Regulation on actuarial confirmation, the explanatory report and the Adequacy Report of the Appointed Actuary (Actuary Ordinance-ActuarV)

Unofficial table of contents

ActuarV

Date of completion: 06.11.1996

Full quote:

" Actuary Ordinance of 6 November 1996 (BGBl. 1681), which was last amended by Article 1 of the Regulation of 21 December 2008. October 2011 (BGBl. I p. 2099) "

Status:

Last amended by Art. 1 V v. 21.10.2011 I 2099

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 15.11.1996 + + +) 
  
(+ + + For application cf.  § 8 + + +)   

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Heading: IdF d. Art. 1 No. No. 1 V v. 21.10.2011 I 2099 mWv 29.10.2011
Heading (short transcript): Inserted by Art. 1 No. 1 V v. 12.10.2005 I 3015 mWv 27.10.2005
Heading (abbreviation): Inc. by Art. 1 No. 1 V v. 12.10.2005 I 3015 mWv 27.10.2005 Unofficial table of contents

Input formula

On the basis of the provisions of Article 1 (10) of the Law of 21 July 1994 (BGBl. I p. 1630) § 11a (6) of the Insurance Supervision Act (Insurance Supervision Act) is prescribed by the Federal Ministry of Finance: Unofficial table of contents

§ 1 Assurance of actuarial assurance in life insurance companies with the exception of pension and death penalty

(1) In the case of life assurance undertakings with the exception of the pension and death funds, the responsible actuary, if no objections are to be made, has the following actuarial confirmation in accordance with § 11a para. 3 no. 2 sentence 1 of the Insurance Supervision Act (VAG):
" It is confirmed that the cover provision set in the balance sheet under the item ... of the Passiva has been calculated in accordance with Section 341f of the German Commercial Code (HGB) and the legal regulations issued pursuant to Section 65 (1) of the VAG; for the old stock in the For the purposes of Section 11c of the VAG and the second sentence of Article 16 (2) of the Third Implementing Act to the VAG, the cover provision has been calculated on the basis of the business plan last approved on ....
If there is no existing stock, the second half-sentence is instead:
"There is no existing stock within the meaning of Section 11c of the VAG and the second sentence of Article 16 (2) of the Third Implementing Act to the VAG." (2) If objections are to be raised, it must be explained that the actuarial confirmation fails or is restricted. In both cases, it should be supplemented by additional comments in such a way that the reasons for the failure or content and scope of the restriction will be clearly defined. Unofficial table of contents

§ 2 Confirmation of actuarial confirmation of non-regulated pension funds

(1) In the case of pension funds which are not regulated in accordance with § 118b (3) or (4) of the Insurance Supervision Act or are deemed to be regulated, the controller shall have the following actuary, if no objections are to be made. actuarial confirmation in accordance with § 11a (3) (2) sentence 1 in conjunction with § 118a and § 118b (2) sentence 3 of the Insurance Supervision Act:
" It is confirmed that the cover provision set out in the balance sheet under the item ... of the Passiva shall be subject to compliance with Section 341f of the Commercial Code and the provisions adopted pursuant to Section 65 (1) of the Insurance Supervision Act. Pursuant to Section 11c in conjunction with Section 118b (5), second sentence, of the Insurance Supervision Act, the cover provision has been calculated on the basis of the business plan which was last approved on ... "
If there is no existing stock, the second half-sentence is instead:
"Altherd within the meaning of § 11c in conjunction with § 118b (5) sentence 2 of the Insurance Supervision Act does not exist." (2) § 1 para. 2 shall apply accordingly. Unofficial table of contents

§ 3 Actuarial Confirmation of regulated pension funds

(1) In the case of regulated pension funds, the responsible actuary, if no objections are to be raised, has the following actuarial confirmation in accordance with § 11a (3) (2) sentence 1 in conjunction with § § 118a and 118b (2) sentence 3 of the Insurance supervision law:

