Life Insurance Information Duties Regulation - Lv-Infov

Original Language Title: Lebensversicherung Informationspflichtenverordnung – LV-InfoV

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294. Regulation of the Financial Market Supervisory Authority (FMA) on information requirements for life assurance (Life Insurance Information Obligations for Information Obligations-LV-InfoV)

Pursuant to Section 253 (5) of the Insurance Supervisory Law 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:

Section 1

General provisions

§ 1. (1) This Regulation lays down minimum contents of the information that insurance undertakings have to address to policyholders pursuant to § 253 (1) to 3 (3) of the VAG 2016.

(2) Life insurance, which at least in part provides for a benefit in the event of a life of life, shall be considered to be a capital-forming life insurance within the meaning of this Regulation.

Section 2

General information requirements for all types of life insurance

Pre-contractual information requirements

§ 2. (1) The policyholder shall be informed in the context of the presentation of the performance of the insurance company in accordance with Section 253 (1) Z 1 VAG 2016

1.

the product category and the essential characteristics of the particular product category to which its contract is assigned;

2.

the amount of the insurance undertaking ' s guaranteed performance by reference to the guaranteed benefit; if the guaranteed performance is not available, the policyholder shall be required to state what the guarantee relates to;

3.

on the possible use of hedging instruments, the method and mode of operation of these instruments, the advantages and disadvantages for the policyholder;

4.

on the basis of the accounts for the calculation of a possible pension and the opportunities and risks associated with it, in particular whether the amount of the pension is guaranteed; the policyholder must be made clear that if the level of the pension is Pension calculated according to the basis of the accounts in force at the time of seizure (sterboard and billboard), this is higher at the time of seizure or, if the average life expectancy increases more than assumed, lower than the forecast retirement benefit;

5.

on the level of costs and fees associated with the exercise of an option.

(2) The policyholder is in view of the details of a guarantee granted by a third party pursuant to Section 253 (1) Z 2 VAG 2016

1.

the name and address of the guarantor;

2.

the person who takes over the default liability in the event of the total or partial failure of the guarantor, if such default liability exists; if necessary, the policyholder should be informed that he himself is the risk of default of the guarantor; and

3.

on any restrictions and conditions under which the guarantee benefit is provided,

to inform.

(3) The policyholder shall be informed of the statutory right of termination of the contract and the right to terminate the contract, if any, and in what form, at what time and within which period the contract may be terminated. (Section 253, Section 1, Z 3 VAG 2016), to inform.

(4) In the context of the information referred to in section 253 (1) Z 5 of the VAG 2016, the policyholder shall be informed about the repurchase values and premium-free insurance benefits and the extent to which they are guaranteed to explain the concept of the redemption value and the extent to which they are guaranteed. is to be pointed out,

1.

that an early termination of the insurance contract may result in losses due, inter alia, to cover the closing costs, in particular in the first years after the conclusion of the contract, and that the repurchase value does not amount to the sum of the paid-up costs. Premiums, but are calculated from the premiums paid less the premium shares for costs and risk;

2.

that, where appropriate, no repurchase is possible;

3.

that a premium exemption may be linked to losses as a result of the coverage of the closing costs and the current administrative costs.

(5) The policyholder is to be informed about premium shares of ancu-ties pursuant to Section 253 (1) Z 6 VAG 2016, which can be optionally added or excluded, such as additional insurances.

(6) The tabular presentation of the costs of the capital-forming life insurance in accordance with § 253 (1) Z 7 VAG 2016 has pursuant to Appendix 1 shall be made. Note that the following should be noted:

1.

"costs calculated in the premium" and "estimated costs which are calculated on the assets assessed" shall take account of all the cost of the contract to which the insurance contract is charged, provided that the costs differ. may indicate the reasons for this;

2.

the policyholder should be informed that the difference between the total interest rate or the total interest rate forecasted value development and effective total interest rate indicates the extent to which the yield in the case of life is reduced by the insurance tax, risk and cost shares;

3.

the policyholder is to be informed that the difference between the guarantee interest rate and the effective guarantee interest rate indicates to what extent the guaranteed return in the case of life of the policyholder by the insurance tax, risk and cost shares is diminuded.

