Baur, Jürgen (), Investmentgesetze 2. Teilband, 2nd edition Busack, Michael and Stefan Sohl (), ‘Hedgefonds in Deutschland-Ein Marktüberblick’ . 4a. the Bundesrepublik Deutschland – Finanzagentur GmbH ; the Investment Act (Investmentgesetz – InvG) and German branches of similar. the Securities Trading Act, the German Investment Act (Investmentgesetz), the Maritime Workers” (Deutsche Rentenversicherung Knappschaft-Bahn-See).

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As published in the announcement of 17 December BGBl. This translation is furnished for information purposes only and may refer to an older version of the text.

Entering the German investment market as a non-German asset manager

The original German text is binding in all respects. Bodies of persons which grant their members benefits without a legal claim to such benefits, in particular relief funds and relief associations of professional associations. Support funds established by guilds under the Skilled Crafts Regulations Handwerksordnung.

Corporations and institutions under public law with a statutory obligation to provide insurance or imposed as insurance providers by mandatory law. Undertakings operating within narrow territorial limits, which provide benefits upon occurrence of an uncertain event against payment of a lump sum, provided such benefits do not take the form of cash payments, coverage of costs or indemnification with respect to third parties. Capital redemption operations no.

Business within the meaning of no. For the purpose of business referred to in sentence 3, the insurance undertakings may also grant guarantees for capital protection and minimum return guarantees in connection with such management. Death benefit funds may not conduct the business specified in the sentences 1 to 4; Pensionskassen may not conduct the business specified in sentences 1, 2 and 4.

The liabilities and assets shall be ring-fenced, managed and organised separately from the other business of the scheme, without the possibility of transfer. The provisions of this Act pertaining to the business of Pensionskassenexcluding section a, shall apply accordingly to the segregated business; to this extent, the schemes are subject to supervision under this Act.

For companies that also conduct primary insurance or reinsurance business, only those provisions relating to the supervision of primary insurance or reinsurance undertakings shall apply.

The Supervisory Authority decides whether an Undertaking is subject to supervision in accordance with section 1 above; this decision is binding on the administrative authorities. A decision made by a court or an administrative authority before 1 Aprilshall not negate a decision made by the Supervisory Authority. To the extent that rules relating to the management or supervisory board have been stipulated in this Act and if insurance undertakings under public law do not have bodies so designated, the relevant executive body takes the place of the management board, and the relevant supervisory body takes the place of the supervisory board.

Insurance intermediaries may use the terms in sentence 1 above only with an addition clearly pointing to the activity as intermediary. It shall communicate its decisions to the court of registration. The undertaking shall be induced to discontinue the use of the name or addition thereto or term designating the object of the business by the imposition of an administrative fine; section of the Act on Matters Relating to Voluntary Jurisdiction shall apply accordingly.

Their composition shall be detailed. Additionally, estimates shall be submitted for the first three financial years with respect to the expenses for commissions and other current operating expenses, the expected premiums, the expected charges for claims incurred and the expected liquidity situation. The financial means expected to be available to meet the liabilities under the insurance contracts and the capital requirements are to be stated. For health insurance within the meaning of section 12 1 and compulsory insurances, the general policy conditions.

For health insurance within the meaning of section 12 1the principles for calculation of the premiums and mathematical provisions, including the calculation basis, mathematical formulas, actual calculations made and statistical evidence used. An estimate of expenses for setting up administration and the sales network; the undertaking shall prove that it disposes of the necessary funds for this purpose organisation fund.

If an application is filed for authorisation to carry on insurance business in the class under no. As regards the managers and directors, the information necessary to assess their reliability and qualification section 7a 1. If qualified participating interests are held in the insurance undertaking section 7a 2 sentence 3 a The names of the holders and the amounts of the participating interests.

Their annual accounts for the previous three financial years, including the audit reports by independent auditors provided that such reports are to be prepared, and. Details of the group structure and, if such accounts are to be prepared, the consolidated accounts for the previous three financial years, including the audit reports by independent auditors provided that such reports are to be prepared.

