Change The Maximum Interest Rate Regulation

Original Language Title: Änderung der Höchstzinssatzverordnung

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298. Regulation of the Financial Market Supervisory Authority (FMA) amending the maximum interest rate regulation

Pursuant to § 85 (1) and 2 (2) of the Insurance Supervisory Act-VAG, BGBl. No 569/1978, as last amended by the Federal Law BGBl. I No 68/2015, shall be arranged:

The Regulation of the Financial Markets Authority (FMA), which sets a maximum rate of interest for the calculation of the technical provisions in life assurance (maximum interest rate regulation), BGBl. No. 70/1995, as last amended by the Federal Act BGBl. I No 34/2015, shall be amended as follows:

1. § 3 (2) reads:

" (2) The Interest Rate Supplement (ZZR) ) shall be at least equal to the following:

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 81c (3) Item D.II.VAG) and the average guarantee interest rate of the life insurance portfolio of the insurance undertaking, where: T the fiscal year, DR T the cover provision in the year T , ZZR T the ZZR in the year t, the average guarantee interest rate of an insurance undertaking in the year T and RZS T the reference interest rate in the year T . The reference interest rate shall be the annual value of the secondary market return of the Austrian Federal Bonds or of an index which is to be replaced by the Austrian Federal Government.

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 § 81c (3) item D.II. VAG at the time T -1. "

(2) The following paragraph 6 is added to § 3:

"(6) The value of the ZZR for the year 2015 in accordance with paragraph 2 shall be increased by 60% of the ZZR to be formed in 2015 pursuant to paragraph 2."

(3) The following paragraph 10 is added to § 6:

" (10) § 3 (2) and (6) in the version of the BGBl Regulation. II No 298/2015 shall enter into force at the date of the presentation of the event '

Ettl Kumpfmüller