Deposit insurance

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Deposit insurance ( abbreviated as KTV ) is a type of insurance that includes the assumption of sureties , guarantees or other warranties by insurance companies .

General

The term deposit insurance is derived from the deposit , which in turn comes from the word for "security / caution" ( Latin cautio ). In general, a deposit is a security deposit that can also be provided by insurance in the form of contingent liabilities . The deposit insurance is identical to the Avalkreditgeschäft the banks , because both accept liability for tradesmen.

Surety insurance as an insurance branch

In the context of insurance for third-party account ( § 43 ff. Insurance Contract Act , VVG), insurance companies operate what is known as deposit insurance. The interest of the customer or service recipient in the insured person's solvency is insured; the insured risk is the insured person's poor economic activity or simply the insolvency risk of the insured person . For example, the insurance company acts as a surety, the policyholder is the debtor of the service to be guaranteed, and his / her creditor is also the beneficiary of the surety. The deposit insurance is therefore a credit insurance in the broader sense.

Types of liability

As part of the surety insurance, insurance companies assume the liabilities required in the operational process of the company, in particular:

However, the provisions of § 43 ff. VVG are only applicable to a limited extent to the surety insurance business because, for example, the guarantee relationship between the surety creditor and the insurance company creates an independent legal relationship. According to the legal definition of Section 43 (1) VVG, the policyholder can conclude an insurance contract in his own name for someone else. The "other" is the beneficiary from the surety / guarantee to whom the rights from the insurance contract are entitled ( Section 44 (1) VVG), but are overlaid by the legal relationship from the surety. Ultimately, the beneficiary from the guarantee “insures” his or her existing insolvency risk vis-à-vis the policyholder. It is sometimes doubted whether a surety / guarantee “on first demand” - with an insurance company's obligation to pay, which is detached from the risk of insolvency of the policyholder - does not already represent a non-insurance business.

Regulatory provisions

According to section 2 (2) of the KWG, the provision of section 14 of the KWG for loans in the millions applies to insurance companies , meaning that surety insurances must also be reported quarterly to the Deutsche Bundesbank . In this respect, insurance companies assume reporting obligations to which they are not subject due to the VVG. In a circular dated May 22, 1996, BAFin informed all German insurance companies licensed for credit and surety insurance business of the special risks of surety insurance and set out organizational requirements for this. According to § 65 VVG, the risks from surety insurance are major risks. According to Section 65 VVG, an insurance contract covering a major risk exists if the insurance contract relates to certain credit and surety insurance policies. In this case, individual provisions of the VVG may be mandatory according to Section 210 (1) VVG.

Accounting

In the insurance balance sheet , the sureties, guarantees or other warranties taken are listed as contingent liabilities “under the balance sheet” according to § 251 i. V. m. To be noted in Section 268 (7) of the German Commercial Code . “Under the balance sheet” means that they are not part of the balance sheet total and therefore not part of the balance sheet , but must be listed below. The liable insurance company may initially assume that its policyholder, as a direct debtor, will meet his obligations so that the insurance company does not normally encumber assets.

The surety insurance is in direct competition with the bank guarantee . Since they have to back up their guarantee credit with equity capital , insurance companies can calculate and offer their surety insurance more cheaply because insurance companies do not have a comparable statutory equity requirement.

Surety insurance company (selection)

Individual evidence

  1. ↑ a b c Hansjoachim von Wick / Dieter Feldmann, New Framework for Credit and Surety Insurance , 1998, p. 24.
  2. ^ Rocco Jula, Property Insurance Law , 2005, p. 4.
  3. ↑ Hansjoachim von Wick / Dieter Feldmann, New Framework for Credit and Bail Insurance , 1998, p. 37.
  4. ↑ BAFin circular of May 22, 1996 on credit and surety insurance ( Memento of the original of January 30, 2012 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. , P. 135 f. @1@ 2Template: Webachiv / IABot / www.bafin.de
  5. ↑ Mario Zinnert, New Insurance Broker Law, 2010, p. 40.
  6. ↑ Sven Marlow / Udo Spuhl, Das neue VVG compact , 2010, p. 621.