(7) If the policyholder carries out risks in accordance with § 253 (1) Z 11 VAG 2016, he shall be clearly indicated; in particular, whether he bears the risk of predisposition and, if the product is designed without guarantee, that losses of the and the amount of the payout from the insurance contract may be less than the sum of the premiums paid.

(8) The policyholder shall be informed of the product-specific current tax provisions in accordance with Section 253 (1) Z 12 VAG 2016.

(9) The policyholder is in respect of existing security systems and their access possibilities in accordance with § 253 (1) Z 13 VAG 2016,

1.

provided that the insurance undertaking has to form a cover in accordance with § 300 VAG 2016, on the ceiling system and on the consequences for the policyholder in terms of ex-post and insolvency law;

2.

provided that the insurance undertaking is subject to another security system, through the latter

to inform.

(10) The policyholder shall be provided with a specific reference enabling the policyholder to easily access such information via the most recently published report on the solvency and financial situation in accordance with § 241 VAG 2016 (§ § 241). 253 (1) Z 14 VAG 2016).

Model invoice

§ 3. (1) The model calculation for the capital-forming life insurance pursuant to Section 253 (2) of the VAG 2016 has pursuant to Appendix 2 and, on an individualised basis, to be drawn up for the respective policyholder on the basis of a specific tariff and specific contract data. In the case of pension insurance, only the pension benefits under the model calculation shall be: Appendix 2 . The representation of the subscription capital can take place outside the model calculation.

(2) In connection with the presentation of the benefits of the insurance undertaking, the redemption values and premium-free benefits, the total interest rate or total interest rate shall be the total interest rate. forecast value development as a percentage.

(3) The premium and the premium are to be paid without deduction of the insurance tax.

(4) Die pursuant to § 176 (5) of the Insurance Contracts Act-VersVG, BGBl. No. 2/1959, in the version of the Federal Law BGBl. I n ° 34/2015, the allocation of the non-recurring final costs is to be taken into account in the presentation of the repurchase values in the context of the model calculation. An all-due abatation in accordance with § 176 (4) of the VersVG and the insurance tax are also to be taken into consideration in the context of the presentation of the repurchase values.

(5) If a premium exemption is only possible when a certain minimum amount is reached, this is to be seen in the model calculation. The allocation of the unone-time final costs, as provided for in Section 176 (5) of the VersVG, must be taken into account in the presentation of the premium-free benefits in the context of the model calculation. An all-due abatation pursuant to § 173 (3) of the VersVG is also to be taken into account in the context of the presentation of premium-free services.

(6) The percentage and the calculation basis shall be indicated in the representation of any value adjustment. All contrasted values pursuant to section 253 (2) of the VAG 2016 are to be presented in a uniform manner with or without value adjustment. If the value adjustment is based on an index, it should be mentioned.

Indication of the non-binding nature

§ 4. In the presentation of insurance company performance, redemption values and premium-free benefits that are not guaranteed, a clear indication of the benefits of both pre-contractual and annual information has been made. To be non-binding.

Annual information requirements

§ 5. The policyholder is to be informed in the context of the annual information pursuant to § 253 Abs. 3 Z 5 VAG 2016

1.

the effects of deviations in the current values from the projected values in the model calculation in the form of newly calculated estimated life and retirement benefits and the indication of the current return value;

2.

the possible use of hedging instruments and the extent to which hedging instruments have been used and the consequences for the policyholder.

Change of external guarantor

§ 6. In the event of the exchange of the external guarantor, the policyholder shall be notified in the context of the information pursuant to § 253 (3) Z 1 VAG 2016 on the name and address of the new guarantor in a timely manner.

Section 3

Special information requirements for classic life insurance

Pre-contractual information requirements

§ 7. (1) The policyholder shall be informed, in the context of the presentation of the insurance undertaking's performance in accordance with Section 253 (1) Z 1 VAG 2016, that the interest in a classic life insurance consists of two components, namely: a guaranteed interest rate and a variable profit share. The policyholder must be told that the interest in the savings is related to the savings premium.

