296. Regulation of the financial market authority (FMA) on content and structure of the actuarial foundations (life insurance actuarial basis regulation LV-VMGV)
On the basis of § 92 1 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:
Form of delivery
§ 1 (1) for the creation of the rates and the calculation of the technical provisions used actuarial basis for life insurance according to Z 19 to 22 of the annex to the 2016 are the FMA in standardised form with the document "Actuarial bases" pursuant to section 2 and with the form referred to in section 3 by electronic means to submit VAG.
(2) the document and the form referred to in paragraph 1 shall be separately of the FMA for each tariff.
Content and structure of the document "Actuarial bases"
2. (1) the document has to include a title page, which is overwritten with "Actuarial bases". The following data have further from the title page to emerge:
1. name, entity ID (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;
4. technical description of the tariff;
5. type of insurance;
6 earliest possible commencement of insurance cover;
7 sales start of the presented version of the tariff;
8 new submission (including any collective names from previous versions) or change version.
(2) immediately after the title page contents has to follow, in which are the headings of the Supreme category in accordance with paragraph 4, including the page number, under which the corresponding item is to find.
(3) the pages in the document are with "page x of y" number, where "x" the current page and "y" referred to the total number of pages of the document.
(4) in the document, the tariff structure in accordance with the following item is separately and detail in the predetermined order to explain:
1.1. amendments including their rationale 1.2. sales countries 1.3. General and special conditions of insurance (optional) 1.4. possible contract States 1.5. potential tariff areas 1.6. tariff Description 1.7. main or supplementary tariff 1.8. premium payment 1.9. pension payment 1.10. other
Age and time limits
2.1. minimum final age 2.2. maximum completion age 2.3. 2.5 2.4 Mindestendalter.-Höchstendalter.-minimum term or minimum endurance 2.6. maximum duration or maximum endurance 2.7. minimum period of premium payment 2.8. maximum duration of payment of premiums 2.9 minimum suspension period 2.10. maximum delay time 2.11 latency 2.12. age and time limits
3.1. annual minimum premium or minimum in premium 3.2. annual maximum premium or maximum single premium 3.3. minimum capacity 3.4. high performance 3.5. other sum limits
4.1. profits 4.2. Accounting Association 4.3. profit appropriation 4.4. income components 4.5. Miscellaneous
Accounting principles for premium and reserve calculation
5.1. biometric Basics 5.2. rate 5.3. other accounting principles 5.4. justification of accounting principles 5.5. justification different accounting bases for premiums and reserves 5.6. premium age 5.7. pension payment phase 5.8. Miscellaneous
6.1. acquisition costs and rate 6.2. administrative costs 6.3. Unterjährigkeitszuschläge 6.4. cancellation deduction 6.5. other charges and costs
7.1. total discounts 7.2. premium discounts 7.3. other discounts
8.1. your own values 8.2. terms and definitions 8.3. probabilities, separation systems and commutation numbers 8.4. cash values and expectancies 8.5. net premiums 8.6. Zillmerprämie 8.7 gross premium 8.8. prescribed Premium 8.9. savings and risk premium 8.10. reserves of 8.10.1. Prämienpflichtig 8.10.2 post-exhibition 8.10.3. one time payment and one time payments 8.10.4 additional provisions 8.10.5 administrative costs reserve 8.10.6 balance reserve 8.10.7 unearned 8.10.8. other reserves 8.11 repurchase value and Unverfallbarkeitsbetrag of 8.11.1 Prämienpflichtig 8.11.2 post-exhibition 8.11.3. one time payment 8.12. reduction value 8.13. Release 8.14. payout 8.15 other
10 supplementary insurance (including tariff designation) 10.1. compulsory supplementary insurance 10.2. optional supplementary insurance
(5) there are no comments to each post from section 4 due to lack of relevance, to carry these items in the document and to provide "eliminates" with the note. Eliminates a post together with all sub-items, so suffice it to cite only these items and to provide "eliminates" with the note.
(6) the document is to convey document format (PDF) without limiting the functionality portable developed by the company of Adobe Systems.
