Sources#

Source ids [S#]/[R#] are carried verbatim from _research/indexpolice.md (the citation ground truth for this product) and are frozen — never renumber. No id is absent from this file, and the numbering has no gaps: all sixteen primary sources S1–S16 and all twenty-two product-level references R1–R22 are cited by product-spec.md, and thirteen of them again by technical-notes.md. That completeness was not evidential strength when it was written: under the drafting conditions below no document here had been opened, so nothing could be dropped for saying too little, and every entry was cited for what it would settle and for the fact that it did not. Most of them have since been opened, and each entry’s Retrieved line says which. Where a sibling library’s sources.md records omitted ids, this one records absences of a different kind, in that same place. Sources were assembled on 2026-08-29 and retrieved on 2026-08-30; each Retrieved line records the edition, page count or statutory Stand of what was read. No source id was added or renumbered at either date. Cross-product [REG-R#] tags are listed in their own section at the end.

Retrieval conditions — read before any entry below. They have two halves, a drafting half and a verification half, and both belong in the record.

How this file was drafted. Two independent limits applied, and both bound this product hardest. (1) Direct HTTP egress was blocked by an organisation default-deny network policy: WebFetch and curl were refused with HTTP 403 at the egress gateway for every host outside a short package-registry allowlist. gesetze-im-internet.de, bafin.de, gdv.de, aktuar.de, bundesfinanzministerium.de, dejure.org, buzer.de, destatis.de, eur-lex.europa.eu and de.wikipedia.org were all tried and all refused, so not one document cited in this file had been opened — no Bedingungswerk, no Produktinformationsblatt, no Basisinformationsblatt, no statutory text, no BaFin Merkblatt, no index rulebook. (2) The session’s WebSearch budget — 200 calls, shared across the library — was exhausted before this product was researched, during the regulatory and contract-law work and during delib products 1 and 2. Every search attempted here returned the budget-exhausted message, so the first draft had no research channel at all: it rested on the authoring model’s own knowledge of German insurance law and actuarial practice, disciplined by std tags on constructed levels and [unverified] tags on uncorroborated claims. That is how this product’s documents were written, and it is part of their provenance.

How it was verified. That policy has since been lifted and the citations re-verified against the primary documents. Across delib, all fifteen German instruments the library cites were read as canonical XML from gesetze-im-internet.de, each law’s amendment Stand recorded; 950 statutory section references were checked and 950 were correct; and insurer AVB, Verbraucherinformationen and Produktinformationsblätter were retrieved as PDFs and read. Across the library, 501 of 805 source entries — 62 % — now read Retrieved: yes, and the rest name what stopped them: an HTTP 404 at the cited URL, a consent or JavaScript wall, a paywall, or a subscription login.

In this file, 32 of the 38 entries below read Retrieved: yes, one — R10, the PRIIPs delegated regulation — reads partly, its landing pages read but the Anhang II categorisation only at second hand, and five read no. The five are not one failure repeated. [S3] is a document class that does not exist for a Schicht 3 Indexpolice, and the retrieved VVG-InfoV § 4 Abs. 3 is what says so; [S5] is the annual parameter notice, which insurers send to policyholders and do not publish; [S13] (Finanztest) is behind the publisher’s paywall; [S15] (Verivox, Check24) is bot-blocked; and R21 (the rating houses) publishes behind its own tools and paid reports. Two of the five are therefore unpublishable rather than merely unreached, and each of the five is kept at its frozen number as the record of what could not be had.

What follows from that, stated plainly. A Retrieved: yes line means the document was opened and the passage the entry rests on was read — with its edition, page count or statutory Stand recorded beside it, and where the entry quotes, the quotation is exact. Any other Retrieved line means the entry is still a pointer, not a certificate: it names the instrument a claim should be checked against and does not assert that anyone checked it. Every entry says which of the two it is, so read the line before relying on the claim. The re-verification changed things. It closed this file’s central gap — two carrier AVB read in full [S2] [S7], with a third carrier’s published parameters beside them [S8]; it corrected a death-benefit claim that had been attributed to the wrong carrier series [S9]; and it settled the base of the participation and the mid-year exit treatment, which stop being standardizations in model.md. It did not verify everything. The cap-level band, the entry-age bands, the minimum premiums and the house indices’ volatility targets and index-level fees remain unestablished; uncertain numbers are still std parameters rather than citations, indexpolice carrying a higher proportion of them than any other delib product; and model.md’s standardization table lists every one, with what the retrieved evidence does to it.

Primary product sources#

S1 — GDV, Musterbedingungen for the Rentenversicherung mit aufgeschobener Rentenzahlung#

Publisher / doc type: Gesamtverband der Deutschen Versicherungswirtschaft e. V. (GDV); Musterbedingungen — model AVB published by the industry association for members to adopt, adapt or ignore. Not binding, not a regulation
URL: https://www.gdv.de/resource/blob/6294/61b4fedd6f69db77539816e3421c7eeb/allgemeine-bedingungen-fuer-die-rentenversicherung-mit-aufgeschobener-rentenzahlung-data.pdf, reached from the Musterbedingungen index at https://www.gdv.de/gdv/service/musterbedingungen
Retrieved: yes (PDF, 20 pp., Stand 21.07.2025, read 2026-08-30; the Musterbedingungen index page read the same day)
Used for: the clause skeleton every German deferred annuity shares and the Indexpolice inherits unchanged, now read rather than recalled — § 1 Welche Leistungen erbringen wir? (the Erlebensfall obligation at Rentenzahlungsbeginn, the Kapitalabfindung option, the Todesfallleistung in the Aufschubzeit), § 2 Überschussbeteiligung, § 5 Selbsttötung, § 11 premium default, § 12 Kündigung and Rückkaufswert, § 13 Beitragsfreistellung, § 14 cost offsetting. The non-binding character is stated on the first page: “Diese Bedingungen sind für die Versicherer unverbindlich; ihre Verwendung ist rein fakultativ. Abweichende Bedingungen können vereinbart werden.” And — the finding that matters most, now confirmed by reading the index rather than inferred — the GDV’s life catalogue runs to eleven Musterbedingungen (kapitalbildende LV, aufgeschobene / sofort beginnende / fondsgebundene Rentenversicherung, the two AltZertG variants, Basisrente, Risiko- and Restkredit-LV, the three Zusatzversicherungen) and nine Muster-Standmitteilungen, and not one of them is an index-participation module. That is why product-spec.md labels its Indexbeteiligung clause set a composite attributed to no carrier — and why the two carrier wordings now retrieved at [S2] and [S7] differ from each other as much as they do

S2 — Allianz Lebensversicherungs-AG, AVB / Bedingungswerk for Allianz IndexSelect#

Publisher / doc type: Allianz Lebensversicherungs-AG, Stuttgart; AVB / Bedingungswerk, Teil A Baustein Altersvorsorge — Zukunftsrente IndexSelect (Plus) E25, document number E---A0025Z0 (014) 12/2025
URL: https://goa-eportale.allianz.de/dlc_app/Intranet/dlc?nr=E----0025Z0&m=d, linked as “Versicherungsbedingungen (PDF)” from https://www.allianz.de/vorsorge/vorsorgekonzept/indexselect/
Retrieved: yes (PDF, 42 pp., edition E---A0025Z0 (014) 12/2025, read 2026-08-30). This entry closes the central gap. The product name is Allianz Zukunftsrente IndexSelect (Plus) — the marketing name Vorsorgekonzept IndexSelect — and is no longer [unverified]
Used for: the Indexbeteiligung clause set, read at Teil A Ziffer 3 (Indexpartizipation und sichere Verzinsung). Every point product-spec.md’s first numbered caveat listed as unsettled is settled here for this carrier. The payoff, Ziffer 3.3 Absatz 2 a): “Sie bestimmt sich dadurch, dass die negativen monatlichen Wertentwicklungen und die mit dem jeweiligen →Cap … gedeckelten positiven, monatlichen Wertentwicklungen am Ende eines →Indexjahres aufsummiert werden. … Ergibt sich nach der Aufsummierung eine negative jährliche Summe, setzen wir diese auf null.” — that is x = min(r, C), summed and not compounded, floored once at the year, with no floor on the month. The base, Ziffer 3.3 Absatz 2 e): “Bezugsgröße für die →Indexpartizipation ist der →Policenwert zu Beginn des →Indexjahres”, excluding that year’s premiums and Zuzahlungen. The Wahlrecht, Ziffer 3.1: the insurer notifies the Caps, the Partizipationssatz, the surplus and the Bewertungsreserven Sockelbetrag at least 3 weeks before the Indexstichtag; the policyholder’s election, in 25-percent steps across indices and the sichere Verzinsung, must arrive at latest 7 days before it. The Cap-Festlegung, Ziffer 3.3 Absatz 2 b): set annually “auf der Grundlage von Angeboten mehrerer Finanzinstitute”, depending on the surplus, the Sockelbetrag and market factors “wie der Volatilität und der Dividendenrendite des jeweiligen Index” — no Mindest-Cap clause exists. The exclusion, Ziffer 3.5: index participation is excluded when the Policenwert at the Indexstichtag does not exceed the Deckungsrückstellung required for the guarantee. The Ersatzindex clause, Ziffer 3.7 — replacement on material change, with no Treuhänder. See R4

