Regulation on the accounting basis for cover provisions (Cover Exemption Regulation-DeckRV)

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DeckRV

Date of completion: 18.04.2016

Full quote:

" Coverage reset regulation of 18 April 2016 (BGBl. 767), as defined by Article 1 of the Regulation of 18 May 2016 (BGBl. 1231).

Status:

Amended by Art. 1 V v. 18.5.2016 I 1231

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 1.7.2016 + + +) 

  

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Input formula

The Federal Ministry of Finance is responsible for the

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§ 88 (3) sentence 1 and 2 in conjunction with sentence 4 and § 217 sentence 1 number 7 to 10 in conjunction with sentence 3 and 4 of the Insurance Supervision Act of 1 April 2015 (BGBl. 434), in agreement with the Federal Ministry of Justice and Consumer Protection,

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Article 235 (1), first sentence, points 4 to 7, in conjunction with the second sentence of paragraph 2 of the Insurance Supervision Act of 1 April 2015 (BGBl). I p. 434):

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§ 1 Scope

(1) This Regulation shall apply to:

1.

Life insurance companies, including pension funds, with the exception of the death penalty,

2.

Accident insurance undertakings operating insurance companies with repayment of premiums, and

3.

insurance companies providing pension benefits of general liability insurance, motor vehicle liability insurance, motor vehicle accident insurance and general accident insurance.

(2) This Regulation shall apply to contracts which do not have the basis of prudential tariffs approved by the regulatory authorities. Unofficial table of contents

§ 2 Maximum interest rate

(1) In the case of insurance contracts with an interest-rate guarantee denominated in euro or the national currency unit of a Member State participating in the European Economic and Monetary Union, the maximum rate of interest for the calculation of the interest rate shall be: Cover reserves set at 1.25 per cent. In the case of contracts denominated in other currencies, the Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht) shall determine the maximum interest rate in accordance with the provisions of this Regulation. (2) In the case of insurance contracts with The interest rate guarantee shall apply to the accounting rate used by an insurance undertaking at the time of the conclusion of the contract for the calculation of the cover provision for the entire duration of the contract. In the case of an insurance contract which is concluded in the event of an internal division according to § 10 of the Supply Equalization Act in favour of the person entitled to compensation, the underlying insurance contract may also be based on the original insurance contract. Invoice zins are used. This shall apply in accordance with a life insurance contract between an insurance undertaking and a supplier within the meaning of the Supply Equalization Act with a person entitled to compensation as an insured person. § 5 (3) and (4) shall remain unaffected. (3) Pensionskassen may, for contracts to which the same general insurance terms and conditions and principles are based on the calculation of premiums and mathematical provisions, apply a derogation from Paragraph 2, first sentence, shall not be used for the entire duration of the contract, which shall not exceed the maximum rate of interest in force. A reduction in the invoice rate required thereby can be carried out in stages with the agreement of the supervisory authority. Unofficial table of contents

§ 3 Exceptions

(1) For insurance contracts for a single premium with a duration of up to eight years, denominated in euros or on the national currency unit of a Member State participating in the European Economic and Monetary Union, the relevant accounting rates are not more than 85 per cent of the last monthly value of the orbital returns of the government bonds with a residual maturity corresponding to the period of insurance; the last monthly value is the result of the remaining period of the German Bundesbank in its monthly reports published capital market statistics. The date on which the individual contract is to be determined is the date of the premium payment. (2) For pension insurance contracts without a repurchase value, which is denominated in euros or on the national currency unit of one of the European Economic and Monetary Union participating Member States shall apply from the beginning of the retirement pension for the eight years following that date and for the part of the cover reserve which is attributable to the current pension payment, paragraph 1 sentence 1, with the proviso that the maximum rate for the account shall be 85 Percent of the arithmetic average of the last monthly values of the returns on government bonds with a residual maturity of one year up to eight years; the last monthly values are the result of the Deutsche Bundesbank's Capital market statistics published in their monthly reports. The relevant date for the determination of the invoice of the individual contract is the date of the beginning of retirement. Unofficial table of contents

