Shock of the new
With risk-based solvency, accounting and further law changes on the horizon, the time is ripe for product innovation. Will the next generation of bank-inspired guaranteed products prove right for German policyholders? John Ferry reports
The best way to describe the German life market at the moment is fluid. At the start of 2005, a new German retirement earnings law - Alterseinkunftegesetz - was introduced, significantly reducing tax advantages for many life insurance products and shaking the market to its core.
Further law changes are on the horizon. German legislators are currently revising German insurance contract law, and as the proposal stands at the moment the rules will be changed to give customers a guarantee on hidden
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