Powers of the supervisory authority in respect of technical provisions; power to issue a statutory instrument

(1) At the request of the supervisory authority, insurance undertakings must demonstrate to it 1. the appropriateness of the level of their technical provisions, 2. the suitability and relevance of the methods used, and 3. the adequacy of the statistical basic data used.
(2) Insofar as the insurance undertaking's calculation of the technical provisions does not comply with sections 75 to 87, the supervisory authority may order an increase in the amount of the technical provisions up to the level provided for under those provisions.
(3) The Federal Ministry of Finance is authorised, in agreement with the Federal Ministry of Justice and Consumer Protection, to determine by statutory instrument, for the calculation of the premium reserve and having regard to the principles of proper accounting, 1. for insurance contracts with an interest rate guarantee, one or more maximum values for the actuarial interest rate, 2. further requirements for determining the discount rates under section 341f(2) of the Commercial Code, 3. the maximum amounts for zillmerisation, and 4. the actuarial bases and valuation methods for the premium reserve. The first sentence applies correspondingly to accident insurance of the kind named in section 161 and to annuity benefits from the insurance named in section 162. The authorisation may be transferred to the Federal Institute by statutory instrument in agreement with the Federal Ministry of Justice and Consumer Protection. Statutory instruments under the first to third sentences do not require the consent of the Bundesrat.