§ 4 Maximum number of sentences and actuarial calculation method

(1) In the course of the Zillmerung, the claims for replacement of the completed, one-time final costs shall be covered by contract up to the level of the number of units from the beginning of insurance from the highest possible premium parts, which shall be used in accordance with the Calculation principles during the period for which the premium is paid are not intended for insurance benefits or to cover the costs of the insurance business. The rate of payment shall not exceed 25 per mille of the sum of all premiums. (2) The maximum number of premium parts referred to in paragraph 1 shall be the extent to which they do not yet have the one-off final cost of the Zillmersatz. in accordance with Article 15 (1) of the Insurance Company's Financial Reporting Regulation, the maximum amount of which is to be activated in relation to the policyholders, which shall be activated in the calculation of the Individual contractual cover return value of future premiums (3) For life insurance contracts, in respect of which, on the basis of legally prescribed repurchase values, the cover provision calculated in accordance with section 341f of the Commercial Code is subject to a claim in accordance with section 25 (2) of the In accordance with the provisions of paragraph 1, the premium parts which are to be covered by the insurance undertaking-accounting regulation shall be the premium parts which shall be the premium parts which shall be subject to the

1.

are not needed to form the increased cover provision, and

2.

in accordance with the calculation principles used, during the period for which the premium is paid, neither for the benefit in the insurance case nor to cover the cost of the insurance operation.

In the event of an accident insurance of the type referred to in § 161 of the Insurance Supervision Act, the first sentence shall apply accordingly, insofar as increased repurchase values are contractually guaranteed in accordance with the regulations prescribed for the life insurance scheme. (4) The rate of charge used by an insurance undertaking at the time of the conclusion of the contract for the calculation of the cover provision shall apply for the entire duration of the contract. Unofficial table of contents

§ 5 Actuarial Accounting Basics

(1) In the case of the derivation of accounting principles, which is to be carried out by actuarial methods, all circumstances which may result in changes and fluctuations in the data obtained from the underlying statistics shall be taken into account: shall be taken into account and suitably weighted according to actuarial principles. The derivation of accounting bases on the basis of a best estimate does not suffice. The assessment of future circumstances must include a negative deviation of the relevant factors from the assumptions made, derived from the statistics. This applies both to the assessment to be made in principle to a single risk as well as to the assessment of non-individualizable risks for which insufficient statistics are available. The participation in the surplus must be taken into account in an appropriate manner over the duration of each contract. (2) In the case of contracts with bonuses, the valuation method can either explicitly or implicitly future surplus shares of all kinds. in a manner consistent with the other assumptions on future development and with the current surplus distribution method. (3) In the case of a calculation of the calculation required in accordance with Article 341f (2) of the Commercial Code, The expected returns of the company are the return on a The reference period of ten calendar years shall be calculated on the basis of arithmetic means of euro interest rate swaps. For the calculation of the arithmetic mean, the annual averages rounded up to the second decimal place from the month-end levels published by the Deutsche Bundesbank in accordance with Section 7 of the Restatement Discount Ordinance the zero-coupon-euro interest rate, which has a maturity of ten years. For the current accounting year, the end-of-month levels of the first nine months are to be used. For the years 2006 to 2013, annual average values are 3.86, 4.25, 4.23, 3.81, 3.13, 3.15, 2.14 and 1.96 percent. (4) For each balance sheet date, the average value (reference interest rate) determined in accordance with paragraph 3 with the highest in the next 15 years for a contract to be compared with accounting rates. Where the reference interest rate is less than the highest applicable accounting rate, the individual contractual calculation of the cover provision shall be based on the following:

1.

for the period of the next 15 years, the minimum amount of the relevant year's accounting rate and the reference rate, and

2.

for the period after the expiry of 15 years of the relevant accounting rate.

Otherwise, the relevant accounting rate shall be used for the entire remaining term of the invoice. Unofficial table of contents

§ 6 Entry into force

This Regulation shall enter into force on 1 July 2016.