Life Insurance Information Duties Regulation - Lv-Infov

Original Language Title: Lebensversicherung Informationspflichtenverordnung – LV-InfoV

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294. Regulation of the financial market authority (FMA) on the information requirements for the life insurance (life insurance information duties regulation - LV-InfoV)

On the basis of § 253 para 5 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 with the consent of the Federal Minister of finance prescribed:

1 section

General terms and conditions

§ 1 (1) sets this regulation minimum contents of information, which have to set up insurance companies in accordance with § 253 para 1 to 3 VAG 2016 to policyholders.

(2) life insurance providing at least in part for a performance in the case of the experience are considered capital forming life insurance within the meaning of this regulation.

2. section

General information requirements for all types of life insurance

Pre-contractual information obligations

§ 2 (1) the policyholder is part of the representation of the performance of the insurance undertaking in accordance with article 253, paragraph 1 VAG 2016 to inform Z 1 1 about the product category and essential properties of each product category, which is associated with his contract;

2. about the height of a guaranteed performance of the insurance company by figuring the guaranteed performance; a number of guaranteed performance is not possible, to present the policyholder, what the guarantee is valid;

3. about the possible option of the insert of hedging instruments, the method and effectiveness of these instruments, the advantages and disadvantages for the policyholder.

4. about the accounting bases for calculating an any pension and related opportunities and risks, particularly if the amount of the pension is guaranteed; the policyholder is clearly pointed out that if the amount of pension calculated according to the applicable at the time of the attack account basics (life table and assumed interest rate) that at the time of the attack later, or if the average life expectancy rises more than anticipated, predicted the pension benefits can be lower than that.

5. about the amount of costs associated with the exercise of a choice and fees.

(2) the policyholder is Z 2 1 name and address of the guarantor, in regard to the details of a guarantee granted by a third party pursuant to § 253 para 1 VAG 2016

2. Furthermore, who will assume the liability in the case of total or partial failure of the guarantor, if such a contingent liability exists; If necessary, the policyholder about is to inform that he bears the risk of the guarantor; and 3 any limitations and conditions under which the guarantee is provided to inform.

(3) the policyholder is about the statutory cancellation rights and possibly contractually granted rights of termination and in any form, at what time and how much time the contract can be terminated (article 253, paragraph 1 Z 3 VAG 2016), to inform.

(4) the policyholder is in the context of the information referred to in article 253, paragraph 1 Z 5 VAG 2016 on the surrender values and prämienfreien insurance and the extent in which they are guaranteed, which is term of the buy-back value to explain and he pointed out, 1 that a premature termination of the insurance contract, including routes cover the acquisition costs, in particular in the first years after conclusion of the contract that can lead to losses and that the buy-back value is not the sum of the premiums paid-in, but are calculated from the paid up premiums minus the bonus shares for cost and risk;

2. that, where appropriate, no redemption is possible;

3. that a premium position due to cover the closing costs and ongoing management costs with loss can be connected.

(5) the policyholder is VAG 2016 to inform No. 6, which can be either one - or excluded as such supplementary insurance bonus shares of fringe benefits in accordance with article 253, paragraph 1.

(6) the tabular representation of the costs for the capital forming life insurance pursuant to § 253 para 1 No. 7 VAG 2016 has to be carried out in accordance with Appendix 1. The following should be noted: 1. under "Cost calculated in the bonus" and "estimated costs are measured in invested assets" are all business scheduled costs into account, is burdened with which the insurance contract If costs can differ, the reasons must be stated;

2. the policyholder is to inform you that the difference between the total interest or forecast value development and effective total interest rate shows to what extent the yield in the case of the experience is diminished by the insurance tax, risk and cost components

3. the insured is to inform you that the difference between the guaranteed interest rate and effective guarantee rate indicates to what extent the guaranteed return in the case of the experience is diminished by the insurance tax, risk and cost components.