Content and structure of the form
The following information to submit is § 3 (1) with the form:
1. full name of the insurance undertaking;
2. LEI-code of the insurance undertaking;
3. technical description of the tariff;
4. insurance business;
5. type of insurance;
6 premium payment;
7 interest rate;
8 accounting Association;
9 profit plan;
10. external guarantor;
11. earliest possible commencement of insurance cover;
12 sales start of the tariff;
13 end of sales of the tariff;
14 new submission (including any collective names from previous versions) or change version;
15 product name of the tariff (multiple input possible);
16 main or additional rate per product name;
17. earliest possible commencement of insurance cover each product name;
18 start of sales per product name;
19 end of sales per product name.
(2) the form must be in accordance with the list established by the FMA. Here are the officially defined characteristics of data including the data set structure.
4. (1) if the original tariff items pursuant to § 2 para 4, or in accordance with article 3, paragraph 1 is adjusted Z 1 to 13 to already existing contracts, is to submit a modification version of the document "Actuarial bases". The changes from the last submitted document are "Actuarial bases" to mark change versions. To specify that the presented document is a version of the amendment is entered under item 8 in accordance with article 2, paragraph 1, and in heading 1.1. pursuant to § 2 para 4. The item 1.1. pursuant to § 2 para 4, also is to lead, in which items pursuant to § 2 para 4 there are changes from the last template of the document "Actuarial bases". The changes are to give reasons in detail. Addition, a fully consolidated version (without change markings) is to submit the document "Actuarial bases". The form referred to in section 3 must be completely new. To specify that it is a version of the amendment is entered under item 14 in accordance with article 3.
(2) whenever a tariff items pursuant to § 2 para 4, or in accordance with article 3, paragraph 1 Z 1 to 12, which affects not on existing contracts, are completely new to transmit the document "Actuarial bases" pursuant to section 2 and the form according to § 3 (new submission). In the item 8 in accordance with article 2, paragraph 1, and in item 1.1 in accordance with § 2 para 4 is to specify that the presented document is a new submission and is the name of any predecessor tariffs to lead. Previous tariffs are tariffs, which differ only in a few details of the proposed tariff. The most important changes in the post in accordance with § 2 para 4 when compared to any previous tariffs are shortly to represent item 1.1 of the structure pursuant to § 2 para 4.
(3) in the case of changes in the data in the form referred to in article 3, paragraph 1 Z 13 to no. 19 is the form to submit.
(4) if new funds are added at a rate of unit-linked life insurance, no transfer of a change version in accordance with paragraph 1 or new submission in accordance with paragraph 2 is necessary, unless there are no other changes in accordance with paragraph 1 or 2.
Content of the outline items
5. (1) the content of certain items pursuant to § 2 para 1 are defined as follows:
1. technical description of the tariff (item 4): here is the internal unique short name of the tariff to indicate. The technical name should be selected so that the tariff is clearly identifiable.
2. type of insurance (item 5): Here one of the following categories is to specify: a) mixed ER and death insurance and pure experience insurance;
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.
Mixing products are to expel under "other type of insurance".
3. submission of new or change version (item 8): Here's to lead, whether it's providing a change version in accordance with article 4, paragraph 1, or to a new submission in accordance with section 4, paragraph 2. If it is a new submission, the name any is predecessor tariffs to lead.
(2) the content of certain items pursuant to § 2 para 4 is defined as follows:
1. amendments including their rationale (post 1.1.): here is first to specify whether it is a version of amendment in accordance with article 4, paragraph 1, or to a new submission in accordance with section 4, paragraph 2. Unless there is a change version, also is to lead, in which items pursuant to § 2 para 4 there are changes from the last template of the document "Actuarial bases". The changes are to give reasons in detail. Should also be precisely described, for which existing treaties applies the change version. If there is a new submission in accordance with section 4, paragraph 2, is the name of any predecessor tariffs to lead and are the major changes in the post in accordance with § 2 para 4 compared briefly to represent to any previous rates.
2. selling countries (post 1.2): here is to specify in which countries the tariff for sale is offered.
3. General and special conditions of insurance (item 1.3.): here is a reference to specify which insurance conditions to the application. This reference must be unique, so that there can be no confusion with other or older versions of the terms. Furthermore an Internet link can be specified under the terms and conditions currently available. The conditions of insurance can be delivered also as an annex to the document "Actuarial bases".
