Portfolio Transfer Latest Developments (non-life)
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1 Portfolio Transfer Latest Developments (non-life) German Run-Off FORUM 2017 Cologne Friday, March 31st, 2017
2 Agenda What is a portfolio transfer Insurance portfolio transfer as per 13 VAG Reinsurance portfolio transfer as per 13 VAG Reinsurance portfolio transfer as per 166 VAG Reasons for a portfolio transfer Structure of a portfolio transfer Formal for transferor and transferee Special case : 13 VAG confirmation that policyholder s rights are respected Special case : 200 VAG Mutual Insurance Company Supervisory Special case : 13 para 2 sentence 2 no. 2 : portfolio with EEA implication Post Transferor / Transferee Nothing about : due diligence evaluation of the portfolio post transfer integration / transfer of files 2
3 What is a portfolio transfer (separable) portfolio (separable) portfolio 3
4 Insurance portfolio transfer as per 13 VAG (separable) insurance portfolio (separable) insurance portfolio Insurance Company Insurance Company 4
5 Reinsurance portfolio transfer as per 13 VAG (separable) reinsurance portfolio (separable) reinsurance portfolio Insurance Company Reinsurance Company 5
6 Reinsurance portfolio transfer as per 166 VAG (separable) reinsurance portfolio (separable) reinsurance portfolio Reinsurance Company Reinsurance Company 6
7 Reasons for portfolio transfer Strategic reasons Internal restructuring company / group-wide M&A External restructuring Focus on certain lines of business Expired lines of business / portfolio Changed underwriting appetite Changed regional focus Operational Reasons Change of IT-infrastructure and non-convertible / too burdensome conversion of legacy business Retirement of key-staff and succession economically unviable Solvency reasons Optimize solvency capital requirements for Solvency II To the insurance market (=competitors) To market solutions / security funds: Protektor Medicator 7
8 Structure of a portfolio transfer BaFin 8
9 Formal for BaFin Two separate formal s to the regulator by each the transferor and the transferee To be enclosed: Countersigned transfer contract (Original Copy!) Details on: Portfolio transferred (domiciles of the policyholders / cedants), evaluation of balances, reserves, risk premium, etc. Transferee: Solvency margin calculation acc. to 74 VAG on an as if - basis Power of Attorney may increase efficiency (in the past issued to transferor, now better transferee) Further details typically required: Confirmation that there are no side-agreements or commission arrangements in connection with the proposed transfer Confirmation that severability clauses will find application only until regulatory granted Proof of board decisions, if required (Executive Board, sometimes also Supervisory Board etc.) Transferor: description of the effects of the transaction on the accounting Transferor: authorization to write the transferred portfolio at the time of underwriting 9
10 Formal for protecting policyholders rights BaFin Further details typically required: Special case: Confirmation of the Executive Board towards BaFin 13 para 1 sentence 3 VAG - Portfolio transfer The must be granted if the interests of the policyholders are respected and the obligations arising from the insurance contracts are substantiated to be permanently performable. Confirmation of the Executive Board towards BaFin that the policyholders will not be adversely affected Regulator wants to retain a potential right to intervene in case of violation Unresolved question: what is the situation for mixed insurers? ( that cedants are not adversely affected? ) For reinsurance portfolio transfers from reinsurance companies? Not applicable 10
11 Mutual Company Formal for mutual insurance company BaFin Further details typically required: Special case : Mutual insurance companies as transferor: 200 VAG - Portfolio transfer Contracts for the purpose of transferring the portfolio of a mutual society wholly or partly to another undertaking are subject to by the senior representative body before coming into effect. The resolution requires a three-fourths majority of votes cast, unless otherwise set forth in the memorandum and articles of association. The shall at the same time be passed on the amount of a severance payment pursuant to 201. The resolution establishes the criteria under which the severance payment is to be distributed among the members. 200 VAG applicable for portfolio transfers from mutual insurance companies (VVaG) Approval of the senior representative body ( oberste Vertretung ) for the transfer required What is the portfolio? Only portfolios where membership rights may be impaired (see the articles of the association)? Or any portfolio underwritten? 11
12 Supervisory BaFin Mechanism: Direct insurer: 13 VAG Mixed insurer (insurance company underwritten a (inwards!) reinsurance portfolio): 13 VAG Reinsurer: 166 VAG Confirmation of the solvency of the transferee Domestic transfer of insurance portfolio ( 13 para 1 sentence 2 VAG) Cross-border transfer of insurance portfolio underwritten via freedom of services / branch ( 13 para 2 sentence 2 no. 1 VAG) Reinsurance portfolio from reinsurance company ( 166 para 1 sentence 3 VAG) Responsible is the transferee s regulator' department which is responsible for the transferee! Binding effect: also provided for cedants outside the EU (BaFin understanding so far) 12
13 Supervisory BaFin Special case 13 para 2 sentence 2 VAG domestic insurance portfolio to be transferred which was underwritten via freedom of services / branch This, provided there are no grounds for refusal in accordance with subsection (1) sentence 3 above, shall only be granted if [ ] 2. the supervisory authorities of the member states or EEA states in which the risks in the portfolio are situated have given their, [ ] If necessary involvement of other (foreign) at least EEA (EU + Norway, Iceland and Liechtenstein) regulators Especially for mixed insurers Self-underwritten reinsurance portfolio Reinsurance pool business which was underwritten by a broker Risk situated? Only treaties actively accounted or also inactive accounts? 13
14 Supervisory BaFin Portfolio transfer to be published in Bundesanzeiger by BaFin Invoice for the fees as per FinDAGKostVO 14
15 Post Transferor / Transferee BaFin Information To policyholders? - 13 para 7 sentence 2 VAG information without specific requirement To cedants? para 1 sentence 6 VAG written information But what happens in case of a mixed insurer? Brokers? Press release legally not required but recommendable Cancellation right: as per 13 para 7 VAG in case of change of financial supervision but only for policyholders! again question might be raised for mixed insurers but only theoretically for run-off companies! no corresponding cancellation right for reinsurance portfolio transfers as per 166 VAG 15
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