396. Regulation of the Financial Market Supervisory Authority (FMA) amending the Regulation of the Financial Markets Authority (FMA) on the content and structure of the actuarial bases (VVMGL)

On the basis of § 18 (1) of the Insurance Supervisory Act-VAG, BGBl. No 569/1978, as last amended by the Federal Law BGBl. I No 104/2006, shall be ordered:

The Regulation of the Financial Market Supervisory Authority (FMA) on the content and structure of the actuarial bases (VVMGL), BGBl. II No 110/2005, shall be amended as follows:

1. § 1 para. 2, first sentence reads:

"The actuarial basis shall be presented separately in electronic form of the FMA for each tariff."

1a. In Article 1 (2), the following last sentence is added:

"E-mails and transmitted files shall be limited to a maximum size of 5 megabytes, respectively."

2. § 2 (1) reads:

"(1) The actuarial bases have to contain a title page, which is overwritten with" actuarial basics ". In addition, the following data is to be produced from the title page: Full name, address, telephone number and homepage (if any) of the insurance company, full name, email address (if available) and telephone number of the responsible actuary, full name, e-mail address (if available) and telephone number of the deputy responsible, technical name of the tariff, insurance type, product name of the tariff, earliest possible Start of insurance, last possible insurance start, start of sales of the version of the tariff, resubmission or change version, sales countries. The last possible start of insurance must be indicated only if it is foreseeable (for example, in the tranche of an index-linked life insurance). "

3. The last sentence is deleted in Section 2 (3).

4. In § 2 para. 5 are:

Item 1.7.: "Payment of Rentals"

Item 1.8.: "Emergency protection (voluntary)"

Item 1.9.: "Miscellaneous"

Point 2.5.: " Minimal maturity or minimum performance duration "

Point 2.6.: " Maximum duration or maximum performance duration "

Point 3.1.: " Annual minimum premium and/or Minimum one-off premium "

Point 3.2.: " Annual maximum premium and/or maximum one-off premium "

Point 4.3.: "Profit Use"

Item 4.4.: "Profit Components"

Item 4.5.: "Miscellaneous"

Item 6.8.: "Pension payment phase"

Item 6.9.: "Miscellaneous"

Item 9.4a.: "Nettopremie"

Item 9.9.3.: "Einmalerlag und EinmalzuPayments"

Item 9.10.: " Repurchase value or Incase Amount "

Item 9.12a.: "Amount of payout"

Item 11.: " Supplementary insurance (incl. Rate Label) "

Item 11.1.: "Compulsory supplementary insurance"

Item 11.2.: "Optional supplementary insurance (voluntary)"

5. In § 2 (5), point 5 is deleted. including all sub-points.

6. In Article 2 (6), the following sentence is added:

"There is no point and all the subpoints, so it is sufficient for them to be added and the words" deleted "."

7. In Section 2 (7), the third sentence "1.8" by "1.9." replaced.

8. In § 2 para. 7, the fourth sentence "1.8" by "1.9." replaced.

9. In § 2 (7), the last sentence is:

" For changes in points 1.2., 1.6., 1.7., 1.8., 2., 3., 7.4., 7.5., 7.6., 7.7., 7.8., 7.9., 7.10., 8. and 11.2. (including possible subpoints) does not require a presentation of the actuarial basis. "

10. In accordance with Article 2 (8), the following paragraphs 9 and 10 are added:

" (9) If a new tranche of an already existing tariff of an index-linked life insurance is laid down, then a complete new presentation of the actuarial basis is not necessary, but the presentation of the title page is sufficient. in accordance with § 2 (1) and the corresponding amendments with the numbering in accordance with § 2 (1). In any case, the verbal tariff description according to item 1.5. is to be presented in section 2 (5).

(10) Where a new fund is added to a fund-linked life insurance tariff, it is not necessary to submit the actuarial basis provided that there are no other changes to the actuarial code. Fundamentals exist. "

10a. In § 3 the first sentence reads:

"For § 2 (1) and (5), the following definitions shall apply:"

11. According to § 3 Z 1, the following Z 1a and Z 1b are inserted:

" 1a.		Re-submission or revision: This is to indicate whether the actuarial basis provided is a new tariff (resubmission) or a change in an already existing tariff (change version). A new submission is only available if there are differences in item 9 compared to a tariff already offered to date. in accordance with Article 2 (5) and the sub-points of item 9. . In addition, the name of the previous tariff should be given in the case of a change.
1b.		Sales countries: indicate in which countries the tariff is actively offered for sale. "

12. In § 3 Z 5 the following sentences are added:

" If this is an additional tariff, all tariffs (including tariff denomination) are to be found for which this additional tariff is compulsory. If a BKV tariff is offered in a performance-oriented way, ie. it shall be explained in detail in the case of an obligation for the employer to follow. "

13. § 3 Z 6 first sentence reads:

"Premium number: Here it is possible to indicate which payment methods are possible, for example monthly, quarterly, half-yearly, annual, one-off payments or one-time lag."

