299. Regulation of the financial market authority (FMA), with a maximum rate for the calculation of the technical provisions in life insurance is fixed (insurance companies maximum interest rate regulation VU cardiac output)
On the basis of § 139 para 1 in conjunction with para 2 Nos. 2 and 3 of the insurance supervision Act 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:
Principle of prudence
1. (1) the interest rate for the calculation of the technical provisions according to the 7 main piece of VAG 2016 in life insurance must be set according to the principle of caution. This means in particular that it is non-permissible in any case under this regulation to be permissible interest rate the highest.
(2) the interest rate for the calculation of the technical provisions is anyway, so to choose that sufficient account of the long-term feasibility of the obligations arising from the insurance contracts in the case of a strongly negative development of the capital markets, the cost structure or technical parameters. These are in particular the following criteria into account:
1. product features and risks;
2. guarantees and options of the product;
3. duration of commitment and resulting recovery investment risks;
4. offer collective self pay in accordance with § 92 section 3 VAG 2016;
5. capital market situation.
Maximum assumed interest rate
2. (1) the interest rate for the calculation of the technical provisions according to the 7 main piece of the VAG 2016 exceed 1.00% for life insurance contracts. For contracts of the State-sponsored retirement provision in accordance with the sections 108 g to 108i of the income tax Act 1988 - EStG 1988, Federal Law Gazette No. 400/1988 in the version of Federal Law Gazette I may be no. 118/2015 (PZV), this interest rate not exceeding 1.00%.
(2) the interest rate for the calculation of the technical provisions for life insurance contracts, which are in foreign currency, not exceed 60% of the average interest rate of the past decade the bonds of the State of the currency permitted.
(3) double which is the sum of the insured in the contract applies for the calculation of technical provisions as a new contract, the interest rates referred to in paragraph 1 apply, if the insurance period is agreed in the contract is subsequently extended the new insured amount more than that or if the new premium more than that is double the premium in the contract.
(4) in the case of subsequent recording of an annuity option in existing contracts, the interest rates referred to in paragraph 1 shall apply for the period of retirement.
5 the interest rates referred to in paragraph 1 shall be subject to new additions for existing group insurance contracts.
(6) paragraphs 1 to 5 shall not apply for
1. agreements of unit-linked and index-linked life insurance, except provisions relating to mortality, the expenses for the operation of the insurance or other risks, 2. contracts against a single premium with a maximum period of eight years and 3 contracts without profit-sharing.
The interest rate used for contracts in accordance with no. 1 to 3 has to be a reasonable value lower than the average net return of capital investments in the life insurance.
Interest additional provision
3. (1) insurance undertakings have to form an interest additional provision for the interest obligations to the insured, if sufficient current or expected income from the finances not to cover these obligations. The interest additional provision is in accordance with paragraph 2 and to make when the calculation evaluates to a value greater than 0.
(2) the interest additional provision (nper) is to make at least the following height:
The value of interest supplementary provisions in the year t emerges as a product from the provision of balance sheet group life insurance at time t-1 (section 144 subsection 3 post D.II. VAG 2016) and the average guaranteed interest rate of life insurance portfolios of the insurance undertaking, where t is the year, the premium reserve in the year t, ZZRt the nper in year t, the average guaranteed interest rate of an insurance undertaking in the year t and the reference interest rate in year t. Reference interest rates the annual value of the outstanding weighted average yield of a Government Bond (UDRB) or at its place index is to be used.
The average guaranteed interest rate corresponds to the ratio of the overall guaranteed yield of the year t and the provision of balance sheet group life insurance pursuant to article 144, paragraph 3 in the year t, post D.II. VAG 2016 at time t-1.
(3) the interest additional provision is a lump-sum provision which is as provision to expel and attributable to not the coverage capital of individual insurance contracts.
(4) for insurance contracts in accordance with §§ 108 g to 108i EStG 1988 (State-sponsored retirement provision), for an additional reset according to the State-sponsored retirement provision Zusatzrückstellungs regulation, Federal Law Gazette II No. 297/2015, in its up-to-date version, is formed, is to make as far as no interest additional provision.
(5) the total of the items referred to in article 4, paragraph 1 Z 1 to 14 of the life insurance profit-sharing regulation LV-GBV, BGBl. II. No. 292/2015, in its up-to-date version, negative, can the interest additional default maximum are resolved in the difference. The resolution was to be again disposed of interest supplementary provision evenly within at the latest five years after the dissolution of the value referred to in paragraph 2 is not reached.
(6) the provision requirement pursuant to par. 2 of the fiscal year is less than that of the previous year, the interest additional provision can be reversed to this extent. Income from such resolution is in determining the basis of assessment in accordance with article 4, paragraph 1 Z as long as to take into account 16 LV GBV in the currently valid version, up to the sum of the annual resolution amounts the sum of the expenses for the allocation of interest supplementary provision in accordance with article 4, paragraph 1 Z 15 LV GBV, in its current version, reached.
Principle of continuity
§ 4. The calculation of technical provisions in life insurance is subject to the principle of continuity and has the participation of the insured in the surplus in an appropriate way over the duration of the insurance contract to be considered.
Entry into force
5. (1) effective this regulation with 1 January 2016.
(2) article 2, paragraph 1 is to apply to insurance contracts entered into after December 31, 2015 or whose insurance period begins after March 31, 2016.
Ettl Kumpf Müller