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government plans to lower the guaranteed interest, the insurer

A According to media reports, the federal government will apparently because of continued low interest rates lower the guaranteed interest rate of German life insurers from the current 2.25 to 1.75 percent. The

reported the Frankfurter Allgemeine Zeitung (FAZ), citing a draft regulation in its possession, the Ministry of Finance. It appears that a change of 1 July should be.
was not officially confirmed the proposal, the FAZ, quoting but a ministry spokeswoman, "will examine the extent there is low interest rates because of the need for change" that.

holds Normally, the Ministry of the recommendation of the German Actuarial Association (DAV). The lobby of the insurance and financial mathematics every year shall deliver to the Federal Ministry of Finance, a recommendation for the value of the maximum discount rate in life insurance for new contracts.

announced in February with the DAV, the guaranteed interest rate for new contracts in 2011 will be continued at 2.25 percent. At this level, this is since January 2007.

The guaranteed interest rate is an important criterion in the statements of capital forming life insurance and private pensions. In general, the rate of interest equivalent to the customer over the entire duration of his contract guaranteed interest rate.
Source:

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Insurance Consultants - shows plus minus problems in the quality of employees to

plus minus has encountered a very interesting history, as their focus the quality of the German asset management and their agents. By the legislature are for three years with the Insurance Mediation Directive, the requirements for insurance agents and insurance brokers concrete and intensified. Of which they promised at that time an honest and transparent advice to the benefit of the insured.
Did you know that these mediation directive applies to all?
See for yourself!
Here is the link to the post.

http://mediathek.daserste.de/daserste/servlet/content/6073964?pageId=&moduleId=432744&categoryId=&goto=&show =


way: One of the agents mentioned in the article, which are affected by the Insurance Mediation Directive and act accordingly, is the Economic and services firm GbR Finsterwalde.

Finally, a review of the Phoenix editorial from the series "The Story" on the topic:

Spirit Stuff For Competitive Cheerleading

Allianz Life lowers interest

Allianz life insurance reduces the surplus share for 2011 of 4 , 3 to 4.1 percent. Most life insurers based on the decision of the alliance. Others have already forged ahead.

Fault that the Alliance is to reduce the income yield of the life savings portion of 4.3 to 4.1 percent must be the "historic low interest rates," proclaimed Maximilian Zimmerer, head of Allianz Life division. In fact, the yield was ten-year government bonds during the year fell to 2.1 percent, three percent today.
Three percent rate of return not enough, however, because life insurers have to credit their customers an average of at least 3.4 percent. This is due to the contractually guaranteed interest rates. This guaranteed interest rate for new contracts now stands at 2.25 percent. He was once in up to four percent, life insurers have to their customers on average more credit. The profit-sharing is then composed of the guarantee plus interest along the interest rates earned by life insurers on the guaranteed interest rate and also passed on to customers. New customers do

more
But alone with the guaranteed interest rates averaging 3.4 percent a life insurer can score points with its customers. To win new customers, companies must offer more. The carpenter wants: He promises at least 4.7 percent for the year 2011. He can, because the annual profit sharing - that life insurers traditionally pay for the cost of invested capital (savings component) - is not the only source of profit.
is added to the surplus of final income. That is how the profit sharing part of the total return. He is paid at the end of the term of a life insurance policy.

Immense gains
addition - it sounds paradoxical - benefit customers whose policy is paid out or cancel the current low interest rates. For life insurers, customers must participate in the valuation reserves. That arise when the share prices of the bonds exceed the purchase price. Bonds are traded to the redemption date on the exchange. Increases the rate decreases the return on bonds because the price and yield behavior are contradictory. As the interest rates on ten-year government bonds up to 2.1 Percent have fallen, life insurers recorded huge gains, some up to 40 percent. Thanks to the high proportion of fixed interest securities such as government bonds, corporate bonds or mortgage bonds, the valuation reserves to increase rapidly. Because the industry invests on average about 87.5 percent of the money in bonds, may also expect customers of other life insurers with valuation reserves. It must life insurance customers have been participating since 2008 at the end of the contract - in the alliance, on average, makes 0.2 percent (as of 11/17/2010) additional interest for those who take his leave of the insurer.

is in the industry, the surplus decision of the alliance life as the way forward. Many life insurers based on the interest of the alliance. In the coming days, so many insurers will announce its interest rate for 2011. Nevertheless
have already ventured some insurers from the alliance of the cover. Thus, the AXA life and also keep unchanged the French insurer owned by DBV life is the sum of guaranteed interest and excess of four percent. Including final bonus and valuation reserves customers can expect around 4.8 percent. Alte Leipziger (4.1 percent) and the Huk-Coburg-life (4.25 percent) to keep their profit sharing for 2011 stable. R + V on the other hand it reduces the second time in a row. For 2011, customers get only 4.1 percent instead of 4.3 credited (2009: 4.5 percent).