Facts pointing at a close relationship section 8 1 sentence 4 between the primary insurance undertaking and other natural persons or undertakings. Data required for assessing the reliability and qualification of the appointed actuary section 11a 1sections 11d, 11e and 12 2 sentence 2. For coverage of the risks named in no.


This power may be delegated by regulation to the Investmentgdsetz Authority. The latter shall issue the rules in consultation with the supervisory authorities of the individual federal states.

Sister investmentgsetz within the meaning of sentence 1 no. It covers the entire class of insurance unless the undertaking intends to cover only part of the risks of such class of insurance according to its operating plan. Risks from the classes of insurance under nos.

Risks from the class of insurance under no. After hearing the insurance undertaking, the Supervisory Authority renders an administrative decision on the lapse.

If such information relates to an insurance undertaking subject to guarantee requirements pursuant to sectionit shall also inform the guarantee scheme. Such a relationship shall be deemed to exist in the case of dealings in futures, options and other financial instruments deutscbland these are to serve as hedge against price and interest rate risks in connection with existing assets or future purchases of securities or if any additional return is to be generated on existing securities, without performance of delivery obligations causing a shortfall of the restricted assets.

To meet the qualification requirement, the manager must dispose of investentgesetz theoretical and practical knowledge relating to insurance business, as well as management experience. This shall be deemed to be the case if documentation can be furnished of a managerial position held with an insurance undertaking of investmentgeeetz size and type of business for at least three years. Managers are those natural persons appointed by virtue of law or the memorandum and articles of association or as authorised agents of a branch in a member state of the European Community or another signatory to the EEA Agreement to manage the business affairs and represent the insurance undertaking.


If the participating interest is held by legal persons or partnerships the same applies investmentgeserz the natural persons who have been appointed by virtue of law, the memorandum and articles of association or the partnership agreement to manage the business affairs and represent the insurance undertaking and to the personally liable partners. Section 22 1 to 3as well as 3a in conjunction with a regulation pursuant to subsection 5 of the German Securities Trading Act Wertpapierhandelsgesetz applies to the calculation of the percentage of voting rights held.

Indirectly held participating interests shall be fully attributed to investmentgeseyz persons and undertakings holding the indirect participating interest. Subsidiaries are defined as undertakings which are subsidiaries within the meaning of section of the German Commercial Code Handelsgesetzbuch or undertakings over which a dominant influence can be exercised, irrespective of their legal form and place of registered office. Parent undertakings are defined as undertakings which are parent companies within the meaning of section of the Commercial Code or which are able to exercise a dominant influence, irrespective of their legal form and place of registered office.

Control is deemed to exist if an undertaking is considered to be the parent of another undertaking, or if a similar relationship deuhschland between a natural or legal person and an undertaking. This person shall work on behalf of the insurance undertaking to process and settle damage claims for personal injury and property damage resulting from an accident, which took place in a member state other than the member state of residence of the claimant, involving the use of a motor vehicle insured in a member state and normally based there.

The claims representative may act for the account of one or more insurance undertakings. He must be able to process the case in the official language or languages of the country of appointment.

In such cases, section 3a nos.

The appointment of a claims representative in the Federal Republic of Germany by a foreign insurance undertaking does not in itself constitute the establishment of a branch; the claims representative shall not be regarded as a branch. The authorisation may be refused if there is evidence to suggest that effective supervision of the primary deustchland undertaking will be hindered. This is specifically the case if. A close link is deemed to exist if a primary insurance undertaking and another natural person or another undertaking are deuutschland.

The authorisation may also be refused if contrary to section 5 5 no sufficient information or documents have been submitted with the application. The same applies for the authorisation to carry on health insurance business within the meaning of section 12 1 and an authorisation investmentgeesetz operate in other classes of insurance. Such deferral or limitation may not exceed three months from the date on which such decision was taken.

Sentences 1 and 2 above are also applicable to applications for authorisation submitted after the date of the decision. If the Council of the European Communities decides to xeutschland the period deutschlanx to in sentence 2, the Supervisory Authority shall observe such extension. The transfer is deemed to be outsourcing. They may not at the same time conduct activities for an insurance undertaking which operates in other classes of insurance in addition to legal expenses insurance.