(7) the policyholders bear risks pursuant to § 253 para 1 Z 11 VAG 2016, he is so clearly to point out; in particular, may be whether he bears the investment risk and, if designed the product without warranty is that loss of the invested capital may occur and the total payout from the insurance contract under the total premiums paid up.

(8) the policyholder is to inform Z 12 VAG 2016 on the product-specific current tax law regulations in accordance with article 253, paragraph 1.

(9) the policyholder is Z 13 1 unless the insurance company VAG 2016 to make a collateral pool pursuant to § 300 has about the cover system and the exekutions - and bankruptcy legal consequences for the insured in regard to existing backup systems and their possibilities of access pursuant to § 253 para 1 VAG 2016;

2. If the insurance undertaking is subject to another backup system, to inform about this.

(10) the policyholder is VAG on the recently released report on the solvency and financial position in accordance with § 241 2016 through a specific reference that allows the policyholder to easily access this information, (article 253, paragraph 1 Z 14 VAG 2016) to inform.

Model calculation

3. (1) the model calculation for the capital forming life insurance pursuant to § 253 para 2 VAG 2016 has to be carried out in accordance with Annex 2 and is on an individualized basis for the respective policyholders based on a specific tariff and concrete contract data. In pensions, only the pension benefits in the context of the model calculation in accordance with Appendix 2 is to represent. The representation of transfer capital can be done outside the model calculation.

(2) in connection with the representation of the insurance company's services, the surrender values and prämienfreien services, the respective total remuneration or predicted values winding percentage is to specify.

(3) the premium and the premium amount are not to lead the insurance tax.

(4) that pursuant to § 176 para 5 of the German insurance contract law - insurance, Federal Law Gazette No. 2 / 1959, as amended by Federal Law Gazette I no. 34/2015, proposed splitting of the Bill in terms of one-off acquisition costs is at the representation of the repurchase values within the framework of the model bill to take into account. A possible discount insurance and the insurance tax are according to § 176 para 4 to be considered in the context of the representation of the repurchase values.

(5) a premium position only upon reaching a certain minimum amount, this is possible in the model statement can be seen to make. Is provided for splitting of the Bill in terms of one-off acquisition costs pursuant to § 176 para 5 to take into account the representation of prämienfreien services in the framework of the model bill insurance. A possible discount in accordance with § 173, para. 3 insurance is to be considered in the context of the presentation of the prämienfreien services.

(6) in the representation of any value adjustments, the percentage and the calculation basis shall be indicated. All faced values according to § 253 para 2 VAG 2016 are uniformly either with or without adjustment in value to represent. If the value adjustment based on an index, is to name a few.

Note on the non-binding nature

§ 4. Has the rendering services of the insurance company, surrender values and prämienfreien services, which are not guaranteed, both in relation to the pre-contractual and the annual information, a clear reference to the non-binding nature to be made.

Annual information requirements

§ 5. The policyholder is in the framework of the annual information referred to in § 253 para 3 VAG 2016 to inform Z 5 of 1 the effects of variations of the current values of the contract in the model statement predicted values in the form of newly computed expected life - and pension benefits and indicating the current surrender value;

2. any use of hedging instruments, and to what extent of hedging instruments used were, and what consequences are thus connected to the policyholder.

Change of the external guarantor


§ 6. In the case of a change of the external guarantor of policyholders in the context of the information pursuant to § 253 para 3 is VAG 2016 over the name and the address of the new guarantor promptly to communicate Z 1.

3. section

Special information requirements for the classical life insurance

Pre-contractual information obligations

Section 7 (1) the policyholder is to inform that the interest of classical life insurance consists of two components, namely a guaranteed interest rate and a variable profit-sharing in the context of the presentation of the services of the insurance undertaking in accordance with article 253, paragraph 1 No. 1 VAG 2016 in. The policyholder is to explain that the interest rate refers to the savings.

(2) the guarantee rate underlying the Treaty is to inform the policyholder.

