Regulation On The Actuarial Confirmation, The Explanatory Report And The Adequacy Report Of The Responsible Actuary

Original Language Title: Verordnung über die versicherungsmathematische Bestätigung, den Erläuterungsbericht und den Angemessenheitsbericht des Verantwortlichen Aktuars

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Read the untranslated law here: http://www.gesetze-im-internet.de/aktuarv/BJNR168100996.html

Regulation on the actuarial confirmation, the explanatory report and the adequacy report of the responsible actuary (actuarial regulation - AktuarV) AktuarV Ausfertigung date: 06.11.1996 full quotation: "actuarial regulation of 6 November 1996 (BGBl. I S. 1681), most recently by article 1 of the Decree of 21 October 2011 (BGBl. I S. 2099) has been changed" stand: last amended by art. 1 V v. 21.10.2011 I 2099 for more information on the stand number found in the menu see remarks footnote (+++ text detection from) : 15.11.1996 +++) (+++ to the application see section 8 +++) \n heading: IdF d. Article 1 no no. 1 V v. 21.10.2011 I 2099 mWv 29.10.2011 caption (short title): Eingef. by article 1 No. 1 V v. 12.10.2005 I 3015 mWv 27.10.2005 heading (letter abbreviation): Eingef. by article 1 No. 1 V v. 12.10.2005 I 3015 mWv Geoscience input formula on reason of article 1 No. 10 of the law of 21 July 1994 (BGBl. I S. 1630) pasted § 11a paragraph 6 of the insurance supervision Act enacted the Federal Ministry of Finance: § 1 actuarial confirmation that life insurance companies with the exception of pension and death plans (1) life insurance companies with the exception of pension and death plans the responsible actuary has , if no objections to raise, according to § 11a paragraph 3 No. 2 sentence 1 of the insurance supervision Act (VAG) to submit the following actuarial confirmation: "it is confirmed that in the balance sheet in the line item... liabilities adjusted premium reserve in accordance with the § 341f HGB as well as on reason of § 65 1 VAG adopted regulations; been calculated" "for the old fleet in the sense of § 11 c VAG and article 16 § 2 sentence 2 of the third implementation Act/EEC to the VAG the provision has been calculated last after... approved business plan."
No old stock exists, the second half-sentence is instead: "old stock within the meaning of § 11 c VAG and article 16 § 2 sentence 2 of the third implementation Act/EEC to the VAG does not exist."
(2) are to raise objections, is to explain that the actuarial confirmation is denied or restricted. In both cases it is to supplement, that the reasons for the refusal or content and scope of the constraint are clearly outlined additional comments.

§ 2 actuarial confirmation at non-regulated pension funds (1) pension funds, which are regulated b paragraph 3 or paragraph 4 of the insurance supervision Act or be regulated not according to § 118 of the responsible actuary, if no objections to raise, the following actuarial confirmation according to § 11a paragraph 3 number 2 has to give sentence 1 in conjunction with Article 118a and § 118 paragraph 2 sentence 3 of the insurance supervision Act : "It is confirmed that... the liabilities set premium reserve in compliance with § 341f of the commercial code, as well as the regulation adopted on the basis of article 65 paragraph 1 of the insurance supervision Act; been calculated in the balance sheet under the heading for the old fleet in accordance with § 11 c in conjunction with § 118 paragraph 5 sentence 2 of the insurance supervision law has been calculated the premium reserve last after... approved business plan. "There is no old stock, the second half-sentence is instead:"Old stock within the meaning of § 11 c in conjunction with § 118 paragraph 5 sentence 2 of the insurance supervision Act does not exist.""
(2) section 1, paragraph 2 shall apply accordingly.

§ 3 actuarial confirmation regulated pension funds (1) regulated pension funds has the responsible actuary, if no objections to raise, to submit the following actuarial confirmation according to § 11a paragraph 3 point 2 sentence 1 in conjunction with the articles 118a and 118b (2) sentence 3 of the insurance supervision Act: "it is confirmed that the premium reserve after the last of the... approved business plan; been calculated for the inventory, where the contracts have been completed according to non-approved tariffs, confirms that the... the liabilities set premium reserve in compliance with § 341f of the commercial code, as well as the regulation adopted on the basis of article 65 paragraph 1 of the insurance supervision law has been calculated in the balance sheet in the line item."
No stock is available, where the contracts have been completed according to non-approved tariffs, eliminates the second half set of the above confirmation.
(2) section 1, paragraph 2 shall apply accordingly.

§ 4 actuarial confirmation at insurance companies, accident insurance with charge, the general liability insurance, motor insurance, motor vehicle accident insurance or the General accident insurance operate (1) insurance undertakings that operate the casualty with repayment of the premium, and insurance companies that have to make the motor accident insurance, as well as the General accident insurance coverage provisions for pensions from general liability insurance, insurance, the responsible actuary, if there are no objections to raise has , to submit the following actuarial confirmation according to § 11a paragraph 3 No. 2 sentence 1 in conjunction with § 11 d and 11e of the insurance supervision Act: "it is confirmed that in the balance sheet under item... liabilities adjusted premium reserve in compliance with § 341f and § 341 g HGB as well as on the basis of § 65 1 VAG adopted Decree has been calculated."
When insurance companies which operate accident insurance with repayment of the premium, half sentence is to add: "for the old stock within the meaning of § 11 c VAG the provision has been calculated last after... approved business plan."
No old stock exists, the second half sentence reads instead: "Old stock within the meaning of § 11 c VAG does not exist."
(2) section 1, paragraph 2 shall apply accordingly.