4. possible contract conditions (item 1.4.): here is to specify in what conditions the contract can be for example, subject to a premium, premium (as the result of a death), premium (in the absence of payment), etc.
5. potential areas of tariff (item 1.5.): here is to indicate whether it is a single or group rate. The product both for the individual as well as group sales, all items should be to explain, in which the group is different from the single tariff. For group rates, the collective consequences of leaving the group for the policyholder shall be indicated.
6 tariff description (item 1.6.): here, the tariff is to describe verbally in detail. In particular, it must emerge, which insurance benefits in case of experience and due in the event of death which benefits for widows and orphan care are provided, when the insurance case occurs, and what other insurance benefits are firmly agreed are, (for example, disability benefits). Any guarantees to the policyholder (for example, peak value guarantee) are to explain in particular who carries them in any form. When mixing products in the sense of § 5 para 1, no. 2 is to specify what components they sit together. To specify in the unit-linked, in the index-linked investment-oriented life assurance as well as at the State-sponsored retirement provision in accordance with the § 108 g 1988 are also the principles of investment up 108i ITA; These include the investment strategy and the investment model for products with capital guarantee. The occupational pension group insurance is an any additional obligation for the employer to explain in detail. The method of calculation (collectively or individually) the entitlements to survivor's pension shall be indicated. The cover stock departments in accordance with article 300, paragraph 1 VAG 2016, in which occurs the tariff, shall be indicated.
7 main or additional tariff (item 1.7.): It is to specify whether it is a main fare or a supplementary fare. Additional tariffs is to indicate, in connection with which main tariffs (including collective name) they can be completed.
8 premium payment (item 1.8.): the possible ways of payment, for example, monthly, quarterly, semi-annually, annually, one time payments or one time payment, to be specified. In addition is to lead, whether benefits and contributions are calculated forward or arrears.
9 pension payment (item 1.9): in addition to the pension payment is at rates that include a warranty period, to specify the minimum and maximum warranty period.
10 other age and time constraints (item 2.12.): Here's to lead, for example, an agreed minimum period or warranty periods for pensions.
11 minimum performance or high performance (item 3.3 or 3.4): Here is the minimum and maximum power for an insurance policy with and without giving any medical examination.
12. profit participation (item 4.1.): here is to lead, whether the fare is eligible to win and it is to refer to the corresponding profit plan (stating the version number of the winning plan).
13 billing Association (item 4.2.): 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.
14 appropriation (item 4.3.): here is to lead, how to use the profits, i.e. whether it is an interest-bearing collection, a bonus system, a unit-linked system, a reduction of premiums, a bonus pension, a direct credit, a winning system with final prizes, or other system. It is on the part of the profit plan, in which this item is stated to reference stating the version number of the winning plan.
15 income components (item 4.4.): here the income components are to include, for example, interest income, risk profit, cost gain additional profit. It is on the part of the profit plan, in which this item is stated to reference stating the version number of the winning plan.
16 biometric basics (item 5.1): here is to reference all used mortality and pension boards (including used shifts in age), as well as other used biometric basics (including source, such as: Austrian - AVÖ actuarial society), which are used for the calculation of the premium and the reserve. Should modifications of the official biometric foundations is made, is the procedure including a justification to describe in detail. In addition, all mathematical formulas used shall be indicated. If gender-based biometric basics are used, these shall be indicated. The mortality tables are "Actuarial bases" the document as annex to be attached.
17 establishment of accounting principles (item 5.4): here are the reasons for the choice of the accounting principles in the posts of 5.1 to 5.3. each to lead.
18 reason different Rechnngsgrundlagen for premiums and reserves (item 5.5.): should there be differences in the used accounting principles of premium and reserve, these are justified. Furthermore, is precisely to demonstrate how financed the differences (in the case of an insufficient premium) or how the profits are used (in the case of a high premium).
19 premium age (item 5.6.): here is the method to represent (including all formulas), calculated the age, after the premium is calculated. In addition is to indicate whether a unit premium is charged for certain age groups or for all policyholders.
20 pension payment phase (item 5.7): If a retirement is intended or possible, is here to indicate whether the calculation principles stated in items 5.1 to 5.3. for the pension payment phase are guaranteed. Others are guaranteed, for the pension payment phase as the accounting principles mentioned in items 5.1 to 5.3. they should be to specify.