Ergo: four percent, sometimes less
Ergo Life announced today that amounts to "the continuing interest in the rule continues to 4.0 percent. The phrase "generally" had been chosen, according to a spokeswoman, because "a small number of tariffs" would get less. The choice of words, however, relates not to just under the umbrella brand Ergo Victoria refugee life. Ergo recently had his business under the umbrella of Ergo bundled and transferred to new business on the new brand. For the life of Victoria, it was not in the past gone so well: Manager of the Victoria life had the beginning of the decade, a high equity exposure. The Victoria sold the shares too late, after the bursting of the tech bubble. The then high valuation reserves melted - just like the major provisions for premium refunds, an important buffer for life insurers, among other things because they pay them later, the excesses of their customers. This was after-effects: Victoria could pay for 2009 only a profit sharing of 3.6 percent - significantly less than the market.

Lean three percent
This leaves many major life insurance companies, despite the low interest rate environment, with its yield above four percent. The rating agency Assekurata has calculated that life insurers the four-percent threshold should also hold for a while. In a model calculation assumes the agency that insurers can invest new money only to three percent. Precisely at this level have reached ten-year government bonds today. On average, the yield on the bond portfolio, the insurer would then slide until 2014 under the four-percent mark. Even so customers
benefit from the long-term nature of investments and securities with higher coupons, the life insurers in better interest rate and the run-times bought a few years. Interest rates remain so low, of which the alliance starting in the next three years, the tide is turning but the long term. For life insurance companies buy today the low-interest papers. And then lie like lead in the portfolios - when interest rates are far higher again.
Source: Business Week, 08.12.2010

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What deposit insurance is really worth

A ruling from the Landgericht Berlin will provide excitement when a bank fails, investors can only receive compensation in the amount of statutory deposit insurance sue in court. On the far more lavish promises of voluntary deposit protection for banks, however, no legal claim.

FRANKFURT. It is a verdict with explosive force: when a bank fails, investors can only receive compensation in the amount of statutory deposit insurance sue in court. On the far lusher gives promise of the voluntary deposit protection for banks, however no legal claim. That view has long been known among lawyers indeed, a recent verdict of the District Court of Berlin, she moved but only now the public aware.

starting point was the dispute between a film fund and the Fund of the Federal Association of German Banks (BdB). The Film Fund was in vain by the BdB compensation for royalties demanded that Germany had the insolvent subsidiary of U.S. bank Lehman Brothers will pay. There are according to the BdB Statutes but no foundation.

unanimous interpretation of the law
But with the statutes BdB, the court held (stock number 10 O 360/09) to not be big. "The court says in simple terms, even if an investor would have under the statutes of the Deposit Protection Fund is entitled to compensation, he could not these to sue in court," said Axel Half Meier, Professor of Civil and Business Law at the Frankfurt School of Finance.

This is serious. Many banks advertise the voluntary deposit protection, which is much higher than the legal. The problem is that the Berliners judges do not represent exotic views. "This view is, moreover, the almost unanimous view of the literature, that contractual rights to benefits from the Settlement Fund are excluded, "the judges said.

minted is based on the BdB. What matters for the entire industry relevant though, is that all voluntary schemes" to exclude a legal claim, "as the BdB explicitly stated to the Handelsblatt. This includes savings and cooperative banks with a. Both financial networks to advertise with the so-called Institute backup to proactively prevent the bankruptcy of one of its members. The Savings Banks Association DSGV argued that its system prevents bankruptcies will and thus meets the legal right of all customers.

to now, always. Only: No savings bank or Public Bank's rescue could have sought, under the statutes. The Federation of People's Cooperative Banks said, but customers were independent of the institutional protection of compensation claims.

Half Meier denies, however, that an individual entitlement exists. Therefore, he considers it "problematic" that the banks to the outside legal certainty suggested. "In reality, there is an obligation hope - just like the way Merkel promised that the government guarantee the safety of all deposits," said the lawyer. correspondingly depressed the mood in the industry. "The whole thing stands or falls with the trust," it says in the industry. The ruling came the entire banking industry completely inconvenient. "Since no one has got over it," complains one insider. German bank, Commerzbank, Postbank and Hypo-Vereinsbank would not comment yesterday on the ruling.

