Around 90 pension funds, also known as pension chambers, are public corporations that collect funds from their “compulsory members” to build up a funded pension scheme. Past and foreseeable pension cuts challenge the system. The Higher Administrative Court of Lüneburg ruled that no compulsory member may stop paying contributions “because of an allegedly erroneous investment […]
Artikel zum Thema: EuGH
Employer liability for occupational pensions: Unequal rates for men and women
New ruling of the European Court of Justice (ECJ) The ECJ also obliges employers in occupational pension schemes to use only so-called “unisex tariffs” from 21 December 2012, for example when using direct insurance. Up to now, female employees have received a lower occupational pension than male employees for the same contribution, because men have […]
UNISEX – Effects on PKV contracts
New ruling by the European Court of Justice (ECJ) obliges insurers to use only so-called “unisex tariffs” from 21 December 2012, for example in comprehensive private health insurance, daily sickness allowance, daily nursing allowance and other supplementary insurance, but also the so-called premium protection plans. Up to now, men have usually paid a lower premium […]
Unisex changeover 2013 – note new tariffs with immediate effect
Through the Occupational Pensions Act, the legislator has imposed an additional task on employers “as disinterested investment managers” of their employees and also holds them liable for this. The authors explain what employers, but also consultants involved in the human resources area of companies, must observe from 2012 in order to comply with the legislator’s […]
False billing by life insurer? Around 10 million customers affected
New billion-dollar surcharge for insureds due to incorrect implementation of BGH rulings Current judgement of the OLG Cologne: Insurers have to recalculate benefits in case of termination and premium exemption. A recent ruling by the Cologne Higher Regional Court dated 5 February 2010 (Case No. 20 U 80/08) establishes that life insurers have so far […]
Choice between plague and cholera
The Federal Fiscal Court (Bundesfinanzhof, BFH) has ruled that the VAT-exempt activity as an insurance intermediary consists not only in seeking customers but also in bringing them together with the insurer. As the Federal Fiscal Court stated in its ruling of 6 September 2007 (Ref. V R 50/05), the terms insurance agent and insurance broker […]
Value added tax liability for valve solutions
Value added tax in the insurance mediation – current iurisdiction * – Outsourcing, fee-based consulting, tipster, valve model, sales service and support *by Dr. Johannes Fiala, Lawyer (Munich), MBA Financial Services (Univ.), MM (Univ.), Certified Financial and Investment Advisor (A.F.A.), Banker (www.fiala.de) and Dipl.-Math. Peter A. Schramm, expert for actuarial mathematics (Diethardt), actuary DAV, publicly […]
“Fee-based advisors” instead of multiple agents, exclusivity or insurance brokers?
“Fee-based advisors” instead of multiple agents, exclusivity or insurance brokers? * – A megatrend with built-in liability for insurance intermediaries – *by Dr. Johannes Fiala, lawyer (Munich), MBA Financial Services (Univ.), MM (Univ.), certified financial and investment advisor (A.F.A.), lecturer in civil and insurance law (BA Heidenheim, Univ. of Cooperative Education), (www.fiala.de) and Dipl.-Math. Peter […]
“Fee-based advisors” instead of multiple agents, exclusivity or insurance brokers?
A megatrend with built-in incitement to – and liability for – tax evasion *by Dr. Johannes Fiala, Attorney at Law (Munich), MBA Financial Services (Univ.), MM (Univ.), Certified Financial and Investment Advisor (A.F.A.), Lecturer for Civil and Insurance Law (BA Heidenheim, Univ. of Cooperative Education), (www.fiala.de) and Dipl.-.Math. Peter A. Schramm, expert for actuarial science […]
Disservice to investors?
Expert Johannes Fiala on the consequences of the ECJ rulings on “junk real estate”. After the current “junk real estate judgments” of the European Court of Justice (see box), the banks are calm, while investor lawyers speak euphorically of a “breakthrough”. The reality, however, is more modest. The know-how problem should be mentioned: While the […]