BaFin – Acts – Money Laundering Act

Employees entrusted with the claims administration may not conduct any similar activity for such an insurance undertaking. The managers and employees of the loss adjustment firm may not provide any such insurance undertaking with information which could result in conflicts of interest to the disadvantage of the insured.


The memorandum and articles of association of an insurance undertaking shall include the individual classes of insurance to be operated, and specify the principles for investment; they shall also specify whether insurance business is to be conducted only directly or indirectly as well by way of reinsurance. In the case of large risks pursuant to Article 10 1 of the Introductory Law of the Insurance Contract Act it is sufficient to mention the applicable law and the competent supervisory authority.

To the extent that life insurance undertakings and Pensionskassen are active in occupational retirement provision business, they must also provide information in accordance with part D section III of the Annex to beneficiaries who are not themselves policyholders. The information is to be presented in a clearly organised format; the wording must be unambiguous and comprehensible, in German or in the native language of the policyholder.

The applicant shall be informed in writing, with particular emphasis placed on the legal independence of the policies for which applications have been submitted, including the relevant general policy conditions, and the periods of validity of the applications and the term of the contracts. For this purpose, the financial situation of an insurance undertaking may be taken into account, without the inclusion of any regular and permanent funding from resources other than premiums.

This appointed actuary must be reliable and qualified. Qualification presupposes sufficient knowledge of actuarial theory and professional experience. Adequate professional experience shall be deemed given if documentation can be furnished of at least three years of experience as an actuary. If there is evidence that the designated appointed actuary does not meet the requirements for reliability or qualification, the Supervisory Authority may require that another person be appointed.

If, after the appointment, there should be evidence of circumstances which would have prevented appointment, or if the appointed actuary does not properly fulfil the duties under this Act, the Supervisory Authority may require that another appointed actuary be appointed.

If the designated or the newly appointed actuary in the cases mentioned in sentences 2 and 3 also fails to meet the requirements, or if no new appointment is made, the Supervisory Authority may itself appoint an actuary. The Supervisory Authority shall be informed immediately upon resignation or dismissal of the appointed actuary.

If a small mutual association section 53 has no supervisory board, the management board appoints the actuary unless the memorandum and articles of association stipulate appointment by the senior representative body. The assessment obligation pursuant to subsection 3 no. To the extent that the premiums and terms and conditions of life insurance contracts concluded after 28 July may be changed with effect for existing dehtschland, any such changes may only be implemented after approval by an independent trustee.

Section 12b 3 and 4 and section 12d 2 apply accordingly. To meet the qualification requirement, the trustee must dispose of adequate legal knowledge, relating in particular to the field of life insurance. The investmenthesetz of an independent trustee is not required if changes pursuant to sentence 1 above are subject to the approval of the Supervisory Authority. For life insurance contracts concluded before 29 July existing invedtmentgesetzthe operating plan approved by the Supervisory Authority before that date remains fully applicable.

Section 13 1 in conjunction with section 8 1 sentence 1 no.


Section 11a 12 and 4 above apply accordingly, and subsection 3 above applies with the proviso that the premium reserve is to be calculated in accordance with the applicable operating plan. If accident insurance undertakings write contracts with premium refund, sections 11 to 11c above apply accordingly. For the calculation of the premium reserve for benefit obligations under general third party liability insurance, motor third party liability insurance, motor vehicle accident insurance and general accident insurance invextmentgesetz premium refund section 11a above applies accordingly.


Section 11a 1 sentences 2 to 4, as well as 2 and 2a apply accordingly. Section 11a 3 no. The premiums for new business may not be lower than the premiums for the insured of the same age under the existing portfolio deutschlamd insurance contracts, not including their ageing provision.

investmentgesetz deutschland : German » English | PONS

The amount credited shall total 90 percent of the average investment income generated beyond the level of the technical interest rate excess yield. Of the remaining amount, 50 percent shall be credited annually directly to the ageing provision of all insured persons.

The percentage rate defined in sentence 2 above shall increase by two percent annually, from the financial year of the insurance undertaking beginning inuntil it reaches percent.