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

Unofficial table of contents

DeckRV

Date of completion: 06.05.1996

Full quote:

" Coverage regulation of 6 May 1996 (BGBl. 670), as last amended by Article 4 of the Law of 1 August 2014 (BGBl. I p. 1330).

Status:

Last amended by Art. 4 G v. 1.8.2014 I 1330

For more details, please refer to the menu under Notes

Footnote

(+ + + Proof of text: 16.5.1996 + + +) 

  

Unofficial table of contents

Input formula

On the basis of the provisions of Article 1 (27) and (33) of the Law of 21 July 1994 (BGBl. § 65 (1) and § 79 of the Insurance Supervision Act (Insurance Supervision Act), the Federal Ministry of Finance, in agreement with the Federal Ministry of Justice, reorders: Unofficial table of contents

§ 1 Scope

(1) This Regulation shall apply to:

1.

Life insurance undertakings with the exception of the death-holders,

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 (Euro)

(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: (2) The accounting rate used by an insurance undertaking at the time of the conclusion of the contract for the calculation of the cover provision shall be valid 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. The same applies to a life insurance contract between an insurance company and a provider of care within the meaning of the Supply Compensation 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

§ 2a Maximum interest rate (other currencies)

(1) In the case of insurance contracts with an interest rate guarantee denominated in currencies other than those referred to in § 2, the maximum interest rate for the calculation of the cover provisions shall be calculated on the basis of the relevant provisions, depending on the relevant Currency fixed:

1.

if the currency is Danish, the maximum rate of interest shall be 2.0 of the hundred;

2.

if the currency is Estonian kroon, the maximum interest rate shall be 3.5 per cent;

3.

The currency forint is the maximum interest rate of 2.75 of the hundred;

4.

if the currency is the Icelandic crown, the maximum interest rate shall be 4.5 of the hundred;

5.

the currency is Lats, the maximum interest rate is 2.25 of the hundred;

6.

is the currency of Litas, the maximum interest rate is 2.25 of the hundred;

7.

if the currency is the Norwegian krone, the maximum rate of interest shall be 3.0 of the hundred;

8.

The currency of the Swedish krona, the maximum interest rate shall be 2.75 of the hundred;

9.

the currency is the Slovak koruna, the maximum interest rate is 4.0 of the hundred;

10.

the currency is tolar, the maximum rate of interest shall be 3.25 of the hundred;

11.

if the currency is the Czech koruna, the maximum interest rate shall be 2.25 from the hundred;

12.

the zloty currency is the maximum interest rate of 3,75% of the hundred;

13.

if the currency is Maltese lira, the maximum interest rate is 2.0 of the hundred;

14.

The currency is pound sterling, the maximum interest rate is 3.25 of the hundred;

15.

if the currency is Cyprus pound, the maximum interest rate is 2.0 of the hundred;

16.

is the Swiss franc currency, the maximum interest rate is 2.0 of the hundred;

17.

if the currency is US dollars, the maximum interest rate is 3.0 of the hundred;

18.

is the currency Yen, the maximum interest rate is 1.0 of the hundred.

For the other currencies, the maximum rate of interest is 2.0 of the hundred. (2) The accounting rate 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

§ 3 Exceptions

(1) For insurance contracts with a duration of up to eight years, denominated in euro or the national currency unit of a Member State participating in the European Economic and Monetary Union, for a term of up to eight years, the relevant Accounting rates not exceeding 85 per cent of the last monthly value of the return on circulation of government bonds in accordance with the capital market statistics published by the Deutsche Bundesbank in its monthly reports, with one of the insurance durations the remaining time remaining. 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 euro or 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, first sentence, provided that the maximum rate of charge for the accounts 85 from One hundred of the arithmetic average of the last monthly values of the return on circulation of government bonds in accordance with the capital market statistics published by the Deutsche Bundesbank in its monthly reports, with a residual maturity of one year for up to eight years. 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 start 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 number of premiums referred to in paragraph 1 shall not exceed 25% of the sum of all premiums. (2) The maximum number of premium parts referred to in paragraph 1 shall not exceed the amount of the unique closing costs in the amount of the rate of interest. 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 is to be activated in the course of 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 the legally prescribed repurchase values, the cover provision calculated in accordance with section 341f of the German Commercial Code (Handelsgesetzbuch) is subject to an obligation pursuant to section 25 (2) of the Insurance undertaking-accounting regulation shall be subject to an increased cover provision, the maximum number of premium parts referred to in paragraph 1 shall be those which are not required to form the increased cover provision and which shall be applied in accordance with the provisions of the calculation principles used in the period for which the premium is paid, shall not be used in respect of benefits in the The insurance case is still intended to cover the costs of the insurance business. In the event of an accident insurance of the kind referred to in § 11d 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.

Footnote

§ 4 (3) sentence 2 italic print: Due to an obvious inaccuracy, the word "vetraglich" has been replaced by "contractually" 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 conditions must include a negative deviation of the relevant factors from the assumptions made and 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. 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 excess participation, the valuation method may, either explicitly or implicitly, future surplus shares of all types. 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 the expected returns of the company shall be the return on a reference period of shall be based on the arithmetic mean of euro interest rates calculated on the basis of ten calendar years. The calculation of the arithmetic mean shall be determined by the annual average values rounded up to two decimal places from the month-end intervals of the German Federal Bank published by the Deutsche Bundesbank in accordance with Section 7 of the Restatement Discount Ordinance. Zero-coupon-euro interest rates with 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 2005 to 2013, annual average values of 3.44, 3.86, 4.25, 4.23, 3.81, 3.13, 3.15, 2.14, and 1.96 are estimated to be of the hundred. (4) For each balance sheet date, the average value (reference interest rate) determined in accordance with paragraph 3 is highest in the The next 15 years for a contract to be compared with accounting rates. Where the reference 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, 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 the day after the date of delivery. Unofficial table of contents

Final formula

The Federal Council has agreed.