21 Rechnungsmäßige costs (item 6): all costs are in the items 6.1 to 6.5, including an indication of the base as numbers (percentages or proportional cost per mille quoting). At all costs is to indicate how often they will be charged. The cost of individual insurance and those for disability are separately.
22 closing costs and rate (item 6.1): Here is to specify how high are the calculated closing costs and the rate. This information is to make numeric value specifying the base. In addition is to specify how often the closing costs will be charged.
Administrative costs (item 6.2): Here is to specify how composed the management cost and how high they are. This information is to make numeric value specifying the base. In addition is to mention how many times these costs will be charged.
24 Unterjährigkeitszuschläge (item 6.3): Here is to specify whether and in what cases Unterjährigkeitszuschläge will be charged. Is the amount of the charges, stating the basis of assessment to lead.
25 cancellation deduction (item 6.4): here is to specify whether and in what cases a cancellation deduction will be charged. Is the amount of the fee, specifying the basis of assessment to lead.
26 other costs and charges (item 6.5.): Here is to specify whether and in what cases costs, charges or fees (for example, overdue fines, to registration fees, fees for policy supplements, security surcharges or piece costs like premiums for insurance without medical examination, Bagatellzuschlag for low sums insured, fund fees, fees for Fund changes, copy fee) charged are, which have not been carried under the heading 6.1 to 6.4. It is also their height, specifying the basis of assessment to lead.
27 total discounts (item 7.1.): here is to specify whether and in which cases total discounts are granted. It is also their height, specifying the basis of assessment to lead.
28 premium discounts (item 7.2.): here is to specify whether and in which cases of premium discounts are granted. It is also their height, specifying the basis of assessment to lead. In particular, there are discounts for group insurance contracts to lead.
29 other discounts (item 7.3.): here is to specify whether and in what cases discounts are granted, not 7.1 and 7.2 are carried on taking up the post. It is also their height, specifying the basis of assessment to lead.
30 mathematical formulas (post 8): item 8.1. until 8.15 are the respective mathematical formulas, parameters, to specify variables and labels referred to in the following discussion. These are all on the insurance sum 1 to normalize; in any case, is to specify how the individual values for an amount of insurance, which are calculated with "VS" is to refer to. If different formulas are used for different scopes, also this should be to lead. Each formula is also the numerical value according to the following instructions to specify. Should use parameters that are not set in the following or the of the following parameters on the appropriate tariff do not apply, the smallest possible positive value for the calculation is each to be used. These values are to be separately under item 8.1. and to establish.
The following values can be used as the paradigm: a) delay time = min (30 years; maximum delay time according to item 2.11.);
(b) age = min (35 years; Highest completion age referred to in item 2.2);
(c) gender = male (if this tariff only for women: gender = female);
(d) premium payment = annual escrow;
(e) pension payment = monthly escrow;
f) = min contract period (15 years with exclusive one time erlags rates and risk insurance or 30 years for all other tariffs; maximum contract term in accordance with item 2.6);
(g) insurance sum = min (100 000 euro, maximum insurance sum);
h) monthly pension payment = min (1 000 euro, maximum monthly pension);
i) premium payment period = min (30 years; maximum premium payment in accordance with item 2.8);
(j) duration = min (10 years; half maximum contract term in accordance with item 2.6 (rounded up).
For the representation of formulas is a standard mathematical representation way to choose, it is therefore particularly not permitted to represent the formulas in the form of code.
31 terms and definitions (item 8.2.): All variables, including the need for intermediate results, shall be indicated includes description (for example, x age, Alpha acquisition costs, living by the age x according to the life table, etc.).
32. probabilities, separation systems and commutation numbers (item 8.3.): Here all probabilities (for example, one-year survival probability of x-year-old) are separation systems, (for example:)
Separation order of an x-year-old active within a year still active) and commutation numbers (for example), used also for intermediate results, including their definition and a brief description to specify. The definitions must be used only previously defined labels.
33. cash values and rights (item 8.4.): Here are all bar value formulas used for intermediate results in the other (= a net premium time) and defined benefit formulas including a definition and verbal description to indicate, for example,
life annuity. There are only previously defined labels.