S3 — Allianz Lebensversicherungs-AG, Produktinformationsblatt / IPID for Allianz IndexSelect#

Publisher / doc type: as originally described — Produktinformationsblatt, in the market also labelled with the IDD term IPID. That description is wrong for this product class, and the retrieved regulation says so. VVG-InfoV § 4 creates an Informationsblatt zu Versicherungsprodukten (the IPID of Durchführungsverordnung (EU) 2017/1469), and § 4 Abs. 3 excludes it: “Diese Regelung gilt nicht für Versicherungsanlageprodukte im Sinne der Verordnung (EU) Nr. 1286/2014” (canonical XML, Stand: zuletzt geändert durch Art. 13 G v. 26.5.2026). An Indexpolice is a Versicherungsanlageprodukt, so no IPID is issued for it; the Basisinformationsblatt [S4] takes its place, and the VVG-InfoV § 2 catalogue reaches the customer as the contract-specific document Allianz’s AVB calls “Versicherungsinformationen” [S2], which is not published. A standardised, published Produktinformationsblatt exists only under the AltZertG, for Schicht 1 and Schicht 2 — that is [S11], and it was retrieved
URL: not established, and no such document exists to establish — see above
Retrieved: no — the document class does not exist for a Schicht 3 Indexpolice. The entry is kept at its frozen number as the record of a mis-specified source
Used for: the commercial envelope, which is no longer entirely unestablished. The retrieved [S4] carries Allianz’s own model case (37-year-old, 30 annual payments of 1.000 EUR, 30-year Aufschubdauer, Aufschubdauern of 12/20/30/40 years published) and its Garantieniveau menu (90 % for IndexSelect, 80 % for IndexSelect Plus); the retrieved [S11] carries a full envelope for a competitor including a guaranteed Rentenfaktor. What is still not established for Allianz is the entry-age band, the minimum and maximum Beitrag and the guaranteed Rentenfaktor, none of which appears in a published document. product-spec.md cites this entry at its second numbered caveat for that residue, and for the fact that the anchor cell’s 200,00 € a month and its 40 → 67 term remain std choices

S4 — Allianz Lebensversicherungs-AG, Basisinformationsblatt (PRIIP-KID) for Allianz IndexSelect#

Publisher / doc type: Allianz Lebensversicherungs-AG; Basisinformationsblatt under Regulation (EU) No 1286/2014 R10 — risk indicator, four performance scenarios, and the cost table with the Reduktion der Wertentwicklung
URL: https://goa-eportale.allianz.de/dlc_app/Intranet/dlc?nr=JLRIP9030Z0&m=d (Zukunftsrente IndexSelect, 30 years), with …JLRIP9020Z0… (20 years) and …JLRIU8030Z0… (IndexSelect Plus) beside it, indexed at https://www.allianz.de/service/dokumente/basisinformation-bib-zukunftsvorsorge/
Retrieved: yes (PDF, edition Datum der Erstellung des Basisinformationsblatts: 01.11.2025, read 2026-08-30; three editions compared)
Used for: the numbers this file previously recorded as unreachable. Product line “Allianz Zukunftsrente IndexSelect (mind. 90 % Garantie)”; risk indicator 1 of 7 at 30 years, 2 at 20 years, 2 for IndexSelect Plus (80 % Garantie). Model case 30 × 1.000 EUR from age 37. Performance scenarios at 30 years: stress and pessimistic 27.830 / 31.730 EUR (−0,5 % / +0,4 % p.a.), moderate 42.160 EUR (+2,1 %), optimistic 66.880 EUR (+4,8 %); death 42.160 EUR. Costs: Einstiegskosten “2,5% der kumulierten Anlagen” plus 1,5 % of the annual payment from year 6; Verwaltungsgebühren 3,5 % of the payment a year plus 1,0 % of the value a year; Transaktionskosten 0,1 %; total 1,6 % a year at 30 years (2,6 % at 15, 32,4 % at 1), turning 3,7 % before costs into 2,1 % after. It also states that surrender pays “den … Rückkaufswert abzüglich eines Stornoabzugs”. The Abschlusskosten charge delib ships as std at 2,5 % of the Beitragssumme is therefore the carrier’s own number; β and γ remain std but now have a published comparator, and model.md records the comparison rather than the absence

S5 — Allianz Lebensversicherungs-AG, annual notification of the Indexbeteiligung parameters for the coming Indexjahr#

Publisher / doc type: Allianz Lebensversicherungs-AG; annual policyholder letter or customer-portal notice announcing, before each Indexjahr begins, the Cap (or the Partizipationsquote) that will apply, and inviting the Wahlrecht election
Retrieved: no instance — the notice is sent to policyholders and is not published, so none could be reached on 2026-08-30. But its contents and timing are now settled from the AVB that mandates it [S2], and cap and quota levels turned out to be reachable by two other routes, so the entry no longer stands for a total absence
URL: not established (no published instance)
Used for: the mechanic — the Cap is fixed by the insurer for one Indexjahr at a time, before it begins, and is then binding for its whole length. [S2] Ziffer 3.1 prescribes the notice, its content (indices, Caps, Partizipationssatz, the year’s surplus net of Verwaltungskosten, the Bewertungsreserven Sockelbetrag) and its deadline (at latest 3 weeks before the Indexstichtag), so the specification’s Indexjahr row and technical-notes.md’s payoff row now rest on a retrieved clause rather than on this unreached document. And for the levels, which are no longer wholly unestablished: Allianz’s own worked illustration runs at a Cap of 3,2 % with a Partizipationssatz of 75,00 %, expressly “exemplarisch gewählt” (see [S16] for the 3,3 % figure recorded in the 2018 litigation), and Stuttgarter publishes its current quota — 70 %, or 120 % / 172 % with the Index-Turbo options, for all Indexstichtage from 1.2.2026 to 31.1.2027 [S8]. delib’s 3,00 % monthly Cap stays std and is now bracketed by a carrier’s own illustration rather than by recollection

S6 — Allianz Lebensversicherungs-AG, Allianz Perspektive documents (the Neue Klassik comparator)#

Publisher / doc type: Allianz Lebensversicherungs-AG; Basisinformationsblatt for Allianz Zukunftsrente Perspektive, a Neue Klassik deferred annuity without index participation. Its AVB was not separately retrieved
URL: https://goa-eportale.allianz.de/JLR/SK1/JLRSK1-30Z0.pdf.download.pdf (30 years), indexed with the 12/20/40-year editions at https://www.allianz.de/service/dokumente/basisinformation-bib-zukunftsvorsorge/
Retrieved: yes (PDF, 3 pp., Datum der Erstellung des Basisinformationsblatts: 01.11.2025, read 2026-08-30). The product name Allianz Zukunftsrente Perspektive is confirmed and is no longer [unverified]
Used for: the Neue Klassik guarantee architecture the whole product rests on — a guarantee falling due at Rentenbeginn rather than accruing as an annual guaranteed rate on the reserve, which is what permits the riskier asset mix that generates the surplus that becomes the option budget. The retrieved KID states the guarantee in exactly that form — “Sie haben Anspruch darauf, mindestens 90 % Ihres Kapitals zurückzuerhalten … Dieser Schutz vor künftigen Marktentwicklungen gilt jedoch nicht, wenn Sie vor dem vereinbarten Rentenbeginn einlösen” — which is technical-notes.md’s pitfall 11 stated by the carrier. It also makes the comparator quantitative and the comparison is closer than the marketing of either product suggests: on the same model case and the same cost structure (Einstiegskosten 2,5 % of cumulative payments), Perspektive’s moderate scenario is 40.900 EUR (1,9 % a year) against IndexSelect’s 42.160 EUR (2,1 %) [S4], and both sit in risk class 1. The specification’s design-type row and its account of why guarantee levels fell below 100 % rest on this entry

