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Determining the safety of new or amended insurance conditions of pension funds

Service Description

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

If BaFin raises no objections within 3 months of submission or if it determines that there are no objections beforehand, the General Terms and Conditions of Insurance (AVB) 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 insurance conditions to BaFin online, proceed as follows:

  • Go to 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 insurance supervision specialist procedure".
  • Select the specialized procedure "Insurance Supervision", upload all required documents and submit your notification online.
  • Upon receipt, BaFin will review your submission.
  • If it is found to be harmless, you will receive the decision regarding the conditions you have submitted online in the portal or by post.

Requirements

  • You would like to
    • change the GCI of your pension fund, which previously did not have to be approved by the supervisory authority when they were introduced, or
    • introduce new GCI for your pension fund that is not regulated under § 233 VAG.
  • Your pension fund is supervised by BaFin.

Which documents are required?

  • Document with new or amended 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 deadline. You may only use GCIs that have been determined to be unobjectionable or that can be assumed to be unobjectionable 3 months after submission to BaFin.

Objection Deadline: 1 Month

Processing duration

Processing Time: 3 Months
3 months after submission of the new or amended insurance conditions.

Legal basis

Applications / forms

  • Objection
  • Action before the administrative court

What else should I know?

There are no indications or special features.

Further Information

Author

Forwarding service: Deep link to the original portal

Federal Financial Supervisory Authority (BaFin)

The text was automatically translated based on the German content.

Technically approved by

Federal Ministry of Finance (BMF)

Professionally released on

18.08.2023

Source: Zuständigkeitsfinder Thüringen (Linie6PLus)

Start your request directly online:

Competent Authority

Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)

Address
Graurheindorfer Straße 108
53117 Bonn, Stadt
Remark: Address Bonn
Link to the directions:
Anfahrt

Postal address
Post office box 1253
53002 Bonn, Stadt

Address
Marie-Curie-Straße 24-28
60439 Frankfurt am Main
Remark: Address Frankfurt am Main
Link to the directions:
Anfahrt

Postal address
Post office box 500154
60306 Frankfurt am Main
Telephone
+49 228 4108-0
Fax
+49 228 4108-1550
E-Mail
Contact us
Remark: General
E-Mail
Contact us
Remark: with qualified electronic signature
E-Mail
Contact us
Remark: especially for appointment notices regarding supervisory and administrative board members
WWW
Website of the Federal Financial Supervisory Authority (BaFin)
DE-Mail
poststelle@bafin.de-mail.de
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