Protektor Lebensversicherungs-AG
| Protektor Lebensversicherungs-AG Aktiengesellschaft in Berlin |
|
|---|---|
| legal form | Corporation |
| founding | November 8, 2002 |
| Seat | Berlin , Germany |
| management |
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| Branch |
Reinsurance , insurance , asset management |
| Website | protektor-ag.de |
The protector Life Insurance Company is a safety device for life insurance companies in Germany. The company is based in Berlin; the responsible supervisory authority is the Federal Financial Supervisory Authority . The aim is to protect the insured's saved assets from the consequences of the insolvency of a life insurer. This is guaranteed by the continuation of the contracts in the event of insolvency in order to receive the benefits for the old-age provision , the risk protection as well as the granted profit sharing.
Company history
2002: private initiative of the life insurers of a rescue company
Protektor Lebensversicherungs-AG was founded on November 8, 2002 as a special rescue company to protect existing customer contracts from the bankruptcy of an insurance company and thus to avert damage to the German insurance industry. At the founding meeting, the shareholders decided to increase the share capital to 3.2 million euros, to revise the articles of association and to appoint the supervisory board. The general meeting of the GDV decided on November 14, 2002 that every life insurance company that is a member of the GDV should participate as a partner in Protektor Lebensversicherungs-AG. José Ferrer and Karl Panzer were appointed members of the board of directors of Protektor Lebensversicherung on November 19, 2002. The company was able to commence business operations on December 9, 2002 , following approval from BaFin . After Karl Panzer left the board, Günter Bost was appointed as a new board member on June 17, 2003.
2003: Takeover of the insurance portfolio of Mannheimer Lebensversicherungs-AG
On June 30, 2003, all life insurance companies submitted their declaration of commitment to participate in Protektor, so the supervisory board was able to instruct the management board one day later to draw up a key issues paper with Mannheimer AG Holding and its life insurance subsidiary Mannheimer Lebensversicherungs-AG to transfer the insurance portfolio to this To negotiate the time of the company Mannheimer Leben (Mannheimer Lebensversicherungs-AG) threatened with insolvency to Protektor Lebensversicherungs-AG. The Protektor supervisory board approved the key issues paper on July 11, 2003. The relocation to Berlin was entered in the Berlin Commercial Register on July 15, 2003. Günter Himstedt took over the chairmanship of the board on August 4, 2003 with the mandate of the supervisory board. The negotiations on the portfolio transfer of the Mannheimer Leben to the Protektor were successfully concluded on September 18, 2003 and on September 26/27. Notarized in September 2003, the Protektor Lebensversicherungs-AG had already taken over the portfolio on July 1st. BaFin approved the portfolio transfer on October 1, 2003. In mid-October 2003, the 103 shareholders had fulfilled their share of around 240 million euros as capital reserves in accordance with the declaration of commitment. The solvency requirement of the insurance portfolio of Mannheimer Lebensversicherungs-AG, which was taken over on October 1, and the coverage of the technical liabilities with investments were thus met. After José Ferrer resigned from his position as a board member on September 30, 2002, Jörg Westphal was appointed to the board of directors by the supervisory board. In the first half of 2004 the consolidation of the contract portfolio and the reorganization of the business processes were completed, thus the Protektor has completed the change from a company with no operating business into a fully functional life insurer.
2004–2006: Tasks of the statutory security fund for life insurers
In December 2004, the legislator legally prescribed the establishment of a security fund for life insurers. The Federal Ministry of Finance assigned this task to Protektor Lebensversicherungs-AG in May 2006.
literature
- Günter Himstedt: Protektor Lebensversicherungs-AG: Experiences in the Mannheimer case . Verlag Versicherungswirtschaft 2004, ISBN 3-899-52118-8
Individual evidence
- ^ Spiegel Online April 25, 2003: Insurer crisis: Emergency plan for Mannheimer Leben
- ^ FQ of Protektor Versicherungs-AG - Answers to Protektor Lebensversicherungs-AG
- ^ Protektor-AG: History
- ^ Protektor-AG: History
Web links
- Protektor Lebensversicherungs-AG website
- Financial test : Financing the guarantee services test.de, July 15, 2003 (accessed on February 15, 2013)