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ISSR_CHANGE_2005_INF - Important Notes for Migrating to Legal Changes 2005

ISSR_CHANGE_2005_INF - Important Notes for Migrating to Legal Changes 2005

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Use

With the entry into force of the new reporting circular on the investment of assets by insurance companies (R11/2005) and on how the premium reserve fund list is to be compiled and maintained (R12/2005), as well as the changed regulations of the German Asset Regulation (2004), the German Federal Financial Supervisory Authority (BaFin)has changed the reporting requirements for insurance companies.

To enable insurance companies to meet these requirements, the functions of the statutory reporting applications have been modified.

Important
After importing the support package and relevant SAP Notes, you have to make further adjustments and migrate to the new legal requirements so that the lists that are now valid can be generated correctly. For detailed information, see the Effects on Existing Data section.

Changes in the product categories according to the regulation concerning the investment of restricted assets of insurance companies

The regulation, as it stands in 2004, requests a reassignment of the asset types according to the catalog. To reassign the asset types, you can use the conversion report RISSR_ANLV2004. For more information, refer to the Effects on Existing Data section.

You carry out the required assignments in Customizing under Regulatory Reporting Settings for the Insurance Supervisory Authority (→) Settings for New Statutory Reporting Since 2003 → Regulatory Reporting Conversions → Germany → Conversion to Asset Regulation 2004. The assignments correspond to the conversions required.

Changes in Annexes and Statements

Annexes and PRF Lists

The following lists are obsolete, but the last version of these lists is still available in the system as a list or Smart Form:

  • Annex 2
  • Annex 3
  • Annex 6
  • Annex 8

The following annexes have been replaced with new annexes and are also available as forms suitable for submission. The annexes that are now obsolete are still available in the system as a list or Smart Form:

  • Annex 1 has been replaced by the Shareholdings annex.
  • Annex 4 has been replaced by the Fund annex.
  • Annex 9 has been replaced by the Affiliated Companies annex.
  • Annex 10 has been replaced by the Mix annex.
  • Annex 11 has been replaced by the Diversification annex.
  • DV-Z has been replaced by VV-Z.

The following annexes have been adjusted to meet the new specifications with regard to content and the new naming conventions:

  • Annex 14 is now the Structured Products annex.
  • Annex 15 is now the ABS/CLN annex.

Statements

  • The new statement 673 (Quarterly Report for Financial Innovations Within Capital Investments) has been added to the lists and is also available as a form suitable for submission.
  • The specifications for the content of statement 670 have been changed. The new version and obsolete version of the list are available.
  • The specifications for the content of statement 671 have been changed. The new version and obsolete version of the list are available.

For the conversion of identifiers, adjustment of the value tables for NW670 and NW671, and for the Mix and Fund annexes, you can use report RISSR_R30_2005. For more information, refer to the Effects on Existing Data section.

New Statutory Reporting Additional Classifications

The statutory reporting additional classifications for a capital investment (ISSR_SPEC_ASSET and ISS_SPEC_ASSETB) have been enhanced according to the new statutory regulations. To depict the assets according to the new legal regulations in R11/2005, you have to modify the assets with the new additional classifications and a key date that is after or on the validity date of the conversion (= date of master data migration to AnlV2004).

Caution: To be able to depict the assets with a key date before or after the conversion of the additional classifications separately from each other, there are now various transactions available:

  • You maintain assets whose key date lies before the migration in transactions ISSR_SPEC_ASSETO and ISSR_SPEC_ASSETBO (in the menu under Additional Classification for Capital Investment → Old Legislation).
  • You maintain assets whose key date lies after the migration in transactions ISSR_SPEC_ASSET and ISSR_SPEC_ASSETB (in the menu under Additional Classification for Capital Investment → New Legislation).
These transactions contain the statutory reporting additional classifications for the lists currently valid according to R11/2005. Use these transaction to create the assets with the new key date (after/on the validity date of the migration, that is, migration of master data according to AnlV2004). For more information, also refer to the application help in these transactions.