(2) The guarantee interest rate on which the contract is based shall be communicated to the policyholder.

Model invoice

§ 8. (1) The representation of the insurance company's services within the framework of the model calculation pursuant to § 253 para. 2 VAG 2016 shall be carried out in a future-oriented manner. A history-related representation is not allowed.

(2) The calculation of the expected payout amount shall be calculated on the basis of the winning system used. The highest share of the profits, on the basis of which the average forecast payment amount may be calculated, is the percentage of the profits published for the corresponding tariff in the last annual financial statements. If the reduction in the profit share rates is already decided by the insurance undertaking, the use of a higher share of profits shall be inadmissible no later than one month after the decision has been taken.

(3) The performance of the insurance undertaking shall be presented in the form of a corridor on the basis of the profit system used, the percentage of the profit referred to in paragraph 2 being the average value of the corridor. The upper value of the corridor shall not exceed one percentage point above the mean value of the corridor. The lower value of the corridor shall be determined in such a way that the mean value of the corridor represents the arithmetic mean of the upper and lower values of the corridor. However, the lower value of the corridor does not need to fall below the guaranteed interest rate.

Profit sharing

§ 9. (1) In the context of the presentation of the principles for the calculation of the profit sharing pursuant to § 253 para. 1 Z 4 VAG 2016, the individual profit components must be named and the policyholder, in particular with regard to the creation, distribution and To explain the use of profits. The policyholder should also be informed that a reduction in profit-sharing in consequence of the doping of the interest-rate supplementary provision according to § 4 (3) (3) of the Life Insurance-Profit Participation Ordinance-LV-GBV, BGBl. II No 292/2015.

(2) The policyholder shall be informed about the settlement association in accordance with § 2 Z 1 LV-GBV, to which his contract is to be assigned, as well as about the date on which the profits are irrevocably allocated to the contract.

(3) The policyholder shall be informed of any profit-sharing card.

(4) The policyholder shall be informed of the actual use of the profit shares allocated to the cover provision; in particular, the form in which the profit-sharing is carried out and whether the profit-sharing is to increase the profit-sharing. guaranteed performance, or used to figure out an additional guarantee performance.

Annual information requirements

§ 10. The policyholder is in the framework of the annual information pursuant to § 253 (3) Z 4 VAG 2016 on the actual use of the profit shares allocated to the cover provision and in the case of the reduction of the tax base according to § 4 1 LV-GBV on the extent of the reduction in accordance with § 9 (1) of the last sentence. If the profit sharing has been used in accordance with the contractual agreement to increase the guaranteed performance, it is also necessary to inform the extent to which the profit sharing has led to an increase in the guaranteed performance. or for the illustration of an additional guarantee performance. If a resolution of the final profit fund was made against an individual ongoing profit-sharing in accordance with § 6 para. 3 of the LV-GBV, the policyholder must be informed about this.

Section 4

Special information requirements for the capital investment-oriented life insurance

Pre-contractual information requirements

§ 11. (1) The duty to provide information in accordance with § § 7 to 10 shall apply mutacally to the life assurance based on the capital investment.

(2) The policyholder is within the framework of the information pursuant to section 253 (1) Z 10 VAG 2016 with regard to the nature of the capital investment relating to the basic portfolio composition including the geographical and sectoral composition of the To inform the capital investment.

(3) The policyholder should explain the specific characteristics of the investment strategy with regard to the deviations to the investment strategy in the context of classical life insurance. The policyholder must be informed of the consequences for him.

Annual information requirements

§ 12. In the event of a change in the investment strategy, the policyholder shall be informed in accordance with Section 253 (3) Z 2 VAG 2016.

Section 5

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

Pre-contractual information requirements

§ 13. (1) The policyholder is, in respect of the capital investment funds on which the share rights are based, and the assets contained therein (Section 253 (1) Z 8 VAG 2016) on the basis of the capital investment fund on which the insurance contract is based.

1.

the International Securities Identification Number (ISIN) and

2.

Name, seat and homepage of the capital investment company

to inform.

