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Insurance Companies Maximum Interest Rate Regulation Vu Cardiac Output

Original Language Title: Versicherungsunternehmen-Höchstzinssatzverordnung – VU-HZV

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299. Regulation of the Financial Markets Authority (FMA), which sets a maximum rate of interest for the calculation of technical provisions in life assurance (insurance company maximum interest rate regulation-VU-HZV)

Pursuant to section 139 (1) in conjunction with Section 2 (2) (2) and (3) of the Insurance Supervision Act 2016-VAG 2016, BGBl. I n ° 34/2015, as last amended by the Federal Act BGBl. I n ° 112/2015, is ordered with the approval of the Federal Minister of Finance:

Principle of caution

§ 1. (1) The interest rate for the calculation of technical provisions after the 7. The main part of the VAG 2016 in life insurance must be determined according to the principle of caution. This means, in particular, that it is not in any case permissible to apply the highest interest rate allowed under this Regulation.

(2) The interest rate for the calculation of the technical provision shall in any case be chosen in such a way as to ensure that the obligations arising out of the insurance contracts are permanently fulfilled, even in the event of a highly negative development of the capital markets, the cost structure or the technical parameters shall be adequately taken into account. In particular, the following criteria shall be taken into account:


Product characteristics and risk;


the guarantees and options of the product;


the duration of the obligation and the risk of reassessment resulting therefrom;


Offer of rate self-registration in accordance with § 92 Abs. 3 VAG 2016;


Capital market situation.

Maximum permissible invoice rate

§ 2. (1) The interest rate for the calculation of technical provisions after the 7. The main part of VAG 2016 may not exceed 1.00% for life insurance contracts. In accordance with § § 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), this interest rate shall not exceed 1.00%.

(2) The interest rate for the calculation of technical provisions may not exceed 60% of the average interest rate of the last 10 years of the State of the State of the State of the State of the currency in question.

(3) The calculation of technical provisions shall be deemed to be the new contract for which the interest rates referred to in paragraph 1 shall apply if the period of insurance agreed upon at the conclusion of the contract is extended retrospectively, the new sum of insurance is more than double the amount of the insurance at the conclusion of the contract, or if the new premium is more than twice the premium when the contract is concluded.

(4) In the case of the subsequent inclusion of a pension option in existing contracts, the period of retirement shall be subject to the interest rates referred to in paragraph 1.

(5) In the case of new access to existing group insurance contracts, interest rates shall apply in accordance with paragraph 1.

(6) The provisions of paragraphs 1 to 5 shall not apply to:


contracts for fixed and index-linked life insurance, with the exception of provisions relating to mortality, insurance operations or other risks;


Single-premium contracts with a maximum duration of eight years, and


Contracts without profit-sharing.

The interest rate used for contracts according to Z 1 to 3 shall be of a reasonable value lower than the average net return of the capital investments in life insurance.

Interest rate added

§ 3. (1) Insurance undertakings shall be subject to an additional interest rate reserve for interest-rate commitments in relation to the insured, in so far as the current or expected returns from the financial statement are not intended to cover such interest obligations. Commitments are sufficient. The supplementary interest rate shall be calculated and formed in accordance with paragraph 2 if the calculation gives a value greater than 0.

(2) The supplementary interest rate (ZZR) shall be at least as follows:

The value of the interest rate supplement in the year T returns as a product of the cover provision of the balance sheet life insurance at the time T -1 (Section 144 (3) Item D.II. VAG 2016) and the average guarantee interest rate of the life insurance portfolio of the insurance undertaking, where: T the fiscal year, the cover provision in the year T , ZZRt the ZZR in the year T , the average guarantee interest rate of an insurance undertaking in the year T and the reference interest rate in the year T . The reference interest rate shall be the annual value of the weighted average return on Federal bonds (UDRB) or an index that is in its place.

The average guarantee interest rate in the year T , corresponds to the quotient of the total guaranteed interest income of the year T and the cover provision of the balance sheet of life insurance in accordance with § 144 (3) item D.II. VAG 2016 at the time T -1.

(3) The additional interest rate reserve is a flat-rate provision, which is to be dismissed as a cover provision and not to be attributed to the cover capital of the individual insurance contracts.

(4) For insurance contracts in accordance with § § 108g to 108i EStG 1988 (premium-favoured future provision), for which an additional provision according to the premium-favoured future provision of the future provision of the supplementary provisions regulation, BGBl. II No 297/2015, as amended, shall not constitute an additional interest rate reserve.

(5) Is the sum of the items according to § 4 (1) Z 1 to 14 of the Life Insurance-Profit Participation Ordinance-LV-GBV, BGBl. II. No 292/2015, in the current version, negative, the additional interest may be disbanded at the difference of the difference. The amount of the resolution shall be resubmitted within five years after the dissolution, as long as the value referred to in paragraph 2 has not been reached, to be reintroduced to the repayment of interest.

(6) If the requirement for the provision in accordance with paragraph 2 of the financial year is less than that of the previous year, the supplementary interest repayment may be resolved to this extent. The proceeds from such a resolution shall be taken into account in the determination of the basis of assessment in accordance with Section 4 (1) Z 16 LV-GBV, in the respective valid version, until the sum of the annual resolution amounts is the sum of the expenses for the doping of the interest rate supplementary provision in accordance with § 4 (1) Z 15 LV-GBV, in the current version, reached.

Principle of continuity

§ 4. The calculation of the technical provisions in life assurance is subject to the principle of continuity and the participation of insured persons in surplus in an appropriate manner over the entire duration of the insurance contract. shall be considered.

entry into force

§ 5. (1) This Regulation shall enter into force 1. Jänner 2016 in force.

(2) § 2 para. 1 shall apply to insurance contracts which are concluded after 31 December 2015 or whose insurance start is after 31 March 2016.

Ettl Kumpfmüller