responsibility finder
Schleswig-Holstein

Request approval for changes to technical business plans for life insurance contracts concluded before July 29, 1994

Source: Zuständigkeitsfinder Schleswig-Holstein (Linie6PLus)

Service Description

Are you a life insurance company subject to federal supervision by the Federal Financial Supervisory Authority and would you like to change a technical business plan for existing life insurance contracts? Then you must apply for approval from BaFin.

For life insurance contracts of a life insurance company subject to federal supervision by the Federal Financial Supervisory Authority (BaFin) that were concluded before July 29, 1994, the business plans in force and approved at that time continue to apply (old portfolio).

As soon as you wish to change these technical business plans, you must have the changes checked and approved again by BaFin. Only then may they enter into force in their new version.

The technical business plan contains, among other things, information on

  • the principles for calculating premiums and technical provisions and
  • the mathematical formulas used and other calculation bases.

Process flow

You can apply online for approval of an amended business plan for life insurance contracts in an existing portfolio:

  • Call up BaFin's notification and publication platform (MVP Portal).
  • In order to be able to make submissions for the "Insurance Supervision" specialist procedure, you must first register in the MVP Portal and then log in with an application for the MVP specialist procedure.
  • For more information on using the MVP portal, please refer to the "Information sheet on the specialist procedure for insurance supervision".
  • Select the specialist procedure "Insurance Supervision" - Prefix (GPLV), upload all required documents and submit them.
  • After receiving your submission, BaFin will check whether your documents are complete and eligible for approval.
  • You will receive notification of your application electronically or by post.
Requirements

Your life insurance company

  • is not a pension fund or a death fund,
  • is supervised by BaFin and
  • would like to apply for approval of an amendment to a technical business plan for life insurance contracts concluded before July 29, 1994.
Which documents are required?
  • Request for approval of changes to the technical business plan
  • Amended technical business plan with identification of the changes
What deadlines do I have to pay attention to?

There is no deadline. The amended technical business plans may only enter into force after approval.

Legal basis
Appeal
  • Contradiction
  • Compulsory action
What else should I know?

There are no indications or special features.

Author

German Federal Financial Supervisory Authority (BaFin)


Forwarding service: Deep link to the original portal

The text was automatically translated based on the German content.

Technically approved by

Federal Ministry of Finance (BMF)

Professionally released on

18.08.2023

Teaser

Are you a life insurance company subject to federal supervision by the Federal Financial Supervisory Authority and would you like to change a technical business plan for existing life insurance contracts? Then you must apply for approval from BaFin.

Process flow

You can apply online for approval of an amended business plan for life insurance contracts in an existing portfolio:

  • Call up BaFin's notification and publication platform (MVP Portal).
  • In order to be able to make submissions for the "Insurance Supervision" specialist procedure, you must first register in the MVP Portal and then log in with an application for the MVP specialist procedure.
  • For more information on using the MVP portal, please refer to the "Information sheet on the specialist procedure for insurance supervision".
  • Select the specialist procedure "Insurance Supervision" - Prefix (GPLV), upload all required documents and submit them.
  • After receiving your submission, BaFin will check whether your documents are complete and eligible for approval.
  • You will receive notification of your application electronically or by post.

Requirements

Your life insurance company

  • is not a pension fund or a death fund,
  • is supervised by BaFin and
  • would like to apply for approval of an amendment to a technical business plan for life insurance contracts concluded before July 29, 1994.

Which documents are required?

  • Request for approval of changes to the technical business plan
  • Amended technical business plan with identification of the changes

What deadlines do I have to pay attention to?

There is no deadline. The amended technical business plans may only enter into force after approval.

Legal basis

Appeal

  • Contradiction
  • Compulsory action

What else should I know?

There are no indications or special features.

Author

German Federal Financial Supervisory Authority (BaFin)


Forwarding service: Deep link to the original portal

The text was automatically translated based on the German content.

Technically approved by

Federal Ministry of Finance (BMF)

Professionally released on

18.08.2023

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