" It is confirmed that the cover provision has been calculated on the basis of the business plan last approved on ...; for the stock at which the contracts have been concluded in accordance with unauthorised tariffs, it is confirmed that those in the balance sheet Under the heading ... of the Passiva, the cover provision has been calculated in compliance with Section 341f of the Commercial Code and the legal regulation issued pursuant to Section 65 (1) of the Insurance Supervision Act. "

If there is no stock in which the contracts have been concluded in accordance with unauthorised tariffs, the second half-sentence of the above confirmation is deleted. (2) § 1 (2) applies accordingly. Unofficial table of contents

§ 4 actuarial confirmation in the case of insurance undertakings which guarantee the accident insurance with premium reinsurance, the general liability insurance, the motor vehicle liability insurance, the motor vehicle accident insurance or the accident insurance General accident insurance

(1) In the case of insurance undertakings operating in the event of an accident insurance undertaking, and in the case of insurance undertakings providing for pension benefits in general civil liability insurance, the insurance against civil liability insurance, the insurance undertaking, the Road-accident insurance and the General Accident Insurance to form cover provisions, the responsible actuary, if no objections are to be made, has the following actuarial confirmation in accordance with § 11a (3) No. 2 sentence 1 in conjunction with § § 11d and 11e of the Insurance supervision law:
"It is confirmed that the cover provision set in the balance sheet under Item ... of the Passiva has been calculated in accordance with § 341f and § 341g HGB as well as the legal regulation issued pursuant to Section 65 (1) VAG."
In the case of insurance undertakings operating accident insurance with a return of the premium, the following half-sentence shall be supplemented:
"For the old stock within the meaning of § 11c VAG, the cover provision has been calculated on the basis of the business plan last approved on ..."
If there is no existing stock, the second half-sentence is instead:
"The old stock in the sense of § 11c VAG does not exist." (2) § 1 (2) applies accordingly. Unofficial table of contents

§ 5

(dropped) Unofficial table of contents

§ 6 Explanatory Report

(1) The responsible actuary shall indicate in the explanatory report to the extent to which, according to the recognized rules of actuarial mathematics, a division of the stock into risk classes has been carried out. In particular, it must take into account the extent to which insurance risks and investment risks have been taken into account. The division shall be justified, and shall also be based on deviations from that of the previous year. (2) It should be stated whether the cover provision has been calculated

1.

according to a prospective or retrospective method,

2.

with explicit or implicit consideration of future expenses for the current insurance business, including commissions,

3.

A statistical approximation method used is to be explained by a single contract or by means of a statistical approximation procedure.

(3) The probability boards used in the calculation of the cover return, the billing rates, the number rates and the explicit cost rates for future expenses for the current insurance operation (including: Commissions). The expenses for the current insurance business (including commissions) must also be taken into account when an implicit approach is taken. (4) It should be stated that:

1.

all benefits of the insurance contracts, including the contractual or legally guaranteed redemption values, premium-free benefits and surplus shares to which the policyholders are entitled, taken into account in accordance with the precautionary principle , taking into account whether this claim exists on the basis of an individual or a collective approach,

2.

retrospective methods used, where appropriate, do not lead to a reduction in coverage than that on the basis of a sufficiently prudent prospective calculation;

3.

the accounting bases used in the calculation of the cover reserve contain adequate security margins,

4.

the precautionary principle has also been applied in the evaluation of the active population used to cover the cover of the cover,

5.

the cover provision at any time is at least as high as the contractual or legally guaranteed redemption value; this shall apply mutagenically to the guaranteed premium-free insurance performance.