S7 — R+V Lebensversicherung AG, AVB and product documents for R+V-IndexInvest#

Publisher / doc type: R+V Lebensversicherung AG, Wiesbaden; Allgemeine Versicherungsbedingungen für die R+V-IndexInvest-Rentenversicherung (IL55), Stand 01.07.2025, at pages 61–81 of the 603-page Bedingungsheft PLG0426. The Basisinformationsblatt sits behind a tariff selector at ruv-bib.de and was not retrieved
URL: https://www.ruv.de/dam/jcr:038d2022-558e-46d7-b161-e37647ff9a2d/PLG0426.2026-04-30-12-59-13.pdf, linked from https://www.ruv.de/altersvorsorge/private-rentenversicherung/privat-rente-indexinvest
Retrieved: yes (PDF, tariff IL55 read in full, Stand 01.07.2025, read 2026-08-30). The carrier product name R+V-PrivatRente IndexInvest is confirmed and is no longer [unverified]
Used for: the second carrier wording, and therefore the first evidence in this file that the market varies rather than converges. R+V’s design is not Allianz’s. § 3 Ziffer 2: “Die Höhe der Indexpartizipation eines Versicherungsjahres wird bestimmt, indem die Bezugsgröße für die Indexpartizipation mit der jährlichen Wertentwicklung des Index und mit der jährlich festgelegten Beteiligungsquote multipliziert wird” — a participation quota on the point-to-point year return (§ 3 Ziffer 3: “die prozentuale Veränderung des Index innerhalb eines Versicherungsjahres”, Bewertungsstichtag the last Frankfurt trading day of the Versicherungsjahr), with no monthly cap anywhere in the tariff. The underlying is a house index, the Solactive Multi Anlage Stabil Index (SOMAS), built for R+V by Solactive. The Wahlrecht runs to 7 days before the Versicherungsjahrestag, index participation is the default, and the Turbo stakes 2 % of the Policenwert. It is the retrieved counterpart to delib’s payoff_form = "quote" exactly as [S2] is to payoff_form = "cap", and it is what lets product-spec.md’s variations table be filled in. See R1, R2, R3, R8 and R9 for the clauses of this AVB that carry them. Superseded use: this entry previously carried the reason no statement of the form “the market does X” appeared anywhere in this product’s documents — a second carrier wording being the minimum before such a statement can be made. Two are now in hand, and the specification’s first numbered caveat is narrowed accordingly rather than carried jointly with [S2] and [S8]

S8 — Stuttgarter Lebensversicherung a. G., AVB and product documents for Stuttgarter index-safe#

Publisher / doc type: Stuttgarter Lebensversicherung a. G.; two published documents were reached — the Produkt-Steckbrief index-safe (12.3.001 – Stand 1/2025, a Werbemitteilung by its own legal notice) and the Stuttgarter Index service page carrying the current Partizipationsquote. The AVB is not published: the Downloadcenter directory refuses listing (HTTP 403) and no Bedingungen PDF is linked from either the customer or the intermediary site. The carrier’s AltZertG Produktinformationsblatt is [S11]
URL: https://daten.vermittler-stuttgarter.de/Downloadcenter/Stuttgarter/01_Leben/16_Tarifuebergreifend/02_indexsafe/12_3_001_PS_index-safe.pdf and https://www.stuttgarter.de/service/index
Retrieved: yes, for those two (PDF, 1 p., Stand 1/2025; and the service page, Stand 04. August 2026, both read 2026-08-30). No for the AVB — see above. The carrier product name Stuttgarter index-safe is confirmed and is no longer [unverified]
Used for: the house-index observation, now named, and the only current, carrier-published participation level in this file. The underlyings are the Stuttgarter M-A-X Multi-Asset Index and the Stuttgarter Grüne Zukunft Index, both built for the tariff; the Steckbrief describes the M-A-X as investing “in mehreren Anlageklassen, um eine kontinuierliche Wertentwicklung zu erzielen”. The service page publishes, for all Indexstichtage from 1.2.2026 to 31.1.2027: Partizipationsquote 70 %, with Index-Turbo 120 % and Index-Turbo Plus 172 %, and a sichere Verzinsung of 2,16 % — the first published number in this file directly comparable to delib’s surplus_rate std of 2,50 %. The design is a quota on the year, like [S7] and unlike [S2]. No volatility target and no index-level fee is published for the M-A-X, and none is asserted; that half of the gap stands. The shipped houseidx_vol5 path with its 6,00 % Cap and 100 % Partizipationsquote remains std, and its quota now sits above a published 70 %

S9 — Zurich Deutscher Herold Lebensversicherung AG, Verbraucherinformation series for konventionelle Rentenversicherungen#

Publisher / doc type: Zurich Deutscher Herold Lebensversicherung AG; Verbraucherinformation für Konventionelle Versicherungen — Aufgeschobene Rentenversicherung – Private Vorsorge (Schicht 3) und Rückdeckungsversicherung (Schicht 2), in der Fassung 01 / 2026, document 521331262 2601
URL: https://www.zurich.de/-/media-assets/project/zurich-headless/germany/br/documents/verbraucherinformationen/32020_aufgeschobene-rentenversicherung_verbraucherinformationen_2026_01.pdf
Retrieved: yes (PDF, 66 pp., Fassung 01/2026, read 2026-08-30)
Used for: the inherited chassis, and one correction. The document confirms the Aufschubzeit / Rentenzahlungszeit structure and the Überschussbeteiligung machinery product 2 takes from this series, and it settles the open question: the 2026 edition contains no index variant — the string “Index” does not occur in it once. It contradicts the claim this entry was cited for. § 1 Abs. 2 reads: “Ist keine der folgenden Erweiterungsmöglichkeiten des Versicherungsgrundschutzes eingeschlossen, so erlischt im Falle des Todes der versicherten Person die Versicherung, ohne dass eine Leistung fällig wird.” The default deferred-phase death benefit on this chassis is therefore nothing, and where cover is agreed the standard form is Beitragsrückgewähr — a return of premiums paid, not of the accumulated capital (§ 1 Abs. 3). delib’s “return of the accumulated capital” is the shape of [S7] § 1 Ziffer 5 (Policenwert, at least 90 % of premiums) and of [S4]’s death scenario, not of this series, and product-spec.md and technical-notes.md are corrected to cite it accordingly. The consequences drawn from it — a small Risikoüberschuss, light underwriting, § 161 VVG close to inoperative — survive on the [S7] wording; the citation does not

S10 — GDV Muster-Standmitteilung for a Rentenversicherung, and carriers’ own Standmitteilungen#

Publisher / doc type: GDV Muster-Standmitteilung “Rentenversicherung (klassisch 1)”, version 22 March 2018 (model); individual carriers’ actual statements
URL: https://www.gdv.de/resource/blob/6306/999e4633ea996ddc885f1153ca6312fa/6v1-gdv-muster-standmitteilung-private-rentenversicherung-klassik1-02-2017-data.pdf
Retrieved: yes for the GDV model (PDF, 9 pp., version 22 March 2018, read 2026-08-30); no for any carrier instance — a Standmitteilung is sent to policyholders and none is published
Used for: the document class in which an Indexjahr result reaches the policyholder. The retrieved model settles what the standardised layout does not contain: it reports Garantiertes Kapital opening and closing, premiums, Erträge, Abschluss-/Vertriebskosten and Verwaltungskosten for the year, then Schlussüberschuss, the Bewertungsreserven share and Gesamtkapital, and a three-column Überschussbeteiligung sensitivity — and it carries no cap row, no Indexrendite row and no locked-in-credit row. The GDV publishes nine Muster-Standmitteilungen and none of them is an index variant [S1], so no standardised reporting format for an Indexjahr exists at all. The absence this entry recorded is now partly filled from elsewhere: [S2]’s own worked Indexjahr table publishes twelve monthly index movements, the capped series and the resulting participation for 2020/2021 and 2021/2022, which is the evidence a Standmitteilung would have supplied. The model’s constructed Indexjahre at t = 9 and t = 10 stay std, but they are no longer the only worked examples in the file

S11 — AltZertG Produktinformationsblatt with the Chancen-Risiko-Klasse, for a Basisrente or Riester index variant#

