Premium reserve regulation
| Basic data | |
|---|---|
| Title: | Ordinance on the calculation bases for actuarial reserves |
| Short title: | Premium reserve regulation |
| Abbreviation: | DeckRV |
| Type: | Federal Ordinance |
| Scope: | Federal Republic of Germany |
| Legal matter: | Insurance law |
| References : | 7631-1-22 |
| Original version from: | May 6, 1996 ( BGBl. I p. 670 ) |
| Entry into force on: | May 16, 1996 |
| Last revision from: | April 18, 2016 ( BGBl. I p. 767 ) |
| Entry into force of the new version on: |
July 1, 2016 |
| Last change by: |
Art. 1 Regulation of 10 October 2018 ( Federal Law Gazette I, p. 1653 ) |
| Effective date of the last change: |
October 23, 2018 (Art. 3 of October 10, 2018) |
| Please note the note on the applicable legal version. | |
The actuarial reserve regulation (DeckRV) is an ordinance of the Federal Republic of Germany, the regulations for the calculation of the actuarial reserve of insurance contracts of the life insurance , the accident insurance with premium refund and of pension obligations from other insurances. The authorization to issue ordinances exists in Sections 65 and 79 of the Insurance Supervision Act . The Federal Ministry of Finance is authorized to issue the ordinance and can transfer the authorization to the Federal Financial Supervisory Authority by ordinance . Such an ordinance transferring the authorization was issued on September 7, 1994. Nevertheless, the DeckRV and the subsequent amendments were issued by the Federal Ministry of Finance. In 2010, an amendment to Section 65 VAG clarified that the ordinance does not require the approval of the Federal Council . Up to this point in time, changes to the DeckRV had been submitted to the Federal Council for approval.
According to Section 2 DeckRV, the actuarial interest rate for calculating the actuarial reserve may not exceed 1.25 percent (from January 1, 2017 0.9 percent) for obligations in euros ( maximum actuarial interest rate ). In principle, the actuarial interest rate used once when the contract was concluded may not subsequently be changed. An increase is always excluded. A reduction is necessary , unless it has to be carried out on the basis of commercial law regulations, if the actuarial interest rate has previously been above the interest rate specified in Section 5 DeckRV. Lowering the actuarial interest rate results in a higher actuarial reserve than would have resulted from the previous interest rate. This difference is known colloquially as the additional interest reserve .
Section 4 DeckRV explains the zillmerisation procedure and stipulates that a maximum of 2.5% of the sum of the contributions above the current value of the obligation may be recognized in the present value of the contributions (maximum zillmer rate).
It is also determined that the calculation bases when determining the actuarial reserve must also take into account the possibility of disadvantageous deviations from the expected value.