The necessary assignments and settings have been added to Customizing (under Variant-Dependent Settings → Statutory Reporting Additional Classifications).

R12/2005: Reassignment of the subsections to lists 3 and 10 as well as terminology changes (German terms: Deckungsstock -> Sicherungsvermögen (Deckungsstockverzeichenis -> Vernögensverzeichnis)

Circular R12/2005, which outlines how the premium reserve fund list is to be compiled and maintained, changes the requirements set out in Circular R31/2002 (VA). This results in terminology changes (German only), which have already been applied in the relevant forms and in the most important system areas (where relevant and possible).

The circular also outlines changes to the assignment of subsections for premium reserve fund lists 3 and 10.

Caution:
These changes must only be taken into account in reporting as of January 1, 2006. For 2005 (key date 31.12.2005), the position lists must still be submitted in accordance with Circular R31/2002. Do not carry out the required conversions for the premium reserve fund list until you have created the position lists for 2005 (see below).

To adjust the assignments and the texts in the value tables, you can use report RISSR_DV10UA_2005.

Effects on Existing Data

To adjust your data to meet the new statutory regulations, you need to carry out the following activities in the order specified:

1. Conversion of asset types

The conversion of the asset types according to AnlV 2004 is used as a basis for the validity date for migration to the new statutory regulations. Only once you have carried out this conversion can you convert the identifiers in the master data table and adjust the SR additional classification of ISSR_SPEC_ASSET.

To convert the asset types, you can use the conversion report RISSR_ANLV2004. The required assignment table can be found in Customizing for statutory reporting for the Insurance Supervisory Authority under Regulatory Reporting Conversions -> Germany -> Conversion to Asset Regulation 2004.

  1. Check the assignment tables for the conversion in the Customizing activity Reassign Asset Types.
  2. Make sure that all of the requirements specified in the report documentation have been met.
  3. Convert the asset types. To do this, start report RISSR_ANLV2004 (transaction ISSR_ANLV_2004).

2. Reassignment and enhancement of statutory reporting additional classification

If you have migrated the master data, you need to assign the new additional classifications to the existing capital investments to be able to correctly depict the assets in statutory reporting. To do this, use transactions ISSR_SPEC_ASSET and ISSR_SPEC_ASSETB and assign the assets a key date that is on or after the migration date (= date of master data migration to AnlV2004).

When doing so, pay particular attention to the assignments for the fund look-through principle (table TISSR_ANLART_DS). For more information, see the application help for these transactions.

Note:
The Fund Composition Based on Row Structure of Annex10 area has been removed from the dialog of the transactions specified since, after the migration, the relevant fund data is read from the entries in the composition by location, asset type, liquidity, and hedge fund area.

3. Conversion of identifiers and adjustment of value tables for statements NW670/NW671 and Mix and Fund annexes

To convert the identifiers for the statements and annexes, use report RISSR_R30_2005.

The required assignment tables can be found in Customizing for statutory reporting for the Insurance Supervisory Authority under Regulatory Reporting Conversions -> Germany -> Conversion to R11/2005.

  1. Check or maintain the assignment tables for the conversion in the Customizing activities in this area.
The activities to be carried out are listed in the documentation for the report and for the individual Customizing activities.
  1. Make sure that all of the requirements specified in the report documentation have been met.
  2. Convert the identifiers. To do this, start report RISSR_R30_2005 (transaction ISSR_R11_2005).

4. Reassignment of subsections for lists VV3 and VV10

To reassign the subsections of VV3 and VV10, use report RISSR_DV10UA_2005:

  1. Make sure that all of the requirements specified in the report documentation have been met.
  2. Start the report (transaction ISSR_SV10UA_2005).

Caution: Do not run this report until you have created and submitted the position lists for 2005 (key date December 31, 2005). According BaFin, the legal changes to the subsections of the premium reserve fund lists will apply only to statutory reporting for 2006 (key date January 1, 2006). In other words, the reassignment must apply after this date only.






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