Publisher / doc type: Stuttgarter Lebensversicherung a. G. as certifying carrier, with the class assignment by the Produktinformationsstelle Altersvorsorge gGmbH; Muster-Produktinformationsblatt BasisRente index-safe (Tarif 69 mit Turbo Plus, 30-year term), Stand 01.01.2026, form V69-202606, Zertifizierungsnummer 006604 R12 REG-R43
URL: https://nextcloud.stuttgarter.de/s/iAR6cfRLwJBSGse/download?path=%2F01_Leben%2F18_Muster_PIB%2F01_BasisRente%2F01_indexsafe&files=Muster_Produktinformationsblatt_Basisrente_index_safe_69_mitTurboPlus_LZ30.pdf, indexed at https://www.stuttgarter.de/muster-produktinformationsblaetter
Retrieved: yes (PDF, 2 pp., Stand 01.01.2026, read 2026-08-30)
Used for: the standardised disclosure this entry recorded as unobtained — for an index variant, and it settles both things it was cited for. The Chancen-Risiko-Klasse is 4 (“renditeorientierte Anlage mit höheren Ertragschancen”), assigned by the PIA over a 30-year Ansparphase. The Effektivkosten are 1,80 Prozentpunkte, turning an illustrative 5,00 % into an Effektivrendite of 3,20 %. The full commercial envelope for the Musterkunde is published: 100,00 EUR a month for 30 years from age 37 to 67, 36.000 EUR paid in, Garantiertes Kapital für Verrentung 30.600,00 EUR (85 %), garantierte monatliche Altersleistung 92,57 EUR and a guaranteed Rentenfaktor of 25,74 EUR per 10.000 EUR — against delib’s std 25,00. The itemised charges are Abschluss- und Vertriebskosten 2,50 % der vereinbarten Beiträge (900,00 EUR), Verwaltungskosten 9,00 % of premiums plus 0,04 % of the accumulated capital monthly, and 1,50 % of each payment in the Auszahlungsphase. On the base of the participation it says: “Es werden 100 % der laufenden Überschüsse für die Indexbeteiligung verwendet. Sie können jährlich festlegen, ob Sie dies beibehalten wollen …” — the budget, not the base

S12 — Finanztip, guidance pages on Indexpolicen#

Publisher / doc type: Finanztip Verbraucherinformation gGmbH — secondary, not a product document; press release “Indexpolicen lohnen sich nicht”, Berlin, 21 October 2016. Finanztip’s current guidance pages on Indexpolicen return HTTP 404, so this is the reachable Finanztip statement, and it is ten years old
URL: https://www.finanztip.de/presse/pm-finanztip-indexpolicen/
Retrieved: yes (HTML, dated 21 October 2016, read 2026-08-30)
Used for: the standing consumer critique, now quoted rather than characterised — that returns “von mehr als 4 Prozent sind aber nur schwer zu erreichen”, with “nach Abzug aller Kosten Werte von 0,5 bis 2,5 Prozent” more likely, and that “Verbraucher können oft nicht wirklich nachvollziehen, was sie da eigentlich kaufen”. It also independently confirms the two payoff designs delib ships: “Bei manchen Optionen sind die Gewinnmöglichkeiten durch einen sogenannten Cap gedeckelt. Bei anderen Optionen wird ein festgelegter Prozentsatz ausgeschüttet – die sogenannte Quote.” And it supplies a segment-size datum R19 says does not exist in the GDV statistics: 400.000 Allianz contracts as at October 2016 (over 500.000 by 2019, per Allianz’s own release [S16]). product-spec.md still reproduces the criticisms as positions with their strength assessed, not as findings; the 0,5–2,5 % figure is a 2016 estimate by a consumer body and is not used as a model input

S13 — Stiftung Warentest / Finanztest, comparative tests of Indexpolicen#

Publisher / doc type: Stiftung Warentest — secondary; comparative product test with scoring and a cost analysis
URL: not established. test.de/Indexpolicen-im-Test/ returns HTTP 404 and the Finanztest tests of this class are behind the paywall; the only reachable accounts are trade-press reports of them [S16]
Retrieved: no — paywalled at the publisher, and no landing page for the test was located on 2026-08-30. The entry is kept as a known reference
Used for: the same disclosure as [S12]. A comparative test of this class would supply cap levels, cost quotas and modelled outcomes for a named panel of carriers in a named year — precisely the evidence the specification’s cap and charge gaps record as missing, and the one class of document this pass could not reach. Nothing is cited from it, including the average-return figures the trade press attributes to it

S14 — Verbraucherzentrale Bundesverband e. V. and the Länder consumer centres, pages on Indexpolicen#

Publisher / doc type: Verbraucherzentrale Hamburg — secondary; press release of 4 April 2018, “Gericht stoppt Etikettenschwindel bei Allianz Index Select Rente”. The vzbv and other Länder centres’ pages on Indexpolicen were not located
URL: https://www.vzhh.de/presse/gericht-stoppt-etikettenschwindel-bei-allianz-index-select-rente
Retrieved: yes (HTML, dated 4 April 2018, read 2026-08-30)
Used for: the sector’s standing criticisms, now attributable to a named body in its own words, and to litigation that was actually brought. The vzhh sued Allianz under the UWG over the IndexSelect web advertising and won at first instance — LG München I, Urteil vom 23. März 2018, Az. 37 O 12326/17, recorded in the release as nicht rechtskräftig — the court holding that “Beteiligung an der Wertentwicklung des EUROSTOXX 50” and “Indexpartizipation” create the impression of an investment tracking the index while “eine Korrelation des Renditeversprechens (…) mit der Wertentwicklung des Aktienindexes nur sehr eingeschränkt besteht”. The release states delib’s own central characterisation from the other side: the participation runs “nicht über die eingezahlten Beiträge, sondern ausschließlich über die … jährlich zu ermittelnde Überschussbeteiligung”. It also states the monthly-measurement point precisely — the annual outcome can fall short of the index “selbst dann …, wenn der Cap in der Jahresbetrachtung gar nicht überschritten wird”, which is delib’s Example B argued by a consumer body. The judgment did not stand: the OLG München dismissed the claim on 4 April 2019 with no Revision admitted [S16]. product-spec.md records the criticisms as positions and the litigation with its outcome, not as a finding against the product

S15 — Comparison portals: Verivox, Check24#

Publisher / doc type: Verivox GmbH and CHECK24 Vergleichsportal GmbH — secondary; product-comparison and explainer pages
URL: not established. verivox.de/altersvorsorge/themen/indexpolice/ answers HTTP 403 to a plain request, and no Check24 page on this product class was located on 2026-08-30
Retrieved: no — bot-blocked at the publisher. The entry is kept as a known reference
Used for: the usual fallback for the commercial envelope — minimum premium, entry ages, term bands — when carrier disclosures are unreachable. The fallback was not needed in the end: [S11] supplies a complete published envelope for one carrier and [S4] the model case and term menu for another, so the specification’s envelope gap is now a gap about Allianz’s entry-age and premium bands rather than about the product class. The thirteen shipped model points remain std construction, and the anchor cell is not taken from any of these sources

S16 — German insurance trade press: procontra, Versicherungsbote, Versicherungsjournal, Cash.Online, Versicherungswirtschaft, Handelsblatt#

Publisher / doc type: various — secondary; trade and financial press reporting. What was reached on 2026-08-30 is not the trade press but the carrier’s own press release answering it: Allianz Deutschland AG, “OLG weist Klage zu Allianz IndexSelect ab”, 9 May 2019. versicherungsbote.de answers HTTP 403 (bot wall) to every article on this product, and procontra and Cash.Online carry nothing on index tariffs in the swept set
URL: https://www.allianz.de/presse/mitteilungen/olg-weist-klage-zu-allianz-indexselect-ab/
Retrieved: yes for the Allianz release (HTML, dated 9 May 2019, read 2026-08-30); no for Versicherungsbote, procontra, Versicherungsjournal, Cash.Online, Versicherungswirtschaft and Handelsblatt, which stay known references
Used for: the outcome of the [S14] litigation, from the winning party: “Das Oberlandesgericht (OLG) München hat bereits am 4. April [2019] eine Klage der Verbraucherzentrale Hamburg gegen die Allianz Deutschland wegen der Internet-Werbung für das Vorsorgekonzept IndexSelect abgewiesen. Eine Revision wurde nicht zugelassen.” It also dates the product — “seit über elf Jahren”, so a 2007/2008 launch — and puts the in-force count at “über 500.000 Kunden”. This is the only route by which a segment-size figure reaches this file at all R19. The record of where cap changes and index switches are reported stands as a gap: no trade-press account of one was retrieved, and every cap figure in this file comes from a carrier document [S2] [S5] [S8]

Regulatory and actuarial references (product research numbering)#

Where a URL appears below it is the address on gesetze-im-internet.de, and it is the human-facing link, not the evidence. The per-section pages …/<law>/__NNN.html answer HTTP 200 with a frameset of four to seven kilobytes carrying no statutory text at all, so a 200 on one of them is not retrieval and none is recorded as such. The statutory text below was read from the canonical XML each law publishes at …/<law>/xml.zip, which carries the law’s Stand; every entry records the Stand it was read at. Where an entry still says [unverified], it now says why.

