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Schleswig-Holstein

Determination of the harmlessness of new or changed insurance conditions of pension funds

Source: Zuständigkeitsfinder Schleswig-Holstein (Linie6PLus)

Service Description

Pension funds must submit to the German Federal Financial Supervisory Authority (BaFin) amendments to insurance terms and conditions that previously did not have to be approved by BaFin.

If BaFin does not raise any objections within 3 months of submission, or if it establishes that they are unobjectionable beforehand, the General Terms and Conditions of Insurance (GTCI) become effective. They do not require approval.

The same procedure applies to the introduction of new insurance conditions by pension funds that are not regulated (within the meaning of Section 233 VAG).


Process flow

To submit new or amended terms and conditions of insurance to BaFin online, proceed as follows:

  • Access 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", upload all required documents and submit your notification online.
  • Upon receipt, BaFin will review your submission.
  • Provided that it is determined to be unobjectionable, you will receive the decision regarding your submitted conditions online in the portal or by mail.
Requirements
  • You would like to
    • change the AVB at your pension fund that did not previously have to be approved by the supervisory authority when they were introduced, or
    • introduce new AVB at your pension fund that is not regulated in accordance with § 233 VAG.
  • Your Pensionskasse is supervised by BaFin.
Which documents are required?
  • Document with new or modified insurance conditions
What are the fees?

BaFin charges a fee based on the time spent.

What deadlines do I have to pay attention to?

There is no time limit. You may only use GCI whose harmlessness has been established or whose harmlessness can be assumed 3 months after submission to BaFin.

Legal basis
Appeal
  • Objection
  • Action before the administrative court
What else should I know?

There are no clues or specifics.

Technically approved by

Federal Ministry of Finance (BMF)

Process flow

To submit new or amended terms and conditions of insurance to BaFin online, proceed as follows:

  • Access 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", upload all required documents and submit your notification online.
  • Upon receipt, BaFin will review your submission.
  • Provided that it is determined to be unobjectionable, you will receive the decision regarding your submitted conditions online in the portal or by mail.

Requirements

  • You would like to
    • change the AVB at your pension fund that did not previously have to be approved by the supervisory authority when they were introduced, or
    • introduce new AVB at your pension fund that is not regulated in accordance with § 233 VAG.
  • Your Pensionskasse is supervised by BaFin.

Which documents are required?

  • Document with new or modified insurance conditions

What are the fees?

BaFin charges a fee based on the time spent.

What deadlines do I have to pay attention to?

There is no time limit. You may only use GCI whose harmlessness has been established or whose harmlessness can be assumed 3 months after submission to BaFin.

Legal basis

Appeal

  • Objection
  • Action before the administrative court

What else should I know?

There are no clues or specifics.

Technically approved by

Federal Ministry of Finance (BMF)

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