Model calculation

8. (1) the representation of the services of the insurance undertaking in the framework of the model calculation in accordance with § 253 para 2 VAG 2016 has in forward-looking manner to be carried out. A historical presentation is not permissible.

(2) the calculation of the expected amount of paid out has on the basis of the profit system used to be. The highest dividend rate, on the basis of the medium forecast payout amount must be calculated, is the dividend rate published for the corresponding rate in the last annual financial statements. The lowering of profit share rates from the insurance companies is already decided, a month after the decision is to use a higher dividend rate no later than inadmissible.

(3) the representation of the insurance company's services has to be carried out, where the dividend rate referred to in paragraph 2 represents the middle value of the corridor in the form of a corridor on the basis of the profit system. The upper value of the corridor must be no more than one percentage point above the middle of the corridor. The lower value of the corridor is such to determine that the mean value of the corridor represents the arithmetic mean of the upper and the lower limit of the corridor. The lower value of the corridor must be less than but not the guaranteed interest rate.

Profit-sharing

§ 9 (1) in the framework of the presentation of the principles for the calculation of profit sharing in accordance with § 1 Z 4 VAG 2016 are the 253 para to call the individual income components and explain the policyholder in particular in regard to the creation, distribution and use of profits. The policyholder is also to inform you that a reduction of profit-sharing in order of interest supplementary reserve in accordance with § 4 para 3 Z 3 of the life insurance profit-sharing regulation LV-GBV, Federal Law Gazette II No. 292/2015, is possible.

(2) the policyholder is Z 1 LV GBV, which is his contract, as well as the time at which profits irrevocably allocated to the contract, to inform about the settlement Association in accordance with article 2.

(3) on a possible profit maternity leave, the policyholder is noted.

(4) the policyholder is about the concrete use allocated profit shares to inform the premium reserve; especially about how profit sharing takes place and whether the profit participation leads to an increase in the guaranteed performance or is used to represent an additional warranty.

Annual information requirements

§ 10. The policyholder is within the framework of the annual information referred to in § 253 para 3 Z 4 VAG 2016 of the actual use of the premium reserve allocated profit shares as well as in case of reduction of the assessment basis pursuant to § 4 paragraph 1 LV-GBV about the extent of the reduction in accordance with article 9, paragraph 1 last sentence to inform. If the profit-sharing according to the contractual agreement was used to increase the guaranteed performance, is also to inform you to what extent the profit-sharing to increase the guaranteed performance has led or was used to illustrate an additional warranty. Was a resolution of the final profit fund against individual ongoing profit-sharing in accordance with § 6 ABS. 3 of the LV GBV, is to inform the policyholder about

4 section

Special information requirements for the investment-oriented life insurance

Pre-contractual information obligations

The information requirements referred to in paragraphs 7 to 10 are 11 (1) apply mutatis mutandis to the investment-oriented life assurance.

(2) the policyholder is to inform Z 10 within the framework of the information pursuant to § 253 para 1 VAG 2016 in terms of the kind of capital investment on the basic portfolio composition including the geographical and sectoral composition of the investment.

(3) the peculiarities of the investment strategy with regard to the variations to the investment strategy in the context of classical life insurance are the policyholder to explain. The policyholder is to point out the consequences for him.

Annual information requirements

§ 12. In the case of the change in investment strategy, the policyholder pursuant to § 253 para 3 is to inform Z 2 VAG 2016 in.

5. section

Special information requirements for unit - linked and index-linked life insurance

Pre-contractual information obligations

Section 13 (1) is the policyholder in terms of the insurance contract of underlying investment funds where the share rights exist, and the assets therein (article 253, paragraph 1 Z 8 VAG 2016) about 1 to inform the international securities identification number (ISIN) and 2nd name, seat and homepage of the capital investment company.