R1 — VVG § 153, Überschussbeteiligung#

Publisher / doc type: Bundesministerium der Justiz / juris (Gesetze im Internet); federal statute
URL: https://www.gesetze-im-internet.de/vvg_2008/__153.html (human-facing link; the section page is a 4,9 kB frameset with no text)
Retrieved: yes (canonical XML, Stand: zuletzt geändert durch Art. 12 G v. 26.5.2026 I Nr. 156, read 2026-08-30)
Used for: the statutory hinge of this product, and the most load-bearing citation in its documents. Abs. 1 gives the entitlement to a share of the Überschuss and the Bewertungsreserven unless excluded in whole by express agreement; Abs. 2 requires a verursachungsorientiertes Verfahren, “andere vergleichbare angemessene Verteilungsgrundsätze können vereinbart werden”; Abs. 3 has the Bewertungsreserven determined annually, half of the amount assigned at the end of the contract, subject to the supervisory proviso. One correction the text forces: Abs. 4 reads “Bei Rentenversicherungen ist die Beendigung der Ansparphase der nach Absatz 3 Satz 2 maßgebliche Zeitpunkt” — for this product the half-share falls due at Rentenbeginn, not at termination, and the documents now say so. From it product-spec.md takes the legal characterisation — the index participation is a form of Überschussverwendung with no independent statutory footing — which the two retrieved AVB state as their own financing rule ([S2] Ziffer 3.3, [S7] § 3 Ziffer 9), each naming the annual Überschussanteile and the Bewertungsreserven share as what buys the option. That the budget may be zero is likewise in both: “Im ungünstigsten Fall kann die Überschussbeteiligung Ihres Vertrags der Höhe nach null sein” [S2] Ziffer 2.1; “Diese können auch Null sein” [S7] § 13 Ziffer 1

R2 — VVG § 169, Rückkaufswert#

Publisher / doc type: Gesetze im Internet; federal statute
URL: https://www.gesetze-im-internet.de/vvg_2008/__169.html (human-facing link; the section page is a 7,0 kB frameset with no text)
Retrieved: yes (canonical XML, Stand: zuletzt geändert durch Art. 12 G v. 26.5.2026 I Nr. 156, read 2026-08-30)
Used for: the surrender machinery and three separate model facts, all now read. Abs. 3: the Rückkaufswert is the Deckungskapital computed on recognised actuarial principles with the premium-calculation bases, “bei einer Kündigung des Versicherungsverhältnisses jedoch mindestens der Betrag des Deckungskapitals, das sich bei gleichmäßiger Verteilung der angesetzten Abschluss- und Vertriebskosten auf die ersten fünf Vertragsjahre ergibt” — which is min_surr_pp(t) and the shadow account behind it, and which [S2] Ziffer 9.2 reproduces with the addition “höchstens jedoch auf die Beitragszahlungsdauer”. Abs. 4 puts the Zeitwert rule on fondsgebundene contracts and those with benefits of the § 124 Abs. 2 Satz 2 VAG kind, not on this one — so the general-account reading is a consequence of Abs. 3 applying and Abs. 4 not, which is half of the not-unit-linked argument R15, and [S7] § 11 Ziffer 2 says exactly that (“Der Rückkaufswert ist der zum Kündigungszeitpunkt berechnete Policenwert”, “nach § 169 Absatz 3 VVG”). Abs. 5: “Der Versicherer ist zu einem Abzug … nur berechtigt, wenn er vereinbart, beziffert und angemessen ist” — which is why surr_charge_on is a model-point column, and both retrieved AVB put the amount in a separate contract document rather than in the AVB. Two readings previously std are now settled by clause. Abs. 7 requires already-allocated Überschussanteile to be paid on top, so locked-in credits are inside the surrender value as a matter of statute; and the running Indexjahr is not, because both AVB credit the participation only “zu Beginn des folgenden Indexjahres” ([S2] Ziffer 3.3, [S7] § 3 Ziffer 5) and neither refunds the unspent option budget — [S2] Ziffer 9.2 Absatz 4 adds only a pro-rata Schlussüberschussanteil and Sockelbetrag

R3 — VVG § 165, Prämienfreie Versicherung#

Publisher / doc type: Gesetze im Internet; federal statute
URL: https://www.gesetze-im-internet.de/vvg_2008/__165.html (human-facing link; the section page is a 4,5 kB frameset with no text)
Retrieved: yes (canonical XML, Stand: zuletzt geändert durch Art. 12 G v. 26.5.2026 I Nr. 156, read 2026-08-30)
Used for: the Beitragsfreistellung right — conversion at any time for the end of the current insurance period, on recognised actuarial principles with the premium-calculation bases and on the Rückkaufswert of § 169 Abs. 3 bis 5, so under the same Stornoabzug discipline (Abs. 2). Two things the text adds that the entry did not have: the right is conditional on reaching “die dafür vereinbarte Mindestversicherungsleistung”, failing which the insurer pays the Rückkaufswert instead (Abs. 1) — [S7] § 11 Ziffer 9 sets that minimum at a Policenwert of 2.500 EUR — and the paid-up benefit must be stated in the contract for every Versicherungsjahr (Abs. 2). The index-specific delta is no longer an inference. Abs. 3 Satz 2: “Die Ansprüche des Versicherungsnehmers aus der Überschussbeteiligung bleiben unberührt” — and since the index participation is a form of Überschussverwendung R1, a paid-up Indexpolice keeps it on the capital already accumulated and the Wahlrecht survives. technical-notes.md still records Beitragsfreistellung as deliberately not modeled: the paid-up account diverges at conversion and tracking it needs a conversion-cohort ledger

R4 — VVG § 163 (Prämien- und Leistungsänderung) and § 164 (Bedingungsanpassung)#

Publisher / doc type: Gesetze im Internet; federal statute
URL: https://www.gesetze-im-internet.de/vvg_2008/__163.html and .../__164.html (human-facing links; both section pages are framesets with no text)
Retrieved: yes (canonical XML, Stand: zuletzt geändert durch Art. 12 G v. 26.5.2026 I Nr. 156, read 2026-08-30)
Used for: the most important legal distinction in this product — and the retrieved text corrects three things this entry said. (a) The marginal headings are wrong above: § 163 is Prämien- und Leistungsänderung and § 164 is Bedingungsanpassung, and the entry’s heading is corrected. (b) The § 163 trigger is not “the calculation bases have changed”: Abs. 1 Nr. 1 requires that “sich der Leistungsbedarf nicht nur vorübergehend und nicht voraussehbar gegenüber den Rechnungsgrundlagen der vereinbarten Prämie geändert hat”, the new premium be appropriate and necessary for dauernde Erfüllbarkeit, and an unabhängiger Treuhänder confirm both; Abs. 2 gives the policyholder the right to take a reduced benefit instead of a higher premium, and the insurer that right only on a paid-up contract; Abs. 4 drops the trustee where supervisory approval is required. (c) § 164 is not “on the same footing”: it needs the clause to have been declared ineffective “durch höchstrichterliche Entscheidung oder durch bestandskräftigen Verwaltungsakt”, the replacement to be necessary and to respect the contract’s aim, and it involves no Treuhänder at all. The conclusion stands and is sharpened: the annual Cap-Festlegung is neither — it is the exercise of a discretion the contract confers, governed by § 315 BGB R22. The Treuhänder claim about the Ersatzindex clause is contradicted. Both retrieved AVB let the insurer replace the index with no trustee at all ([S2] Ziffer 3.7, [S7] § 3 Ziffer 11). Where the Treuhänder does appear in a retrieved AVB is on the Rentenfaktor: [S2] Ziffer 1 obliges Allianz, where no comparable annuity exists at Rentenbeginn, to set the factor on recognised actuarial principles and to bring in “einen unabhängigen Treuhänder, der den Rentenfaktor zu prüfen und dessen Angemessenheit zu bestätigen hat”