§ 5 (dropped out) to indicate § 6 in the explanatory report explanatory report (1) which has responsible actuary what extent according to the recognised rules of insurance mathematics a division of the population into risk categories is done. In particular he must be sure, whether underwriting risks and investment risks have been taken into account. Is made to justify; This is also to respond to deviations from those of the previous year.
(2) it is to clarify whether the provision calculated was 2nd with explicit or implicit consideration of future expenses for the operation of insurance including commissions, 3. 1 for a prospective or retrospective method, in individual contracts or by means of statistical approximation methods; a used statistical approach is to explain.
(3) specify the probability tables used for the calculation of the premium reserve, interest rate, Zillmersätze and explicit cost rates for future costs for ongoing insurance operations (including commissions). The expenses for the operation of insurance (including commissions) is to engage in an implicit approach.
(4) it is to explain that 1 all services of insurance contracts including contractually or legally guaranteed surrender values, prämienfreie services and bonuses, to which policyholders are entitled, are taken into account in accordance with the precautionary principle and to respond is whether this entitlement on the basis of an individual or a collective approach, retrospective methods possibly used to any lower premium reserve than the one based on a sufficiently prudent prospective calculation lead 2. , 3. the assumptions used in the calculation of the premium reserve contain adequate margins of safety, 4. the precautionary principle applied also in the evaluation of the active consulted as cover for the provision was, 5. the premium reserve at any time is at least as high as the respective legally or contractually guaranteed surrender value; This shall apply mutatis mutandis for the guaranteed prämienfreie guarantee.
It is also to make an assessment on the future development of the safety margins that are contained in the used accounting principles and to establish.
(5) that the paragraphs 2 to 4 are necessary explanations and information to create separately for each class of risk.
(6) as far as additional provisions are made to cover costs or loss of option rights which the policyholder may exercise, or for risks which can not be customized, these are separately to explain.
(7) as far as the premium reserve can not fully financed by the premiums of the relevant treaty, are separately specify the corresponding amounts for the recovery of the premium reserve and to explain. The same applies to increases in coverage provisions in accordance with section 341f para 2 of the commercial code.
(8) instead of the statements required under the paragraphs 1 to 4 sentence 1 and paragraphs 5 to 7, figures and explanations (c) of the insurance supervision law and article 16 is sufficient for the old fleet in the sense of § 11 paragraph 2 sentence 2 of the third implementation Act/EEC to the VAG the reference to the supervisory authorities approved business plan specifying the relevant version.
(9) for pension funds, which regulated not according to § 118 b paragraph 3 or paragraph 4 of the insurance supervision law or considered as regulated can be referenced unless they arising according to the paragraphs 1 to 7 required explanations, information and explanations from the supervisory authorities approved business plan, stating the relevant version. Paragraph 4 sentence 2 remains unaffected.

Section 6a of the adequacy report (1) which responsible actuary has to demonstrate the adequacy report that ensures the continued feasibility of the obligations arising from insurance contracts, also including the obligations is presented to 4 sentence 1 of the insurance supervision law proposals for a fair share of the surplus arising from the according to § 11a paragraph 3 number. While only the obligations arising out of participation in the surplus are taken into account, arising in the period to which the proposals apply.
(2) it is to demonstrate that the proposed surplus percentage rates, taking into account the contractual agreements and the other regulatory and contractual arrangements in accordance with the principle of equal treatment in accordance with article 11 paragraph 2 of the insurance supervision law and lead to a policyholder participation in accordance with the contractual agreements. In particular, it is to explain that different accounting bases of premium calculation and different policyholder participation systems do not essentially, unjustified differences in the services. Different conditions in the insurance portfolio, justifying differences in the services, shall be indicated. Different conditions are considered to be particularly different histories of the various sources of income, different reservation requirements and differences of funds in the reserve for premium refunds available.
(3) for provisions in the supervision authorities approved business plan for the old fleet of life insurance companies with the exception of pension funds in the sense of paragraph 11 c of the insurance supervision law and article 16 § 2 sentence 2 of the third implementation Act/EEC to the insurance supervision Act eliminates the presentation requirements of paragraph 2. in that regard the reference to the supervisory authorities approved business plan specifying the relevant version is sufficient.
(4) for provisions in the supervision authorities approved business plan for the old fleet of a pension fund within the meaning of § 118 paragraph 5 sentence 2 in conjunction with § 11 c of the insurance supervision law or within the meaning of § 118 b paragraph 6 in conjunction with § 118 b paragraph 5 sentence 2 and paragraph 11 c of the insurance supervision Act eliminates the presentation requirements of paragraph 2. in that regard the reference to the supervisory authorities approved business plan specifying the relevant version is sufficient.
(5) for accident insurance of the kind referred to in paragraph 11 d of the insurance supervision Act, paragraph 3 applies accordingly.
(6) if the statements required by paragraphs 1 and 2 and explanations is to specify which facts, models, and assumptions underlying it. In setting out to respond to the major sources of profit is referred to in paragraph 2.
(7) unless the required statements and explanations are from the proposals for an adequate participation in the surplus or the explanatory report, can be referenced to them.

§ Are 7 template period the explanatory report and the adequacy report at submission of actuarial confirmation to provide the Board of Directors; the Board of Directors has to submit the reports immediately after preparation of financial statements of the supervisory authority. Is decided by the supreme organ, the participation in the excess of pension funds, which are regulated b paragraph 3 or paragraph 4 of the insurance supervision act not according to § 118 or considered as a regulated the adequacy report is by way of derogation from sentence 1 to present the Board of Directors prior to the relevant meeting of the supreme organ; He is to submit the supervision authority immediately after the voting on the proposal for the participation of the surplus.

Article 8 this regulation enters into force on the day after the entry into force and shall apply for the first time for years beginning after December 31, 1994.

Concluding formula the Federal Council has approved.