(2) The policyholder is in the context of the information on the nature of the capital investment, the reference value and the basic factors which are used to calculate the insurance performance (Section 253 (1) Z 9 VAG 2016).

1. the issuer of the capital investment and its credit risk and the index provider; and

2. Name, seat and homepage of the issuer and index provider

to inform.

(3) Where available, the previous value development of the capital investment fund in the fund-linked life insurance or the reference value in the index-linked life insurance is to be presented graphically at least over a period of five years. In this case, a clear indication of the non-binding nature must be made.

Model invoice

§ 14. The performance of the insurance company within the framework of the model calculation pursuant to § 253 para. 2 VAG 2016 shall be based on an assumed value development of 2%, 0% and -2% as well as optionally freely selectable percentages. The additional percentages may not exceed the average performance of the underlying capital investment funds or the underlying reference value of the last five years. If the fund is subject to less than five years, a comparable capital investment fund or reference value shall be used.

Annual information requirements

§ 15. The policyholder is within the scope of the annual information pursuant to § 253 para. 3 Z 4 VAG 2016

1.

in the fund-linked life assurance of the shares per fund and their calculation value;

2.

in index-linked life assurance on the value of the assets allocated to the insurance contract

to inform.

6.

Special information requirements for premium-privileged future-care

Pre-contractual information requirements

§ 16. (1) Without prejudice to the specific information requirements of this Section, the special information requirements of the product category, which shall be applied to the preferential treatment of the future, shall be applicable to the preferential treatment of the future for the benefit of the premium. the predominant part is to be assigned.

(2) The policyholder shall be informed in the context of the pre-contractual information pursuant to Section 253 (1) VAG 2016

1.

on the level of the State premium in accordance with § 108g (1) of the Income Tax Act 1988-EStG 1988, BGBl. N ° 400/1988, as amended by the Federal Law BGBl. I No 34/2015;

2.

on the fact that it is set anew each year;

3.

that the State premium relates to the annual premium performance of the policyholder and is therefore not equated with the level of the return;

4.

on the possibilities of disposal under § 108i (1) of the EStG 1988 and the legal consequences of § 108g (5) of the EStG 1988.

Model invoice

§ 17. (1) In the case of the representation of the guaranteed services, the current state premium shall be used in accordance with § 108g (1) EStG 1988. In addition, the state premium must be indicated in a separate column within the framework of the model calculation according to § 253 para. 2 VAG 2016.

(2) The presentation of the repurchase values in the model calculation pursuant to § 253 para. 2 VAG 2016 shall be carried out in such a way that the legal consequences of § 108g (5) EStG 1988 are taken into account accordingly.

Annual information requirements

§ 18. The policyholder must be informed about the amount of the state premium in accordance with § 108g (1) EStG 1988 in the context of the annual information pursuant to § 253 (3) Z 5 VAG 2016.

Section 7

Final provisions

entry into force

§ 19. (1) This Regulation shall enter into force 1. Jänner 2016 in force and applies to insurance contracts concluded after 31 December 2015.

(2) By way of derogation from paragraph 1, § § 5, 6, 10, 12 and 15 are to be applied to insurance contracts which are already before the 1. Jänner 2016 was completed.

Ettl Kumpfmüller

Appendix 1

on the Regulation of the Financial Market Supervisory Authority (FMA) on the information requirements for life assurance (Life Insurance Information Obligations for Information Obligations-LV-InfoV)

Tabular presentation of the costs according to § 2 paragraph 6 LV-InfoV

Insurance tax included in the premium, risk premium (covering insurance-related risks) and costs:

Premium constituents

Estimated percentage of the premium total

Savings premium (assessed amounts)

Insurance tax

Risk premium broken down by individual risk *

Cost *

Costs which are calculated on the basis of the assets assessed:

Estimated percentage of the assets assessed

Cost

Risk premium broken down by individual risk

Reduction of the total interest rate:

Total interest rate predicted value development

Reduction of total interest rate (by insurance tax, risk premium and costs)

effective total interest rate

If there is a guaranteed interest in the product:

Guarantee interest rate

effective guarantee interest rate

*Insofar as the cost or the risk premium of the assessed assets shall be determined by reference to the following table.