R5 — VVG § 154 (Modellrechnung) and VVG-InfoV § 2 (pre-contractual information)#

Publisher / doc type: Gesetze im Internet; federal statute and federal regulation
URL: https://www.gesetze-im-internet.de/vvg_2008/__154.html (frameset, no text); https://www.gesetze-im-internet.de/vvg-infov/__2.html (this one does carry the full text, 10,2 kB)
Retrieved: yes for both (VVG § 154 from canonical XML, Stand: zuletzt geändert durch Art. 12 G v. 26.5.2026 I Nr. 156; VVG-InfoV § 2 read from the section page and re-read from canonical XML, Stand: zuletzt geändert durch Art. 13 G v. 26.5.2026 I Nr. 156; both read 2026-08-30)
Used for: the Modellrechnung duty and the pre-contractual catalogue, both now exact. § 154 Abs. 1 attaches the duty to any “bezifferte Angaben zur Höhe von möglichen Leistungen über die vertraglich garantierten Leistungen hinaus”, requires the Ablaufleistung on the premium-calculation bases “mit drei verschiedenen Zinssätzen”, and Abs. 2 the warning that it is a model with fictitious assumptions conferring no contractual claim. The exemption in Satz 2 is itself evidence for R15: the duty does not apply to contracts with benefits of the § 124 Abs. 2 Satz 2 VAG kind, and an Indexpolice is not one, so the duty does apply to it. VVG-InfoV § 2 Abs. 3 fixes the three rates as the Höchstrechnungszinssatz × 1,67, that rate plus one point and that rate minus one point — 1,67 % / 2,67 % / 0,67 % at a 1,00 % Höchstrechnungszins, which is what product-spec.md reports, and the tag comes off. § 2 Abs. 1 Nr. 9 defines the Effektivkosten as “die Minderung der Wertentwicklung durch Kosten in Prozentpunkten … bis zum Beginn der Auszahlungsphase”, and Abs. 6 computes them like the Gesamtkostenindikator of Anhang VI of Delegated Regulation (EU) 2017/653 R10 — with the Altersvorsorge- and Basisrentenverträge of the AltZertG carved out, which is why [S11]’s 1,80 Prozentpunkte is an AltvPIBV figure and not this one. How carriers discharge § 154 for this product is still not established: neither retrieved AVB reproduces a Modellrechnung, and the observation that one is intrinsically awkward here — the interest assumption reaching the payoff only through the option budget and then the Cap, non-linearly — stays an argument

R6 — VVG § 161, Selbsttötung#

Publisher / doc type: Gesetze im Internet; federal statute
URL: https://www.gesetze-im-internet.de/vvg_2008/__161.html (human-facing link; the section page is a 4,1 kB frameset with no text)
Retrieved: yes (canonical XML, Stand: zuletzt geändert durch Art. 12 G v. 26.5.2026 I Nr. 156, read 2026-08-30). The text matches this entry exactly: no liability where the insured deliberately took their own life within three years of conclusion (Abs. 1, with the freie Willensbestimmung exception), the period extendable by individual agreement (Abs. 2), and the Rückkaufswert including Überschussanteile under § 169 owed where the exclusion bites (Abs. 3)
Used for: the three-year suicide exclusion on a death cover, with the Rückkaufswert owed where it applies — carried in the specification’s termination table and cited in technical-notes.md as a clause deliberately not modeled, because it is close to inoperative in economic terms here: the Aufschubphase death benefit is a return of capital rather than a sum at risk, so suppressing it changes almost nothing. Recorded so the documents can say that rather than leave it out

R7 — Deckungsrückstellungsverordnung (DeckRV): Höchstrechnungszins and Höchstzillmersatz#

Publisher / doc type: Gesetze im Internet; federal regulation
URL: https://www.gesetze-im-internet.de/deckrv_2016/ (contents page; the text was read from canonical XML)
Retrieved: yes (canonical XML, §§ 2 and 4, Stand: zuletzt geändert durch Art. 1 V v. 19.7.2024 I Nr. 250, read 2026-08-30)
Used for: two model parameters and one explanation, two of the three now sourced verbatim. § 2 (marginal heading Höchstzinssatz, not Höchstrechnungszins) Abs. 1: “wird der Höchstzinssatz für die Berechnung der Deckungsrückstellungen auf 1 Prozent festgesetzt” — the anchor cell’s guar_rate = 0,0100, confirmed. § 2 Abs. 2 is the statutory reason the cohorts exist: “Bei Versicherungsverträgen mit Zinsgarantie gilt der von einem Versicherungsunternehmen zum Zeitpunkt des Vertragsabschlusses verwendete Rechnungszins … für die gesamte Laufzeit des Vertrages”, which is why a book of this product cannot be projected on one rate and why three cohorts ship. § 4 Abs. 1: “Der Zillmersatz darf 25 Promille der Summe aller Prämien nicht überschreiten” — the ceiling delib’s 2,5 % acquisition charge sits at, and the tag comes off; [S4] and [S11] both charge exactly 2,5 % of premiums. The rate history is now half-confirmed and half not. The canonical XML carries only the current Stand, so the earlier steps cannot be read off the regulation; but the DAV’s own November 2025 statement R18 records that “Von 2022 bis 2024 lag der Höchstrechnungszins … bei 0,25 Prozent. Im Jahr 2025 wurde er auf 1,0 Prozent angehoben”, which settles the 2022–2024 cohort. The 0,90 % for a 2017–2021 cohort stays [unverified]: no retrieved document states it. The explanation that at 0,25 % the guaranteed component of a conventional annuity’s return is negligible, so an Indexpolice converts the discretionary component into a bounded lottery, is an argument and is labelled as one

R8 — Mindestzuführungsverordnung (MindZV)#

Publisher / doc type: Gesetze im Internet; federal regulation
URL: https://www.gesetze-im-internet.de/mindzv_2016/BJNR083100016.html — the full-text page, which returns the whole regulation (52,6 kB) rather than a frameset
Retrieved: yes (full-text page read 2026-08-30, and §§ 3, 4, 6, 7 and 8 re-read from canonical XML, Stand: zuletzt geändert durch Art. 1 V v. 7.7.2020 I 1688)
Used for: where the option budget comes from, now with the sections named. § 6 Abs. 1: the minimum allocation is “90 Prozent der nach § 3 Absatz 1 anzurechnenden Kapitalerträge abzüglich der rechnungsmäßigen Zinsen”; § 7: 90 Prozent of the Risikoergebnis; § 8: 50 Prozent of the übrige Ergebnis; each floored at zero, and Alt- and Neubestand taken separately. [S7] § 13 Ziffer 2 states the same rule in the AVB: “Von den Nettoerträgen der Kapitalanlagen … (§ 3 der Verordnung über die Mindestbeitragsrückerstattung in der Lebensversicherung) erhalten alle Versicherungsnehmer insgesamt mindestens den in dieser Verordnung genannten Prozentsatz. In der derzeitigen Fassung der Verordnung sind 90 % vorgeschrieben.” From it both product documents take the corollary that an Indexpolice has exactly the same risk budget as a classic contract of the same vintage and spends it differently, and the model keeps its stated limitation: it consumes a declared rate and does not close the MindZV loop, so changing an expense assumption moves net_cf without moving what the policyholder receives

R9 — VAG § 139 (Überschussbeteiligung, Sicherungsbedarf), § 124 (Anlagegrundsatz) and the Sicherungsvermögen provisions#

Publisher / doc type: Gesetze im Internet; federal statute
URL: https://www.gesetze-im-internet.de/vag_2016/ (contents page, 88,5 kB; the sections were read from canonical XML)
Retrieved: yes (canonical XML, §§ 124 and 139, Stand: zuletzt geändert durch Art. 25 G v. 25.3.2026 I Nr. 81, read 2026-08-30). The section numbering is confirmed and the tag comes off
Used for: the supervisory side of the surplus participation and the investment principles. § 139 Abs. 3 restricts the Bewertungsreserven share from fixed-income holdings and interest hedges to the excess over the Sicherungsbedarf, which Abs. 4 defines by reference to the Euro-Zinsswapsatz. § 124 Abs. 1 states the Grundsatz der unternehmerischen Vorsicht, and Nr. 5 permits derivatives “sofern diese zur Verringerung von Risiken oder zur Erleichterung einer effizienten Portfolioverwaltung beitragen” while excluding pure trading positions and short sales. product-spec.md’s proposition that buying index options to back an index-participation obligation is the paradigm of a derivative hedging a liability the insurer has itself written is now corroborated by both AVB, which say the insurer prices the parameter off the hedge: the Cap is set “auf der Grundlage von Angeboten mehrerer Finanzinstitute” [S2] Ziffer 3.3 Absatz 2 b), the Beteiligungsquote “auf der Grundlage von Angeboten mehrerer Banken für geeignete Kapitalmarktinstrumente (z. B. Index Warrants, Optionen, Futures, Fondsanteile)” [S7] § 3 Ziffer 4 — “Je niedriger der Preis der Kapitalmarktinstrumente und je höher die Überschussbeteiligung …, umso höher ist die Beteiligungsquote”

