Read the untranslated law here: http://www.gesetze-im-internet.de/deckrv/BJNR067000996.html
Regulation on accounting basics for the aggregate policy reserves (covering default regulation - DeckRV) DeckRV Ausfertigung date: 06.05.1996 full quotation: "cover provision Decree of 6 May 1996 (BGBl. I p. 670), most recently by article 4 of the Act of August 1, 2014 (BGBl. I p. 1330) has been changed" stand: last modified by article 4 G v. 1.8.2014 I 1330 for more information on the stand number you see in the menu see remarks footnote (+++ text detection from) : 16.5.1996 +++) input formula on the basis of the article 1 No. 27 and 33 of the Act of 21 July 1994 (Federal Law Gazette I p. 1630) amended article 65, paragraph 1, and section 79 of the insurance supervision Act prescribed the Federal Ministry of finance in agreement with the Federal Ministry of Justice: § 1 scope (1) this Regulation applies to 1 life insurance companies with the exception of death funds, 2. accident insurance companies to engage in the insurance refund of premiums , and 3. insurance companies, which provide pension services, general liability insurance, insurance, motor vehicle accident insurance, as well as the General accident insurance.
(2) this Regulation applies to contracts which are based on no supervisory authorities approved tariffs.
§ 2 maximum interest rate (euro) (1) for insurance contracts with guarantee, denominated in euros or the national currency of a Member State participating in the European economic and Monetary Union, the maximum rates for the calculation of the aggregate policy reserves to 1.25 per cent is set.
(2) the assumed interest rate for the calculation of the premium reserve used by an insurance company at the time of the conclusion of the contract is valid for the entire term of the contract. An insurance contract concluded in an internal Division pursuant to § 10 of the pension rights adjustment Act for the benefit of the person entitled to compensation, also the invoice interest underlying the original insurance contract can be used. The same applies to a life insurance contract between an insurance company and a fund within the meaning of the pension rights adjustment act with a person entitled to compensation as insured person. Section 5, paragraph 3 and 4 shall remain unaffected.
(3) pension funds can use current uniform rate for contracts, those same insurance policies and principles for the calculation of premiums and the mathematical provisions underlie a derogation from paragraph 2 sentence 1 not for the entire term of the contract which shall not exceed the applicable maximum interest rate. Thus required lowering the accounting rate of interest can be done gradually with the approval of the supervisory authority.
§ 2a maximum interest rate (other currencies) (1) for insurance contracts with guarantee, denominated in others as the currencies referred to in paragraph 2, the maximum rates for the calculation of the aggregate policy reserves on the each following set depending on the relevant currency shall be: 1. the currency is Danish Crown, is the maximum interest rate of 2.0 per cent;
2. the currency is Estonian kroon, is equal to the maximum interest rate of 3.5 per cent;
3. the currency is the forint is the maximum interest rate of 2.75 per cent;
4. the currency is the Icelandic krona, is the maximum interest rate of 4.5 per cent;
5. is the currency of lats, is equal to the maximum interest rate of 2.25 per cent;
6. the currency of litas, is is the maximum interest rate of 2.25 per cent;
7. the currency is Norwegian krone, is the maximum interest rate of 3.0 per cent;
8. the currency is Swedish krona, is the maximum interest rate of 2.75 per cent;
9. the currency is Slovak Crown, is the maximum interest rate of 4.0 per cent;
10 is tolar, the currency is the maximum interest rate of 3.25 per cent;
11 the currency is the Czech koruna, is the maximum interest rate of 2.25 per cent;
12 is the currency Zloty, is the maximum interest rate of 3.75 per cent;
13. the currency is Maltese lira, is the maximum interest rate of 2.0 per cent;
14. the currency is pounds sterling, is the maximum interest rate of 3.25 per cent;
15. the currency is Cyprus pounds, is the maximum interest rate of 2.0 per cent;
16. the currency is Swiss francs, is the maximum interest rate of 2.0 per cent;
17. the currency is U.S. dollars, is the maximum interest rate of 3.0 per cent;
18. the currency is yen, is the maximum interest rate of 1.0 per cent.
There is the maximum interest rate of 2.0 per cent in other currencies.
(2) the assumed interest rate for the calculation of the premium reserve used by an insurance company at the time of the conclusion of the contract is valid for the entire term of the contract.
Article 3 exemptions (1) insurance contracts against a single premium with a maturity up to eight years, in euros or the national currency unit at the European economic and Monetary Union of participating Member State are, the decisive factor must not exceed 85 per cent of the last month value of circulation returns of bonds of the public sector in accordance with the by the Bundesbank in its monthly report published capital market statistics with a maturity corresponding to the duration of the insurance amount. The date authoritative for determining the account interest rate of the individual contract is the date of payment of premiums.
