Regulation On Accounting Basics For The Coverage Provisions

Original Language Title: Verordnung über Rechnungsgrundlagen für die Deckungsrückstellungen

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

Non-official table of contents

DeckRV

Date of expend: 06.05.1996

Full quote:

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

:Last modified by Art. 4 G v. 1.8.2014 I 1330

For details see the menu under Notes

Footnote

(+ + + Text evidence: 16.5.1996 + + +)

A Non-Official Table Of Contents

Input Formula

As a result of the Act of 21, No. 27 and Article 33 of the Law. July 1994 (BGBl. I p. 1630), amended § 65 (1) and § 79 of the Insurance Supervision Act, the Federal Ministry of Finance, in agreement with the Federal Ministry of Justice, orders: A non-official table of contents

§ 1 Scope

(1) This regulation applies to
1.
Life insurance companies with the exception of the death breeds,
2.
accident insurance companies, which Insurance with repayment of premiums, and
3.
Insurance companies, the pension benefits of the General liability insurance, the Motor vehicle civil liability insurance, road transport accident insurance and general accident insurance.
(2) This Regulation shall apply to contracts which are not based on prudential approved tariffs. Non-official table of contents

§ 2 Maximum interest rate (Euro)

(1) For insurance contracts with interest rate guarantee that are denomination of euros or the national currency unit of a Member State participating in the European Economic and Monetary Union, the maximum interest rate for the calculation of the cover provisions shall be set at 1.25 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 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 not, for contracts to which the same general insurance conditions and principles are based on the calculation of premiums and mathematical provisions, apply a rate of derogation from the first sentence of paragraph 2 for the whole of the the duration of the contract, which shall not exceed the maximum interest rate applicable at the time. A reduction in the invoice rate required thereby can be carried out in stages with the agreement of the supervisory authority. Non-official table of contents

§ 2a Maximum interest rate (other currencies)

(1) In the case of insurance contracts with an interest rate guarantee, other than those referred to in § 2. Currencies shall be the maximum interest rate for the calculation of the cover reserves, as a function of the relevant currency, as a function of the relevant currency:
1.
is the Danish krone currency, the maximum interest rate is 2.0 from the hundred;
2.
is the currency Estonian kroon, the maximum interest rate is 3.5 out of the hundred;
3.
is the currency forint, the maximum interest rate is 2.75 of the hundred;
4.
is the currency Icelandic crown, the maximum interest rate is 4.5 out of the hundred;
5.
is the Lats currency, the maximum interest rate is 2.25 from the hundred;
6.
is the currency of Litas, the Maximum interest rate 2.25 of the hundred;
7.
is the currency of the Norwegian krone, the maximum interest rate is 3.0 of the hundred;
8.
is the Swedish krona currency, the maximum interest rate is 2.75 from the hundred;
9.
is the currency Slovakian crown, the maximum interest rate is 4.0 of the hundred;
10.
is the currency tolar, the maximum interest rate is 3.25 of the hundred;
11.
is the currency Czech koruna, the maximum interest rate is 2.25 from the hundred;
12.
is the currency Zloty, the maximum interest rate is 3.75 of the hundred;
13.
is the currency of Maltese lira, the maximum interest rate is 2.0 of the hundred;
14.
is the currency pound sterling, the maximum interest rate is 3.25 of the hundred;
15.
is the currency Cypriot 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.
is the US dollar currency, the maximum interest rate is 3.0 of the hundred;
18.
is the Yen currency, is the maximum rate of interest 1.0 of the hundred.
In the other currencies, the maximum interest rate 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 be valid for the entire duration of the contract. Non-official table of contents

§ 3 Exceptions

(1) For insurance contracts against one-off premium with a term of up to eight years, which are based on Euro or the national currency unit of a Member State participating in the European Economic and Monetary Union, the relevant accounting rate may not exceed 85 per cent of the last monthly value of the return on circulation of the bonds of the According to the capital market statistics published by the Deutsche Bundesbank in its monthly reports, the public authorities are subject to a residual maturity corresponding to the period of insurance. The relevant date for the determination of the invoice of the individual contract shall be the date of the premium payment.(2) For pension insurance contracts without a repurchase value denominated in euros or the national currency unit of a Member State participating in the European Economic and Monetary Union, the following shall apply from the beginning of the retirement pension for that date: the following eight years and for the part of the cover provision which is attributable to the current pension payment, the first sentence of paragraph 1 shall be amended accordingly, with the proviso that the maximum rate of account shall be 85 from the hundred of the arithmetic average of the last Monthly values of the net returns of government bonds according to the capital market statistics published by the Deutsche Bundesbank in its monthly reports, with a residual maturity of one year 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. Non-official table of contents

§ 4 Maximum number rates and actuarial calculation method

(1) In the course of the Zillmerung, the receivings will be made for the replacement of the completed, one-off closing costs, individual contracts up to the level of the number of claims from the beginning of the insurance premium shall be covered by the maximum possible premium parts which, in accordance with the calculation principles used, shall be covered during the period for which the The premium paid is not intended to cover benefits in the case of an insurance policy or to cover the cost of the insurance business. The Zillmersatz may not exceed 25 thousand of the sum of all premiums.(2) The maximum possible premium parts within the meaning of paragraph 1 shall be the extent to which they have not yet covered the unique closing costs in the amount of the Zillmerbatch and, consequently, the amount according to § 15 para. 1 of the Insurance undertaking-accounting regulation shall be the same as those to be activated in respect of policyholders, from the cash value of the future to be applied in the calculation of the individual contractual cover provision Premiums deducted.(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 provision in accordance with 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 are not intended to cover benefits in the event of an insurance or to cover the cost 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 on the basis of the regulations prescribed for life insurance. .(4) The interest rate used by an insurance company at the time of the conclusion of the contract is valid for the calculation of the cover provision for the entire duration of the contract.

Footnote

§ 4 para. 3 sentence 2 italic pressure: Due to a Apparent inaccuracy has been replaced by "contractually" replaced by "contractually" unofficial table of contents

§ 5 actuarial Accounting fundamentals

(1) The derivation of accounting principles, which is to be carried out by actuarial methods, shall mean all the circumstances which result in changes and fluctuations in the data obtained from the underlying statistics. may 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 take into account future surplus shares of all kinds explicitly or implicitly in a way that with the other assumptions about the future development and with the current The excess distribution method is compatible.(3) In the case of a calculation of the expected income of the enterprise as required in accordance with Article 341f (2) of the Commercial Code, the arithmetic average of euro interest rates calculated over a reference period of 10 calendar years shall be calculated as the return on investment. on the basis of the 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 shall be compared with the highest accounting rate applicable to a contract in the next 15 years. 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 next 15 years, the minimum of each year's accounting rate and the reference interest and
2.
for the period after the expiration of 15 years of the relevant invoice rate;
otherwise it will be used for the entire remaining term of the relevant invoice rate. Non-official table of contents

§ 6 Entry into force

This regulation will enter into force on the day after the announcement. Non-official table of contents

Final formula

The Federal Council has agreed.