R10 — PRIIPs: Regulation (EU) No 1286/2014 and Delegated Regulation (EU) 2017/653#

Publisher / doc type: EUR-Lex; EU regulation and delegated regulation
URL: https://eur-lex.europa.eu/legal-content/DE/ALL/?uri=CELEX:32017R0653 (Delegated Regulation (EU) 2017/653), with the 2021/2268 amendment at …?uri=CELEX:32021R2268
Retrieved: partly. The EUR-Lex landing pages return substantive bodies and were read on 2026-08-30, but the Anhang II categorisation text was read at second hand, from the DAV Ergebnisbericht R11 which quotes it, and from [S4] which is a KID drawn up under it. The delegated regulation’s annexes were not read directly
Used for: the Basisinformationsblatt duty and its prescribed structure — risk indicator, four performance scenarios, costs over time and their composition, recommended holding period — every element of which is visible in the retrieved [S4]. And the product categorisation, which R11 states in terms: “Gemäß Ziffer 7 Anhang II RTS zur PRIIP-Verordnung sind Versicherungsanlageprodukte, deren Wertentwicklung teilweise von nicht am Markt beobachteten Faktoren abhängt, für die Bestimmung ihres Marktrisikomaßes (MRM) … der sogenannten Kategorie 4 zuzuordnen. Für Produkte dieser Kategorie erfolgt die Ermittlung des MRM gemäß Ziffer 27 Anhang II RTS mit Hilfe eines anerkannten Branchen- oder Regulierungsstandards.” That is delib’s reading, sourced. The consequence — that Category 4 admits the firm’s own model, so two Indexpolicen with similar mechanics can publish very different favourable scenarios — is an argument, and [S4] is now one concrete instance of the output rather than none

R11 — DAV, Ergebnisbericht of the Ausschuss Lebensversicherung on the PRIIP Category 4 Standardverfahren#

Publisher / doc type: Deutsche Aktuarvereinigung e. V., Ausschuss Lebensversicherung, AG Verbraucherschutz; Ergebnisbericht “Ein Standardverfahren für PRIIP der Kategorie 4”, Köln, 1. Juli 2025
URL: https://aktuar.de/content/PDF/Fachwissen/2025-07-01_DAV_Ergebnisbericht_LV_Standardverfahren_PRIIP_Kategorie_4.pdf
Retrieved: yes (PDF, 30 pp., verabschiedet 1. Juli 2025, read 2026-08-30)
Used for: the profession-wide standard procedure for the MRM and the performance scenarios of exactly the discretionary-surplus component that makes an Indexpolice a Category 4 product. The report states its own status — “Dieser Bericht stellt im Sinne des Anhangs II der RTS zu PRIIP einen ‘robusten, anerkannten Branchen- oder Regulierungsstandard’ dar” — while adding that it “stellt keine berufsständisch legitimierte Position der DAV dar”. Its capital-market model is deliberately aligned with the PIA-Standard used for the Chancen-Risiko-Klassifizierung of certified products, so that Kategorie-4 PRIIPs “(insbesondere Rentenversicherungen der 3. Schicht)” and AltZertG products are assessed comparably — which is the bridge between [S4] and [S11]. The open point is now settled negatively rather than left open: the procedure is generic to Kategorie-4 products and the report says nothing specific about index-participation mechanics, so how a German Indexpolice’s disclosed scenarios treat the cap or the quota is not derivable from it

R12 — Altersvorsorgeverträge-Zertifizierungsgesetz (AltZertG) and the Produktinformationsstelle Altersvorsorge#

Publisher / doc type: Gesetze im Internet (statute); Produktinformationsstelle Altersvorsorge gGmbH (the classification body)
URL: https://www.gesetze-im-internet.de/altzertg/ (contents page, 8,7 kB; the text was read from canonical XML)
Retrieved: yes (canonical XML, § 1, Stand: zuletzt geändert durch Art. 5 G v. 25.10.2023 I Nr. 294, with three 26.5.2026 amendments noted as not yet consolidated; read 2026-08-30)
Used for: the sharpest single fact in this product’s documents about guarantee levels — that the guarantee level of an index product is set by its wrapper, not by its index module. § 1 Abs. 1 Nr. 3 is the Beitragserhaltungszusage: the provider must undertake “dass zu Beginn der Auszahlungsphase zumindest die eingezahlten Altersvorsorgebeiträge für die Auszahlungsphase zur Verfügung stehen und für die Leistungserbringung genutzt werden”, with up to 20 % of the Gesamtbeiträge disregarded where they buy occupational-disability or survivor cover — a carve-out this entry did not have. The statutory phrase is Altersvorsorgebeiträge, which EStG § 82 Abs. 1 defines as Beiträge and Tilgungsleistungen; the entry’s earlier “contributions and allowances” goes beyond the text and is dropped. § 1 Abs. 1 Nr. 2 also fixes the earliest payout at the 62. Lebensjahr. The wrapper effect is now visible in retrieved documents: a Schicht 3 Indexpolice runs at 80 % or 90 % [S4], a Basisrente index variant at 85 % [S11], and a Riester variant cannot go below 100 %. The AltZertG mandates the standardised Produktinformationsblatt of [S11] — which was retrieved, and which carries the Chancen-Risiko-Klasse 4 for an index variant

R13 — EStG § 22 Nr. 1 Satz 3, Ertragsanteilsbesteuerung of a Leibrente#

Publisher / doc type: Gesetze im Internet; federal statute
URL: https://www.gesetze-im-internet.de/estg/__22.html — this section page returns the full text (47,9 kB), not a frameset
Retrieved: yes (section page and canonical XML, Stand: zuletzt geändert durch Art. 7 G v. 29.6.2026 I Nr. 197, read 2026-08-30). The precise citation is § 22 Nr. 1 Satz 3 Buchst. a Doppelbuchst. bb, with the table in Satz 4
Used for: the taxation of a privately funded Schicht 3 annuity on its Ertragsanteil only, a percentage fixed once and for all by the age reached at Rentenbeginn. The statutory table gives exactly 17 % at age 67 — 18 % at 65–66, 16 % at 68 — so the tag comes off and the hedge “about” goes with it. product-spec.md cites it in the tax section to record that the index mechanic does not change the annuity’s tax treatment, the credits having been absorbed into the capital before conversion, and that a Basisrente or Riester wrapper changes it entirely. No tax is computed anywhere in this model

R14 — EStG § 20 Abs. 1 Nr. 6, the Kapitalabfindung and the Mindesttodesfallschutz#

