees or hedging measures, these shall be explained. The term must be explicitly stated, as well as the possibilities of renewing it.

8.

Analysis of the technical result (Item 2.7.): The individual result sources, such as the result of mortality, interest income, additional result (comparison of the accounting and actual costs), are to be found, sufficient to and to be subject to the figures for the reference year. In addition, the technical result of the reference year shall be indicated. In addition, the development of the technical results of the reference year and of the four previous financial years shall be analysed in detail; in particular, reasons for a lower result in the year under review compared with that of the Indicate the financial year preceding the financial year.

9.

Profit-sharing, including the minimum basis of assessment (Item 2.8.): The current profit-sharing of the profit-making insurance contracts, divided between the accounting associations and any breakdowns of the accounting associations. shall be explained in detail. Furthermore, it is necessary to explain from which facts and assumptions the appropriateness of the profit sharing results. The level of all positions of the minimum assessment basis according to the Life Insurance-Profit Participation Ordinance-LV-GBV, BGBl. II No 292/2015, as amended, and of the direct direct debits. The derivation of all positions, in particular of the dividing key, is to be explained. In addition, the stated absolute amount, the creditable direct credits and the creditable overdoses according to § 3 LV-GBV, as amended, for the last ten years must also be stated. All accounting associations shall be listed and shall be marked as to whether they should be taken into account at the minimum level of doping. It is also necessary to indicate whether there are accounting associations which do not fall under the LV-GBV, in the current version, but where the profit-sharing is about the provision for profit-sharing or profit-sharing. profit-dependent premium repayment in life insurance is carried out. The declared current profits and the final profit and, where appropriate, the amount of the collection interest used shall be stated in absolute terms, with the indication of the allocation year, for each billing association. In life insurance, the development (initial stock, supply, take-up, final stock) is the provision for the provision of premium restitution as a result of the performance of the premium. Profit participation of the policyholders (§ 144 para. 3 D. V. VAG 2016) split up

a)

ongoing profits,

b)

already fixed, but not yet allocated, final profits,

c)

the final profit fund,

d)

and the free profits

, In the health insurance scheme in the form of life assurance, the development of provisions for premium restitution dependent on success shall be explained in detail.

10.

Reinsurance (Item 2.9.): The reinsurance result is to be commented on. In particular, it should be stated whether the reinsurance result in the year under review was positive or negative. It must also be stated whether the insurance requirements have been taken into account to an appropriate extent.

11.

Other (Item 2.10.): Other relevant information and abnormalities not listed under any of the other members ' posts shall be shown here.

12.

Confirmation note and justification (Item 3.1.): The confirmation is to be drawn up in accordance with § 116 para. 5 to 7 VAG 2016; in this case the following formulations are to be used:

a)

If the opinion is given in full, the following wording shall be included in the confirmation note: 'The audit opinion shall be given without restriction'. Restrictions of this wording are not allowed.

b)

If the audit opinion is restricted, the following wording should be included in the confirmation note: 'The audit opinion shall be restricted'.

c)

If the audit opinion is not confirmed, the following wording should be added to the confirmation note: "The audit opinion shall be failed."

13.

Review in accordance with section 92 (2) of the VAG 2016 (Item 4.1.): In the insurance company, if the premium-favoured future provision is offered in accordance with § 108g to 108i EStG in 1988 without an external capital guarantee, the result of the verification of the suitability of the Model and the parameters used in accordance with § 92 (2) VAG 2016.

14.

List of tariffs (item 4.2.): It is at least a list of all tariffs which have either been on sale in the year under review or are listed in the inventory for which insurance contracts are still outstanding, divided into the Types of insurance to be listed in accordance with § 1 Z 4 and Z 5. In the case of each tariff, the following information shall be provided: tariff description, type of insurance, date of entry or approval, new stock or old stock, start date of the sale, expiry date of the sale (in the case of old stock), settlement association, biometric fundamentals (in particular sterboard, pension boards, head-shadow tables, invalidity probabilities), to be taken into account in the calculation of the additional interest rate reserve, to be taken into account in the calculation of the Minimum basis of measurement, other statistical data used, invoice rate, amount the cost rates for the calculation of the cover provision (numerical indication of all cost rates), the amount of the rate and the percentage of the cover return in relation to the total stock.

entry into force

§ 5. This Regulation shall enter into force 1. January 2016 in force and is to be applied for the first time to the Actuary Report on the 2016 financial year. The actuary report for the 2015 financial year is the FMA according to the actuarial report of the German Federal Government, BGBl. II No 228/2005, as amended by the BGBl Regulation. II No 398/2013.

Ettl Kumpfmüller