Determination of the harmlessness of new or changed insurance conditions of pension funds
As a pension fund, you want to introduce new insurance conditions or change existing insurance conditions and there is no approval requirement.
Description
Pension funds must submit to the German Federal Financial Supervisory Authority (BaFin) amendments to insurance terms and conditions that previously did not have to be approved by BaFin.
If BaFin does not raise any objections within 3 months of submission, or if it establishes that they are unobjectionable beforehand, the General Terms and Conditions of Insurance (GTCI) 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).
Online service
Melde- und Veröffentlichungsplattform (MVP Portal) der Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
Description
Use this service online
Payment methods
- SEPA transfer
Trust level
You need an electronic ID card with a PIN to use the service (trust level: high).
further information on the level of trust for online services
Identification
- electronic identification using national eID means – user name/password
Contact person
Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
Address
address
Haltestellen
- Haltestelle: Husarenstraße
Linie:- Straßenbahn: 61
address
Haltestellen
- Haltestelle: Husarenstraße
Linie:- Straßenbahn: 61
PO box address
Post office box 500154
60306 Frankfurt am Main
PO box address
Post office box 1253
53002 Bonn
Contact
fax: +49 228 4108-1550
telephone: +49 228 4108-0
e-mail: fitandproper@bafin.de
e-mail: poststelle@bafin.de
e-mail: qes-posteingang@bafin.de
Internet
Payment methods
The following payment method is possible: Transfer
Keywords
BaFin
Required documents
- Document with new or modified insurance conditions
Prerequisites
- You would like to
- change the AVB at your pension fund that did not previously have to be approved by the supervisory authority when they were introduced, or
- introduce new AVB at your pension fund that is not regulated in accordance with § 233 VAG.
- Your Pensionskasse is supervised by BaFin.
Basis for legal action
Section 234 (2) sentence 3 VAG
- § 234 Absatz 2 Satz 3 Gesetz über die Beaufsichtigung der Versicherungsunternehmen (Versicherungsaufsichtsgesetz - VAG)
- Anlage zu § 2 Absatz 1 Besondere Gebührenverordnung des Bundesministeriums der Finanzen zur Finanzdienstleistungsaufsicht (Finanzdienstleistungsaufsichtsgebührenverordnung - FinDAGebV)
Legal remedy
- Objection
- Action before the administrative court
Procedure
To submit new or amended terms and conditions of insurance to BaFin online, proceed as follows:
- Access 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 specialist procedure for insurance supervision".
- Select the specialist procedure "Insurance Supervision", upload all required documents and submit your notification online.
- Upon receipt, BaFin will review your submission.
- Provided that it is determined to be unobjectionable, you will receive the decision regarding your submitted conditions online in the portal or by mail.
Deadlines
There is no time limit. You may only use GCI whose harmlessness has been established or whose harmlessness can be assumed 3 months after submission to BaFin.
Objection deadline: 1 month
Processing time
3 months (3 months after submission of the new or amended insurance conditions.)
Costs
BaFin charges a fee based on the time spent.
Notes (specifics)
There are no clues or specifics.
Further Information
- Allgemeine Informationen zur Versicherungsaufsicht auf der Internetseite der Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
- Benutzerhandbuch zur Melde- und Veröffentlichungsplattform (MVP Portal) der Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
- Informationsblatt zum Fachverfahren Versicherungsaufsicht auf dem MVP Portal der Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
Area of validity
Germany-wide
Official approval
Officially approved by Federal Ministry of Finance (BMF) on 18.08.2023
Keywords
BaFin