Proper Calculation according to § 155 VAG

Abstract

The present advisory note is addressed to the actuaries active in private health insurance, in particular the Appointed Actuaries. It deals with the interpretation of the facts of § 12b para. 3 4th sentence VAG (Insurance Supervision Act) and thus, in particular, with the question whether or when an exclusion of the right to the adjustment of premiums due to an insufficient calculation of the Appointed Actuary in the initial or new calculation of premiums (contribution adjustment) is to be assumed, and to which le-gal consequences such a culpably insufficient calculation leads. Moreover, the Appoint-ed Actuary is given minimum standards for a proper calculation – concerning aspects specific to the calculation bases as well as aspects superordinated to the calculation bases. 

Professional standards of practice are DAV publications that – together with the rules of professional conduct – set out the fundamental principles for the correct practice of actuarial activities. Professional standards of practice are characterised by their treatment of specialist actuarial and professional issues, 

• fundamental significance and practical relevance for actuaries,
• professional legitimisation through a implementation process that allows all actuaries to be involved in such implementation,
• correct application, with members being professionally safeguarded by a disciplinary pro-
  cess.

The professional standard of practice „Sachgerechte Kalkulation gemäß § 155 VAG (Proper Cal-
culation according to § 155 VAG)“ is an advisory note. Advisory notes are professional standards
that are to be taken into account in actuarial considerations, the application of which can be freely
decided upon in individual cases, however, within the framework of the code of conduct, and which
address specific questions.