34. Zillmerprämie (item 8.6): Here the formula of Zillmerprämie is to specify. There are only previously defined labels.
35. gross written premium (items 8.7): here is the formula of gross premium to specify. There are only previously defined labels.
36. prescribed premium (post 8.8): here is the formula of that premium to specify that the policyholder has to pay. In particular, all costs, charges, are taken into account discounts, as well as the insurance tax. There are only previously defined labels.
37. savings and risk premium (post 8.9.): Tariffs where no closed mathematical formula of the gross premium can be specified (for example, in the unit - linked and index-linked life insurance) the distribution of premium at a savings and risk premium in a suitable manner (for example, in percentage values) must be given.
38. reserves - additional provisions (post 8.10.4): here is the formula for additional provisions, for example, for a provision waiting, educated risk contributions indicate. There are only previously defined labels.
39. 8.11.1 buy-back value and Unverfallbarkeitsbetrag (item 8.11): in the post to 8.11.3., the formulas for the value of the buy-back and the Unverfallbarkeitsbetrag subject to premium and prämienfreie contracts, as well as one time payment shall be indicated. There are only previously defined labels. Any deductions must explicitly indicated.
40. payout amount (item 8.14.): this is the amount that will be paid out the policyholders at the end of the insurance or the insured event occurs (for example, in death, in the event of disability, etc.). In the case of the experience, the payout is composed, for example, from the amount of the sum of insured, the current shares of the profits and the final dividend. The total payout is to indicate the end of insurance, as well as for all possible contingencies.
41. embedded options (item 9): an embedded option is contractually or legally defined right of the policyholder to one or more future dates, provided that, where appropriate, certain conditions necessary for the exercise of the option are met, to intervene in the insurance contract so 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. Here, in any case, to specify whether the following embedded options is included in the rate: pension suffrage guaranteed Pension Board, insurance guarantee for marriage, death or birth of a child, Pfleger ducks option, part payment option, capital voting rights in deferred annuity, deferred option, extension option, retrieval option, Fund change, index clause or increase the sum of insured. There are also all those embedded options to lead, which represent an economic value. Is run, whether and how these options are included in the premium and reserve calculation. Each of the contained and listed options is to describe briefly.
42. external guarantees (item 11): here is to indicate whether there are warranties by external guarantors (for example, a credit institution) for the fare. The full name of the company and on which parts the warranty in the tariff and in which cases the guarantee is striking, is to specify. In addition is to specify whether the risk of the guarantor are worn by the insurance company or the policyholder.
(3) the content of certain items in accordance with § 3 are defined as follows:
1. technical description of the tariff (item 3): here is the internal unique short name of the tariff to indicate. The technical name should be selected so that the tariff is clearly identifiable.
2. insurance (item 4): here, the term "Life insurance" is to publicly.
3. type of insurance (item 5): the type of insurance in accordance with § 5 par. 1 Z is 2 to specify.
4. premium payment (item 6): the possible ways of payment, for example, monthly, quarterly, semi-annually, annually, one time payments or one time payment, to be specified. In addition is to lead, whether benefits and contributions are calculated forward or arrears.
5. billing Association (item 8): here is to specify Z 13 the rate is assigned to which billing association according to § 5 para 2.
6 profit plan (item 9): it is to refer to the applicable to the respective tariff income plan (stating the version number of the winning plan).
7 external guarantor (multiple indication possible) (post 10): If the fare has a guarantee of an external guarantor of (for example, a credit institution), here is the full name of the guarantor to specify.
8 product name of the tariff (multiple indication possible) (post 15): all product names under which the tariff is provided, shall be indicated. Under product name, that name is to understand the policyholder a tariff or tariff combination is offered under the.
9 main or additional rate per product name (item 16): It is to specify whether it is a main fare or a supplementary fare. Additional tariffs is to indicate, in connection with which main tariffs (including collective name) they can be completed.
Entry into force and transitional provisions
6. (1) effective this regulation with 1 January 2016.
(2) actuarial foundations which were submitted prior to January 1, 2016, the document "Actuarial bases" is only in case of changes in accordance with § 4 to submit new.
(3) for all currently after December 31, 2015 in the sale fares, the form according to § 3 until no later than 30 June 2016 is to submit.
Ettl Kumpf Müller