Germany poised to ratify shake-up of insurance contract law



Controversial reform of Germany's insurance contract law, Versicherungsvertragsgesetz(VVG), is expected to be passed by the country's upper house this month - but in a concession to industry, hidden reserves will only be paid to policyholders if they exist at the end of the contract.

Under the German system of book value accounting, the hidden reserves are the difference between the book and market value of the policies. Currently, when a contract is terminated, the policyholder is supposed to

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