(2) the policyholder is under the information about the nature of the investment, the reference value and the basic factors, which are used to calculate the insurance benefit (article 253, paragraph 1 Z 9 VAG 2016) about

1. the issuer of the investment and the credit risk and the index provider and

2. name, seat and homepage of the issuers and index provider to inform.

(3) if the value development of the investment funds in the unit-linked life insurance or the reference value in the index-linked life insurance graphically at least over a period of five years is available, to represent. This has to be a clear reference to the non-binding nature.

Model calculation

§ 14. The representation of the services of the insurer during the VAG 2016 has on basis of assumed value performance by 2%, to be 0% and - 2%, as well as Optionally selectable percentages model calculation in accordance with § 253 para 2. In addition selected percentages may not exceed the average performance of the underlying investment fund or of the underlying reference value in the last five years. The rest of the Fund is less than five years, is a comparable capital investment fund or reference value to be used.

Annual information requirements

§ 15. The policyholder is Z 4 1 in unit-linked life insurance about the shares of each Fund and its calculation value; in the context of the annual information referred to in § 253 para 3 VAG 2016

2. to inform the index-linked life insurance on the value of the assets associated with the insurance contract.

6 article

Special obligations for the State-sponsored retirement provision

Pre-contractual information obligations

Those special information requirements of product category are section 16 (1) without prejudice to the specific information requirements of this section on the bonus be favors-retirement provision applicable, to associate the State-sponsored retirement provision for the most part.

(2) the policyholder is in relation to the pre-contractual information in accordance with § 253 para 1 VAG 2016 to inform 1988 - 1 about the size of the State premium pursuant to § 108 g para 1 of the income tax act ITA 1988, Federal Law Gazette No. 400/1988, as amended by Federal Law Gazette I no. 34/2015;

2. Furthermore, that these each year newly is determined

3. that the State premium refers to the annual premium performance of the policyholder and cannot therefore be equated with the level of the return on investment;

4. about the available possibilities due to him pursuant to section 108i para 1 EStG 1988 and the legal consequences arising from it for him the section 108 g para. 5 EStG 1988.

Model calculation

Section 17 (1) representation which guaranteed the current Government premium in accordance with section is services to attract 108 g para 1 EStG 1988. The State premium is in addition within the framework of the model calculation in accordance with § 253 para 2 VAG 2016 in a separate column.

(2) that VAG 2016 has to be made that the legal consequences of section 108 be considered g para. 5 EStG 1988 according to representation of the repurchase values in the model calculation in accordance with § 253 para 2.

Annual information requirements

§ 18. The policyholder is Z 5 within the framework of the annual information referred to in § 253 para 3 VAG 2016 over the height of the State bonus in accordance with § 108 g to inform para 1 EStG 1988.

7 section

Final provisions

Entry into force

Section 19 (1) is this regulation with 1 January 2016 in force and shall apply to contracts of insurance entered into after December 31, 2015.


(2) the sections 5, 6, 10 are by way of derogation from paragraph 1, apply 12 and 15 on insurance contracts, which were already completed prior to January 1, 2016.

Ettl Kumpf Müller



Appendix 1

to the regulation of the financial market authority (FMA) on the information requirements for the life insurance (life insurance information duties regulation - LV-InfoV)

 

Tabular presentation of the costs pursuant to § 2 para 6 LV-InfoV

 

Insurance tax calculated in the premium, risk premium (to cover technical risks) and cost: premium ingredients



estimated percentage share of the premium sum



Savings (assessed amounts)



Insurance tax



Spreads broken down by individual risks *.



Cost *.



Costs, which are calculated on the invested asset: estimated percentage share of the assessed property



Cost



Spreads broken down by individual risks



Reduction in the overall rate of return: total return or projected performance



Reduction of overall interest (through insurance tax, risk premium, and costs)



effective total interest



If there is a guaranteed interest rate in the product: guaranteed interest rate



effective guarantee interest rate



* Where are the cost and the risk premium of the invested assets, a reference to the following table shall be made.