(2) for pension insurance contracts without a buy-back value that is loud, euros or the national currency of a Member State participating in the European economic and Monetary Union from the start of the retirement for the eight years following that date and for the portion of the premium reserve, which is attributable to the ongoing pension payment, paragraph 1 sentence 1 accordingly subject to the proviso that the maximum rate for the assumed interest rate of 85 per cent of the arithmetic mean of the last month values of circulation returns of bonds publicly in accordance with the Deutsche Bundesbank in its monthly report published capital market statistics with a maturity of one year amounts to up to eight years. The date authoritative for determining the account interest rate of the individual contract is the date of pension commencement.
§ 4 Höchstzillmersätze and actuarial calculation method (1) by way of Zillmerising are the claims for compensation of paid, one-time acquisition costs contracted up to the height of the Zillmersatzes from the insurance start from the highest possible premium parts covered, that the premium is paid according to the used calculation principles during the period for which, neither are intended for insurance benefits to cover costs for the insurance business. The rate must not exceed 25 of the thousand of the sum of all premiums.
(2) the highest premium parts within the meaning of paragraph 1 to the extent in which they worked, one-time acquisition expenses in the amount of Zillmersatzes have not covered and therefore match the amount the claims towards policyholders at most to be activated according to § 15 para 1 of the insurance company accounting regulation, will be deducted from the to be used in the calculation of the individual contractual provision present value of future premiums.
(3) for life insurance contracts, according to § 25 para 2 of the insurance company accounting regulation to put an increased premium reserve is due to mandatory surrender values compared to the premium reserve calculated in accordance with § 341f of the commercial code, those who are not required for the provision of increased coverage and the deemed highest possible premium parts referred to in paragraph 1 according to the used calculation principles during the period for which the premium is paid , neither are intended for insurance benefits to cover costs for the insurance business. Sentence 1 applies accordingly to accident insurance of the kind referred to in paragraph 11 d of the insurance supervision law as far as in accordance with the rules prescribed by law for the life insurance increased surrender values are contractually guaranteed.
(4) the rate for the calculation of the premium reserve used by an insurance company at the time of the conclusion of the contract is valid for the entire duration of the contract.
Footnote section 4 paragraph 3 sentence 2 italic: due to an obvious mistake was that Word section 5 replaced actuarial accounting principles (1) in accordance with actuarial methods deriving from accounting principles are "vetraglich" by "contract" all circumstances, the changes and may lead to fluctuations of the data obtained from the underlying statistics to take into account and suitable weight according to actuarial principles. The derivation of calculation principles based on a best estimate is not enough. The assessment of future conditions must include an adverse deviation of the relevant factors of the assumptions taken, derived from the statistics. This applies mutatis mutandis for the valuation when not customisable risks, for which no adequate statistics are available both to be basically on a single risk assessment. Participation in the surplus must be taken into account in an appropriate way over the duration of each contract.
(2) in the case of contracts with participation the valuation method can take into account explicitly or implicitly future bonuses of all kinds in a manner, which is consistent with the other assumptions about future developments and with the current profit distribution method.
(3) when calculating the expected yields of the company required according to § 341f, paragraph 2 of the commercial code, the arithmetic mean calculated over a reference period of ten calendar years of euro Zinsswapsätzen is than return to be based. The annual mean values rounded to two decimal places from the month endstaenden of the zero coupon euro Zinsswapsätze with a maturity of ten years, published by the German Federal Bank pursuant to § 7 of the default off discount Regulation shall apply for the calculation of the arithmetic mean. For the current financial year, the month-end figures of the first nine months are to be used. For the years 2005-2013, 3.44, 3.86, 4.25, 4.23, 3.81, 3.13, 3.15, 2.14 and 1.96 per cent are recognised as annual averages.
(4) at each balance sheet date, the average value determined in accordance with paragraph 3 (reference rate) with the highest is in the next 15 years for a contract to compare relevant actuarial interest rate. The reference interest rate is less than the highest authoritative assumed interest rate, is to consider the following the individual calculation of the premium reserve: 1 for the period of the next 15 years each from the minimum accounting, interest relevant for the respective year and the reference interest rate and 2. for the period after 15 years of each relevant invoice interest;
otherwise, of each relevant accounting interest is to use for the duration of the rest.
Article 6 entry into force this regulation enters into force on the day after the announcement.
Concluding formula the Federal Council has approved.
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