New stock
In life insurance , since the deregulation of the insurance industry, the entirety of the insurance contracts of an insurer has been divided into the old and new . The state regulation of the contracts concluded since then, the new portfolio, is at a significantly lower level than in the case of the previously concluded contracts, the old portfolio, for which the provisions of the Insurance Supervision Act largely continue to apply before regulation. The approved business plan continues to apply, especially in the old stock . Changes require the approval of the insurance supervisory authority . In the new portfolio, however, the design of the contracts, in particular the premium calculation, is free within the framework of the legal regulations. The insurer's business plan no longer contains any provisions relating to the design of these contracts.
Demarcation
According to Section 11c of the Insurance Supervision Act (VAG), the old portfolio includes life insurance contracts concluded before July 29, 1994. According to the transitional provisions, contracts concluded after July 29, but before December 31, 1994 ( interim inventory ) are largely treated accordingly, provided that they are materially concluded under the same conditions. The contracts that do not belong to the old portfolio form the new portfolio.
In the case of death funds as well as pension funds for which a determination according to § 156a paragraph 3 sentence 5 VAG has not been made (“regulated pension fund”), the distinction between old and new portfolio is not made: The regulations for the old portfolio apply here.
meaning
Commercial law
In the old portfolio, the provisions of the approved business plan for the actuarial reserve continue to apply . Changes require the approval of the insurance supervisory authority.
The determination of the actuarial reserve for the new portfolio is based exclusively on commercial law provisions.
As a result, the responsible actuary confirms that the calculation of the actuarial reserve complies with commercial law provisions under the balance sheet for the new portfolio. For the old portfolio, he particularly confirms compliance with the approved business plan for these contracts.
Contract law
In the old stock, the general terms and conditions usually refer to the business plan or even refer to it as part of the contract. Nevertheless, the business plan is not part of the contract, even if it is of major importance in determining the contractual basis, e.g. B. the profit sharing.
In the new portfolio, the insurer's business plan is no longer relevant for the contractual agreements with the policyholder . All matters requiring regulation are to be regulated in the contract itself. The terms of the contract may under certain conditions, e.g. B. in the event of invalid provisions, may be changed with the approval of an independent trustee .
Business plans, including those of the old portfolio, can be changed with the consent of the insurance supervisory authority.
Profit sharing
In the context of profit sharing , the Minimum Allocation Ordinance stipulates that the requirements for the minimum allocation to the provision for premium refunds must be applied and observed separately for the old and new portfolio.
