Variable Annuities - Onshore VAs for German market

The German Ministry of Finance (BMF) is poised to reform the country's reserving laws so that it will be economically viable for insurers to sell variable annuities (VAs) from an onshore base, rather than forcing them to operate out of Ireland or Luxembourg.

Under the prevailing system insurers offering VAs must set their reserves based on the same regulations as traditional profit sharing business. The two-fold impact of this regulatory regime is that the reserves for the hedges backing the

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