BGH-compliant software for calculating cash surrender values for Life Insurances


For a German life insurance company, FSP GmbH has developed an application for the determination of Federal Supreme Court (BGH) compliant surrender values for the endowment life and pension life insurance portfolio and for fund based life insurance policies.

In recent years there have been several Supreme Court rulings in which the rules relating to premature termination cost and the reduction of zillmerized acquisition cost in case of premature termination or release from premium payments were declared illegal.

FSP´s actuaries created the mathematical requirements catalogue for the development of a Supreme Court compliant surrender values calculator software.
The application has been created by a team of FSP-developers, using the Java programming language. It determines, BGH compliant, the minimum surrender value of respective contracts, the cancellation fee and the amount of unamortized acquisition and administration costs.

In this specific case the inventory management system was COR.FJA Life Factory 3, of which policy data was read in order to perform the calculations.


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