It was left to the BdB to promote trust. He pointed out that he had been all the legitimate demands met, "regardless of any legal claim". Otherwise, "Reputation and destroys confidence in the deposit insurance for private banks irrevocable". The example given by BdB also shows the limits of the system: after the Lehman bankruptcy, the association had to tap into the bailout fund Soffin billions to compensate all investors.
Source: Handelsblatt, 12.07.2010

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Supreme Court judge on charges for savers

The battle of the consumer protection against the commission calculation of building societies is about the decision. The Bundesgerichtshof (BGH) negotiates tomorrow on whether the transaction fee is legal for savings plans. Perhaps the supreme civil court cases already on the same day the verdict.
Consumer Center North Rhine-Westphalia does still hope to get through its action in Karlsruhe, but it has so far lost in all the courts below.

The Schwäbisch Hall as a defendant in the test case is, accordingly optimistic. Nevertheless, one feels there is a certain nervousness, because a defeat would be a key point of the business model at stake (Az XI ZR 3 / 10).

read in the announcement of the date the Supreme Court as follows: "In view of the fact that the collection of statutory fees in the building society sector is a common practice, the result of the case is of great economic significance." What is it about? The consumer advocates hold the termination fee was illegal. They rely on an earlier decision of the Supreme Court, arguing that building societies would offer new customers for no benefit, but simply rolled down their distribution costs.

And add up. The final fee is usually a percentage of the savings and is called Commission for the placement of the first savings payments deducted. With an average savings target of 33 000 € 330 € so the customer pays. This year the industry sold contracts with an estimated contract sum of 93 billion euros, so that the commissions are likely to add up to almost one billion euros per year, because some providers charge a little more than one percent.

commission as an admission

the building societies argue that fee was the "entry fee to the building society group." For building savings is a closed system, save where the customer, irrespective of capital market and repay later, her building society loans. The system is also on the constant influx of new customers need. Therefore, the recruitment of new customers was in the interest of every building society. This also resembles the Federal Financial Supervisory Authority (BaFin).

The Düsseldorf consumer advocates have been complaining for two years against the industry and have chosen for your test cases in addition to the market leaders in Schwäbisch Hall, the Home Loan West Minster and the German ring building society in Hamburg. "We hope to have opportunities," says Mark Feck, lawyer of the Consumer Bank NRW. "The courts have not said that we are with our argument on the wrong track. In considering the building societies were but so far the advantage."
Source: Adopted WirtschaftsWoche

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5 questions about gold, which can be answered by any central banker

, you would have the possibility of a Fed chief to interview on camera. Ask him yet again the following questions.

1) What weighs more, all in outstanding 100-dollar banknotes or all of the U.S. gold reserves?

2) Why the price of gold falls randomly every day from 14:20 CET and the clock for 20 years?

3) Why do today, no part of the gold to monetary stability and economic prosperity created monetary system to be more?

4) How big are the gold reserves of China?

5) What would your Grandchildren a birthday gift rather, U.S. government bonds or physical gold?

Well, you probably will not, no honest or at least get no clear answers.

1) Admittedly, this question from the state so easily answered no. It is more symbolic way, but one thing is at least documented certain: the total of all cash in circulation in 2008, 100-dollar bills corresponded to the equivalent of 625 billion U.S. Dollar.10.000 piece of a 100-dollar bill weigh according to the information from the Federal Reserve pound 22 (10 kilograms, or 1 bill = 1 gram). Ergo: The totality of all 100-dollar notes is difficult to 6,250 tonnes. What about the U.S. gold reserves? The official Stocks comprise 8133.50 tonnes. But we know that a large part of central bank gold receivables are only on paper. This should lead to a cradle competition is pretty tight for the U.S. gold reserves.

2) Because at this time of the American futures market opened, manipulated the price of gold on the market targeted by central banks. more about this in the book "Secret gold politics," by Dimitri Speck.

3) Because the banks then no more money from the produce nothing could be to allow unlimited banking profits and to rule the world. can of monetary stability and sustained economic prosperity in the current debt money system really the question.

4) Whoever quoted the official reserve statistics of the World Gold Council, is wrong for sure. China 2009 as an inventory change announced, suddenly 450 tons were more into the official books. Before six years had no changes in the long gold stocks in China have been expelled. It must be assumed that China is further
secretly accumulating gold reserves and surprised the gold market in a few months back with new numbers.

5) If you get a concrete answer, then they will be cheated with an estimated probability of about 100 percent.

Source: Goldreporter.de