In the case of life insurance, the contractually guaranteed right to participate in any profits from the security assets in an appropriate manner. In detail, this has led to many disputes up to now. In Germany, therefore, the legal situation with regard to the policyholder’s claims was redefined at the beginning of 2008. – See impact study on long-term guarantees, coverage ratio, surrender value, interest guarantee reserve. – Cf. BaFin Annual Report 2005, p. 197 (legal situation; lack of information on the part of insurance companies), BaFin Annual Report 2007, p. 77 (contractual anchoring of surplus participation; rules for determining valuation reserves; insurer’s duty to provide information under § 155 VVG), BaFin Annual Report 2009, p. 108 (actuaries must also check that surplus participation does not jeopardize the permanent ability to meet obligations under life insurance contracts), and the respective annual report of BaFin, chapter „Supervision of insurance undertakings and pension funds,“ Financial Stability Report 2012, p. 45 ff. (due to low interest rate policy, surplus participation declines; insurance industry forced to realign), Annual Report 2012 of BaFin, p. 86 f. (explanation of the tricky problems surrounding the valuation reserve). In the respective BaFin annual report „Statistics on primary insurance companies and pension funds,“ also a detailed overview of the individual items of the valuation reserve by book value and percentages in the individual asset categories, together with explanations.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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