14. According to § 3 Z 6, the following Z 6a and Z 6b are inserted:

" 6a.		Minimum guarantee period: For fares that include a warranty period, specify the minimum warranty period as an absolute value.
6b.		Maximum guaranteed time: For fares, which include a warranty period, specify the maximum warranty period as an absolute value. In addition, the maximum percentage indicating the duration of the guarantee period for a single contract, based on the duration of the contract, shall be indicated. For example, if, for a tariff, the maximum guarantee period is always half of the agreed term, "50%" shall be stated. "

15. § 3 Z 7 reads:

" 7.		Profit sharing: Here you can find out whether the tariff is eligible for profit and it is to be referred to the corresponding winning plan (with indication of the starting date and the version number of the profit plan). "

16. § 3 Z 8 reads:

" 8.		Profit Association: Here is to indicate which profit association and which accounting association (or other subdivision) of the tariff. "

17. In accordance with § 3 Z 8 the following Z 8a and Z 8b are inserted:

" 8a.		Use of profit: here is the use of profit, for example bonus system, interest-bearing collection, fund-bound profit system, to lead.
8b.		Profit components: Here are the profit components, such as interest rate gain, risk gain, cost gain, additional profit, to be enumerated. "

18. According to § 3 Z 12 the following Z 12a is inserted:

" 12a.		Pension payment phase: If retirement is planned or possible, it is necessary to specify whether the accounting bases for the pension payment phase listed in point 6.1. to 6.4. are guaranteed. If, for the period of payment of the pension, other accounting bases other than those referred to in point 6.1. to 6.4. are guaranteed, they shall be indicated. "

19. In § 3 Z 14 the following values shall be inserted for the sample example:

"-			Feed-up time = min (30 years; maximum repleniation period in accordance with point 2.12.)
-			Premium number: annual pre-schüssig
-			Number of pensioners: annually vorschüssig "

20. In § 3 Z 14, the following sentence shall be added:

"For the presentation of the formulas, a customary mathematical representation is to be chosen, and it is therefore not permissible in particular to represent the formulas in the form of a program code."

20a. According to § 3 Z 18, the following Z 18a is inserted:

" 18a.		Payout amount: This is the amount paid to the policyholder at the end of the insurance policy or in the insurance case (for example, in case of death, invalidity, etc.). In the case of a loss of life, the payout day shall be composed, for example, of the sum of the sum of the insurance sum, the current profit share and the final profit share. The payout amount shall be indicated for both the insurance end and all possible insurance cases. "

21. The previous § 3 receives the sales designation "(1)" . As a new paragraph 2, the following is added:

" (2) Individual points of the actuarial basis of different tariffs may be combined if these tariffs do not differ in several respects in accordance with § 2 (5). The summary then consists of a general part, which contains all the common points of these tariffs, as well as a special part for each tariff. The structure according to § 2 para. 5 is to be observed both in the special and in the general part. The parts are according to the title page corresponding to "General Part" or "General Part". "Special Part" shall be marked. In the general part, all the points which are not the same for all the tariffs are to be marked with the words 'dependent on the tariff'. In the specific part, the words "see general part" are to be found at each point which is dealt with in the general part. This also requires a designation of the general part which distinguishes it from the other general parts, for example, "see General Part-Risk Insurance". In addition, the date of entry of the general part is to be stated in each case. In the event of a change in one of the combined tariffs, the general part and the corresponding specific part of the actuarial bases of the FMA shall be resubmitted. "

22. The previous § 4 receives the sales designation "(1)" . As a new paragraph 2, the following is added:

" (2) § 1 para. 2, § 2 para. 1, para. 3, para. 5, para. 6, paragraph 7, para. 9, para. 10, § 3 para. 1 first sentence, Z 1a, Z 1b, Z 5, Z 6, Z 6a, Z 6b, Z 7, Z 8, Z 8a, Z 8b, Z 12a, Z 14, Z 18a and § 3 paragraph 2 in the version of the Regulation BGBl. II No 396/2006, enter into force 1. Jänner 2007 in Kraft. "

Pribil Traumüller