Section 35(1), first sentence, point 10, applies for the first time to accounting records for a business year beginning after 31 December 2024.
Annex 1
Classification of risks by class
(Source: Federal Law Gazette I 2015, pp. 555-556)
1. Accident a) lump-sum insurance b) cost insurance c) combined benefits d) carriage of passengers 2. Sickness a) daily benefit b) cost insurance c) combined benefits 3. Land vehicle hull insurance (excluding rail vehicles) All damage to: a) motor vehicles b) land vehicles without their own drive 4. Rail vehicle hull insurance All damage to rail vehicles 5. Aircraft hull insurance All damage to aircraft 6. Marine, inland waterway, and river shipping hull insurance All damage to: a) river vessels b) inland waterway vessels c) sea vessels 7. Goods in transit All damage to transported goods, irrespective of the means of transport used 8. Fire and natural forces damage All property damage (insofar as it does not fall under points 3 to 7) caused by: a) fire b) explosion c) storm d) other natural forces damage besides storm e) nuclear energy f) land subsidence and landslide 9. Hail, frost, and other property damage All property damage (insofar as it does not fall under points 3 to 7) caused, besides by hail or frost, by causes of every kind (such as theft), insofar as these causes are not covered by point 8 10. Liability for land vehicles with their own drive a) motor vehicle liability b) liability arising from land transport c) other 11. Aircraft liability Liability of every kind (including that of the carrier) arising from the use of aircraft 12. Marine, inland waterway, and river shipping liability Liability of every kind (including that of the carrier) arising from the use of river vessels, inland waterway vessels, and sea vessels 13. General liability All other liability cases not falling under points 10 to 12 14. Credit a) general insolvency b) export credit c) instalment sale transactions d) mortgage loans e) agricultural loans 15. Suretyship 16. Miscellaneous financial loss a) employment risks b) insufficient income (general) c) bad weather d) loss of profits e) ongoing general expenses f) unforeseen trading expenses g) loss of value h) loss of rent or income i) indirect commercial losses other than those already mentioned j) non-commercial financial losses k) other financial loss 17. Legal expenses 18. Assistance for persons who find themselves in difficulties a) while travelling or away from their domicile or place of permanent residence b) in other circumstances, provided the risks do not fall under other insurance classes 19. Life (insofar as not listed under points 20 to 24) 20. Marriage and birth insurance 21. Unit-linked life insurance 22. Tontine business 23. Capital redemption operations 24. Business of managing provident institutions 25. Pensionsfonds business
Annex 2
Designation of the authorisation granted simultaneously for several classes
(Source: Federal Law Gazette I 2015, p. 557)
Where the authorisation simultaneously covers 1. point 1, letter d, points 3, 7, and 10, letter a, it is granted under the designation "motor vehicle insurance"; 2. point 1, letter d, points 4, 6, 7, and 12, it is granted under the designation "marine and transport insurance"; 3. point 1, letter d, points 5, 7, and 11, it is granted under the designation "aviation insurance"; 4. points 8 and 9, it is granted under the designation "fire and other property damage"; 5. points 10 to 13, it is granted under the designation "liability"; 6. points 14 and 15, it is granted under the designation "credit and suretyship"; 7. points 1, 3 to 13, and 16, it is granted under the designation "property and casualty insurance".
Annex 3
Standard formula for calculating the Solvency Capital Requirement (SCR)
(Source: Federal Law Gazette I 2015, pp. 558-559)
1. Calculation of the Basic Solvency Capital Requirement (BSCR)
The Basic Solvency Capital Requirement set out in section 100 is determined as follows: where SCRi denotes risk module i and SCRj risk module j; "i, j" means that the sum should cover all possible combinations of i and j. In the calculation, SCRi and SCRj are replaced by: SCRnon-life: non-life underwriting risk module; SCRlife: life underwriting risk module; SCRhealth: health underwriting risk module; SCRmarket: market risk module; SCRdefault: counterparty default risk module. The factor "Corri,j" stands for the entry in row i and column j of the following correlation matrix:
j: Market | Counterparty default | Life | Health | Non-life
i = Market: 1 | 0.25 | 0.25 | 0.25 | 0.25
i = Counterparty default: 0.25 | 1 | 0.25 | 0.25 | 0.5
i = Life: 0.25 | 0.25 | 1 | 0.25 | 0
i = Health: 0.25 | 0.25 | 0.25 | 1 | 0
i = Non-life: 0.25 | 0.5 | 0 | 0 | 1
2. Calculation of the non-life underwriting risk module
The non-life underwriting risk module named in section 101 is calculated as follows: where SCRi denotes sub-module i and SCRj sub-module j; "i, j" means that the sum should cover all possible combinations of i and j. In the calculation, SCRi and SCRj are replaced by: SCRNL-premiums/reserve: non-life premium and reserve risk sub-module; SCRNL-catastrophe: non-life catastrophe risk sub-module.
3. Calculation of the life underwriting risk module
The life underwriting risk module named in section 102 is calculated as follows: where SCRi denotes sub-module i and SCRj sub-module j; "i, j" means that the sum should cover all possible combinations of i and j. In the calculation, SCRi and SCRj are replaced by: SCRmortality: mortality risk sub-module; SCRlongevity: longevity risk sub-module; SCRdisability: disability/morbidity risk sub-module; SCRlife-expenses: life insurance expense risk sub-module; SCRrevision: revision risk sub-module; SCRlapse: lapse risk sub-module; SCRlife-catastrophe: life insurance catastrophe risk sub-module.
4. Calculation of the market risk module
Structure of the market risk module
The market risk module named in section 104 is calculated as follows: where SCRi denotes sub-module i and SCRj sub-module j; "i, j" means that the sum should cover all possible combinations of i and j. In the calculation, SCRi and SCRj are replaced by: SCRinterest: interest rate risk sub-module; SCRequity: equity risk sub-module; SCRproperty: property risk sub-module; SCRspread: spread risk sub-module; SCRconcentration: market risk concentration sub-module; SCRcurrency: currency risk sub-module.