In addition, an assessment shall be made of the future development of the security margins contained in the accounting bases used. (5) The provisions and information required under paragraphs 2 to 4 shall be for each (6) In so far as additional provisions are made to cover costs or the risk of losses arising from the rights of the policyholder, or for risks of change which do not apply to the risk class, the risk class shall be They shall be explained separately. (7) Where the The amount of the cover reserve cannot be financed entirely from the premiums of the contract concerned, and the amounts corresponding to the repleniration of the cover reserve must be given separately and explained. The same applies to increases in the cover provisions in accordance with § 341f (2) of the German Commercial Code. (8) Instead of the statements, information and explanations required pursuant to paragraphs 1 to 4 sentence 1 and paragraphs 5 to 7, it is sufficient for the Old stock within the meaning of Section 11c of the Insurance Supervision Act and Article 16 (2), second sentence, of the Third Implementing Act to the VAG, the reference to the prudential approved business plan, indicating the relevant version. (9) For Pension funds which are not in accordance with § 118b (3) or (4) of the Insurance supervision law, or as regulated, may, in so far as the requirements, information and explanations required pursuant to paragraphs 1 to 7 result from the prudential approved business plan, be placed on the Reference is made to the relevant version. The second sentence of paragraph 4 shall remain unaffected. Unofficial table of contents

§ 6a Adequacy report

(1) The responsible actuary shall state in the adequacy report that the continuing fulfilment of the obligations arising out of the insurance contracts shall also be guaranteed, including the obligations arising from the obligations under Section 11a, paragraph 3, point 4, first sentence, of the Insurance Supervision Act, provide for an adequate share of the surplus. In this connection, only the obligations arising out of the contribution to the surplus arising during the period for which the proposals apply are to be taken into account. (2) It should be stated that the proposed surplus rates shall be taken into account, taking into account the shall be in accordance with the principle of equal treatment in accordance with Section 11 (2) of the Insurance Supervision Act and in accordance with the contractual agreements in accordance with the provisions of Section 11 (2) of the Insurance Supervision Act. Agreements are in excess of the amount of the surplus. In particular, it should be stated that different accounting bases for the premium calculation and different surplus-sharing schemes do not lead to substantial, unjustified differences in performance. Different ratios in the insurance portfolio, which justify differences in the performance, shall be indicated. In particular, different variations of the different surplus sources, different reservation requirements and differences in the amount available in the reserve for restitution of contributions are considered to be different. Funds. (3) For regulations in the prudential approved business plan for the old stock of life insurance companies with the exception of the pension funds within the meaning of § 11c of the Insurance Supervision Act and Article 16 § 2 sentence 2 of the Third implementing legislation Insurance supervision law eliminates the disclosure requirements of paragraph 2. Insufficiently the reference to the prudential approved business plan is sufficient, stating the relevant version. (4) For regulations in the supervisory authority approved business plan for the old stock of a pension fund within the meaning of § 118b (5) sentence 2 in conjunction with § 11c of the Insurance Supervision Act or in the sense of § 118b (6) in conjunction with § 118b (5) sentence 2 and § 11c of the Insurance Supervision Act shall not be subject to the disclosure requirements of paragraph 2. In this respect, the reference to the business plan approved by the supervisory authority is sufficient, indicating the relevant version. (5) For the purpose of the accident insurance of the type referred to in § 11d of the Insurance Supervision Act, paragraph 3 shall apply accordingly. (6) In the case of the following paragraphs 1 and 2 shall specify the facts, models and assumptions underlying them. The description referred to in paragraph 2 shall be based on the main sources of surplus. (7) Insofar as the necessary interpretations and explanations from the proposals submitted are in favour of a fair share of the surplus or of the surplus, the Explanatory report can be referred to it. Unofficial table of contents

§ 7 Presume

The Explanatory Report and the Adequacy Report shall be submitted to the Management Board when the actuarial confirmation is issued; the Management Board shall have the reports immediately after the annual financial statements of the Supervisory Authority have been drawn up . If participation in the surplus in pension funds, which are not regulated in accordance with Section 118b (3) or (4) of the Insurance Supervision Act, or as regulated, is decided by the supreme body, the Adequacy Report shall be different from: 1 to be submitted to the Management Board before the appropriate meeting of the supreme body; it shall be submitted to the Supervisory Authority without delay after the decision on the proposal for participation in the surplus. Unofficial table of contents

Section 8 Entry into force

This Regulation shall enter into force on the day following the date of delivery and shall be applied for the first time for financial years beginning after 31 December 1994. Unofficial table of contents

Final formula

The Federal Council has agreed.