The Zillmerung (also Zillmer procedure, Zillmerungs procedure, or precise gezillmertes net contribution procedure) is a covering capital calculation formula of the traditional actuarial science. It is the formula most common in Germany for the computation of the covering resetting for traditional life and health insurances in the according to commercial law balance. The formula is designated after the mathematician August Zillmer (1831-1893).

Consequences of the Zillmerung for the insurant

In the published opinion it is traditionally assumed that the most important practical consequence of the application of the gezillmerten net contribution procedure is in the according to commercial law balance an accounting conclusion and of the costs of distribution with the first paid contributions with the determination of the repurchase values. Therefore lead the application gezillmerten net contribution procedures in the according to commercial law balance to the fact that with principal life insurances in the first insurance years very small is agreed upon in particular or even no repurchase values in the contracts. The gezillmerte net contribution procedure of the commercial law is criticized in particular therefore by A legal or material connection between the application of the gezillmerten net contribution procedure in the according to commercial law balance and the determination of the repurchase values in form of a table in the contract (usually some months before) cannot be deduced however from the today's legal situation. The according to commercial law obligations exist independently of the repurchase values agreed upon in the contract and the parties are free to agree upon repurchase values without consideration for the according to commercial law regulations to the following illustration of the contracts in the balance.

Derivation from other procedures

The gezillmerte net contribution procedure differs from the gross contribution procedure with traditionally arranged contracts by ignoring the current expenditures and the appropriate (implicit procedure), whereby the dismantling of the contribution with the bases of calculation of the achievement bar value takes place. In the historical development the gezillmerte net contribution procedure developed however from the net contribution procedure, in which one added the contribution parts unnecessary for future obligations (Zillmer addition). The net contribution procedure is a still very simple, calculation method originating from the start time of the actuarial science, which covers the actual debt position (fulfilment arrears) of the insurer by restriction exclusively on the achievements and the need contributions (net contributions), needed for it, not correctly and therefore today for the determination of the covering resetting any longer is not permissible. The gezillmerte net contribution procedure actual like all methods of the traditional actuarial science - with non-traditionally arranged contracts not applicably.

The suggestion Zillmers should prevent that at that time still usual net contribution procedure for one led initially to high covering resetting, in order to make itself possible for again-created enterprises still the financing of the unique acquisition costs in-patriating at that time. At the same time an abuse should be avoided in the form of a net contribution procedure with one in relation to the used net contribution to high discounting interest. Likewise became also the method spread at that time in England to place to the pure obligation insurance benefits in relation to the entire gross contribution when a refusal gives mathematically incomplete method. Due to Zillmers suggestion future contributions in the covering resetting were considered beyond the net contribution, until - for caution reasons - which were not smaller covering resetting at the end of the first insurance yearly than zero. Zillmer suggested a lump sum at a value of 1-1,25% the Versicherungssume. This lump sum is called Zillmersatz and is supervision-officially determined later. In the course of the time this Zillmersatz was ever continued to increase, so that the covering resetting remains often longer than one year negative (today the most Zillmersatz 4% of the sum of the contributions amounts to after "§ 4 exp. 1 sentence 2 DeckRV). In the year 1960 the Federal Finance Court in an appraisal explained the balancing of negative values with the computation of the covering resetting with positive for inadmissible. Since this time in connection with the application of the gezillmerten net contribution procedure the requirement on contributions is activated for the covering of initial conclusion expenditures (beginning from not yet due requirements from divisor-filled achievements from a floating business).

The gezillmerte net contribution procedure serves with priority to illustrate the obligation of the insurer from the contract correctly in the balance. Historically was not intended to determine the repurchase value which can be paid in the case of notice. The gezillmerte net contribution procedure represents to today a basic form of the representation relating to the balance of insurance contracts. Internationally the Accounting standard board discusses at present appropriate procedures for a new internationally Financial reporting standard for insurance contracts, which became obligatory in the whole European union then also. The gezillmerte net contribution procedure is in the form originally presented by Zillmer fair VALUE comparable to one with minimum DEPOSIT floor (maximizes on zero and/or a higher repurchase value during the first subsequent evaluation) and even distribution of the initially calculatory profit. The unrestricted fair VALUE corresponds to a large extent to the gezillmerten net contribution procedure without delimitation on a most Zillmersatz or delimitation on the actually resulted conclusion expenditures.

According to commercial law meaning

After "§ 341 f of the commercial code (HGB) the gross contribution procedure is to be used for computation of the covering resetting. With traditionally arranged contracts a covering resetting computed with the gezillmerten net contribution procedure is not lower than the covering resetting computed after "§ 341 f HGB; they differ only around the Sicherheitsmarge in the for the current expenditures for the insurance enterprise. Therefore European right permits the use to the implicit method, and thus the gezillmerte net contribution procedure, in place of the gross contribution procedure actually which can be used. The validity of the implicit method is converted not explicit into German right, applies however anyhow due to general according to commercial law regulations to approximations. However "§ 25 exp. permit 1 RechVersV expressly the use of the gezillmerten net contribution procedure and thus the application of a procedure according to the implicit method. Such a express permission is missing in the appropriate regulation for pension fund (RechPensV); it is however not needed, since the procedure can be used as appropriate approximation method in principle in place of the procedure determined legally in "§ 341 f HGB.

In the result today almost exclusively because of the still existing dominance of the traditionally arranged life insurance contracts the gezillmerte net contribution procedure for the determination of the balance covering resetting is used, excluded fund-bound life insurances. Therefore, in particular supervision-legal laws, which treat the covering resetting, refer often directly to the gezillmerte net contribution procedure, although the regulations would be to be also used, if the equivalent, actually legally planned gross contribution procedure were used. This e.g. concerns the regulations of the supervision right to the sentence, for consideration during the own resources regulation or with the determination of the bound fortune.

"§ 4 exp. for 1 sentence 2 DeckRV limits the explicit beginning of initial conclusion expenditures in shape of its calculatory consideration in the form of with the determination of the covering resetting after "§ 341 f HGB or an approximation method with explicit beginning of these expenditures on 4% of the sum of the contractual contributions. The anticipation of future contributions is limited by this precautionary measure on under handels and supervision-legal caution principle justifiable measure. In a prospektiven procedure like the gross contribution procedure future contribution parts, which in the future no expenditures face, cause a calculatory initially negative amount with the computation of the covering resetting.

Straight one in this delimitation for caution reasons lay the chief work of August Zillmer. It modified that already well-known, later procedures designated after it in such a manner that the anticipation of future contributions was limited to the according to commercial law justifiable measure. The delimitation of the anticipation of future contributions introduced by it was changed in the meantime again and again. The today's value is to be used for contracts, which were locked starting from 1994.

Articles in category "Zillmerung"

We found here 1 articles.