Publisher / doc type: Gesetze im Internet; federal statute
URL: https://www.gesetze-im-internet.de/estg/__20.html — this section page returns the full text (32,6 kB), not a frameset. The transitional rules are in .../estg/__52.html
Retrieved: yes (section page and canonical XML for §§ 20 and 52, Stand: zuletzt geändert durch Art. 7 G v. 29.6.2026 I Nr. 197, read 2026-08-30)
Used for: three quantitative facts the model actually uses, and the citation for two of them was incomplete. (a) The half-income treatment: § 20 Abs. 1 Nr. 6 Satz 2 as enacted reads “nach Vollendung des 60. Lebensjahres … und nach Ablauf von zwölf Jahren seit dem Vertragsabschluss”. The 62 delib uses is right but comes from elsewhere — § 52 Abs. 28 Satz 7: “§ 20 Absatz 1 Nummer 6 Satz 2 ist für Vertragsabschlüsse nach dem 31. Dezember 2011 mit der Maßgabe anzuwenden, dass die Versicherungsleistung nach Vollendung des 62. Lebensjahres des Steuerpflichtigen ausgezahlt wird.” The tag comes off and the citation is completed. This is why the Aufschubdauer band starts at 12. (b) The Mindesttodesfallschutz: § 52 Abs. 28 Satz 8 confirms the commencement — Satz 6 applies to contracts concluded “nach dem 31. März 2009” or first funded after that date, so delib’s “from 1 April 2009” is exact. But the condition is narrower than delib states. Satz 6 Buchst. a disapplies the half-income rule where, “in einem Kapitallebensversicherungsvertrag mit vereinbarter laufender Beitragszahlung in mindestens gleichbleibender Höhe …, die vereinbarte Leistung bei Eintritt des versicherten Risikos weniger als 50 Prozent der Summe der für die gesamte Vertragsdauer zu zahlenden Beiträge beträgt” — it is written for a Kapitallebensversicherung, not for the Rentenversicherung mit Kapitalwahlrecht that Satz 1 also covers, and delib’s death_min_rate = 0,50 floor under db_pp(t) rests on reading it across. The tag stays, with that as the reason. (c) The duration-12 step in the lapse table follows from (a). product-spec.md’s statement that exercising the annual Wahlrecht is not a change of contract and does not restart the twelve-year clock stays [unverified]: neither § 20 nor § 52 addresses it, and neither retrieved AVB does

R15 — RechVersV and the VAG Sparten: what “indexgebundene Lebensversicherung” means in regulation#

Publisher / doc type: Gesetze im Internet (VAG, RechVersV); federal statute and regulation
URL: https://www.gesetze-im-internet.de/vag_2016/ for VAG § 124; the RechVersV Formblätter were not read
Retrieved: yes for the statutory hinge (VAG § 124 from canonical XML, Stand: zuletzt geändert durch Art. 25 G v. 25.3.2026 I Nr. 81, read 2026-08-30); no for the RechVersV Formblätter and the Solvency II line-of-business numbering, which stay [unverified]
Used for: a terminological trap a careless document falls into, and the classification the whole product rests on — and the statute now carries it rather than an assertion. VAG § 124 Abs. 2 defines the class by risk-bearing, not by the presence of an index: “Absatz 1 Nummer 5 bis 8 findet auf Lebensversicherungsverträge, bei denen das Anlagerisiko vom Versicherungsnehmer getragen wird, … keine Anwendung”, and Satz 2 Nr. 2 covers contracts whose benefits are “direkt an einen Aktienindex oder an einen anderen … Referenzwert gebunden”, requiring the technical provisions to be represented by the units or assets underlying that reference value. An Indexpolice of this kind is not in that class on either limb: the policyholder bears no investment risk, the benefits are not directly bound to the index, the capital is in the Sicherungsvermögen ([S2] KID: “Die Kapitalanlage erfolgt … vollständig durch das Versicherungsunternehmen im Sicherungsvermögen”; [S7] website: “Ihr Policenwert ist Teil des Sicherungsvermögens”), and the downside is limited to forgoing one year’s surplus. Two other retrieved provisions cross-check the reading: VVG § 169 Abs. 4 puts the Zeitwert rule only on that class R2, and VVG § 154 Abs. 1 Satz 2 exempts only that class from the Modellrechnung R5. The Solvency II line-of-business placement in insurance with profit participation stays [unverified] — no line-of-business table was read. This entry carries the specification’s design-type and where-the-capital-sits rows, technical-notes.md’s pitfall 1, and the delib convention that these documents use Indexpolice / Indexbeteiligung for the product and reserve indexgebunden for its regulatory sense

R16 — BaFin, Merkblatt 01/2023 (VA) on conduct supervision of capital-forming life insurance products#

Publisher / doc type: Bundesanstalt für Finanzdienstleistungsaufsicht; supervisory Merkblatt
URL: https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Merkblatt/VA/mb_01_2023_wohlverhaltensaufsichtliche_aspekte_va.html
Retrieved: yes (HTML, full text of Merkblatt 01/2023 (VA), read 2026-08-30)
Used for: BaFin’s expectations on product governance and angemessener Kundennutzen. The Merkblatt makes the Effektivkosten the measure: producers must examine the interplay of “Kosten” and “Rendite (vor Kosten)”, and “Eine geeignete Größe zur Messung der insgesamt anfallenden Kosten eines kapitalbildenden Lebensversicherungsproduktes sind die Effektivkosten, die nach der Methodik berechnet werden, welche die LVU für Produkte im Sinne von § 2 Abs. 1 Nr. 9 VVG-InfoV i.V.m. § 2 Abs. 6 [VVG-InfoV]” apply — which ties this entry directly to R5. It also requires an annuitisation phase and each significant biometric cover to be assessed for customer benefit in their own right. The open question is now answered, negatively: the Merkblatt does not name index products — the word Index does not occur in it — so it bites on an Indexpolice as a kapitalbildendes Lebensversicherungsprodukt and not as a class of its own. product-spec.md’s observation that this design raises the value-for-money question in its sharpest form (zero credited in a substantial fraction of years against a full acquisition-cost load) remains an argument, and is now testable against the two retrieved cost quotas: 1,6 % a year [S4] and 1,80 Prozentpunkte [S11], both well below the “über vier Prozent” at which BaFin says an appropriate customer benefit “erscheint zweifelhaft” R17

R17 — BaFin, Risiken im Fokus and the BaFin Fachartikel series on costs and PRIIPs#

Publisher / doc type: BaFin, Risiken im Fokus 2026, “Kosten von kapitalbildenden Lebensversicherungen”
URL: https://www.bafin.de/DE/die-bafin/publikationen-daten/risiken-im-fokus/Fokusrisiken_2026/RIF_Verbraucher_3/RIF_verbraucher_lebensversicherung_node.html
Retrieved: yes (HTML, Risiken im Fokus 2026, read 2026-08-30)
Used for: the context that the cost of capital-forming life insurance is a named supervisory focus risk — and it now carries three findings rather than none. BaFin measures the risk by the Effektivkosten; its 2022 survey of 2021 new business found that these “unterscheiden sich erheblich” and that “in Einzelfällen beliefen sich die Effektivkosten auf über vier Prozent”, above which “erscheint ein angemessener Kundennutzen zweifelhaft”. A repeat survey in 2025 of 2024 new business found them falling, “insbesondere bei den im Neugeschäft dominierenden fondsgebundenen Produkten”, by more than 0,4 points in the upper quartile at long terms. High early-duration lapse rates are named as a second indicator of an inadequate customer benefit, which is the supervisory counterpart of delib’s duration-12 lapse step R14 and of its Zillmer strain. Individual providers withdrew products and made retrospective compensation. product-spec.md cites it beside R16 to place the std charge levels against a supervisory frame; the four-percent figure is a supervisory observation about the whole class, not about index tariffs, and no charge level is taken from it

R18 — DAV recommendations on the Höchstrechnungszins#

Publisher / doc type: Deutsche Aktuarvereinigung e. V.; annual professional recommendation to the Bundesministerium der Finanzen, which sets the rate by regulation
URL: https://aktuar.de/de/newsroom/detail/dav-empfiehlt-auch-fuer-2027-einen-hoechstrechnungszins-fuer-lebensversicherungs-neuvertraege-in-hoehe-von-10-prozent/, with the 2026 recommendation at …/deutsche-aktuarvereinigung-empfiehlt-auch-fuer-2026-einen-hoechstrechnungszins-in-hoehe-von-1-prozent/
Retrieved: yes (HTML, DAV press release of 26.11.2025 recommending 1,0 % for 2027, and the corresponding 2026 release; read 2026-08-30)
Used for: the 1,00 % rate. It is no longer a cross-reference from a sibling file: the DAV recommends 1,0 % for 2026 and again for 2027, and DeckRV § 2 Abs. 1 currently sets it at 1 Prozent R7. The release also supplies the rate history this file could not read off the regulation — 0,25 % from 2022 to 2024, raised to 1,0 % in 2025 — and the derivation: five-year smoothed returns on a representative new-money portfolio with a 40 % Sicherheitsabschlag, floored at 0,4 percentage points. It fixes the guarantee basis of a contract issued at the access date and hence the split between the guaranteed capital and the option budget; it carries the anchor cell’s guar_rate = 0,0100 in both product documents. Note the release’s own caveat, which delib’s cohort structure depends on: the recommendation is “eine Empfehlung für eine gesetzliche Obergrenze”, and each insurer sets the rate it actually offers within it — so a carrier’s guar_rate may be below the cohort ceiling, and [S7] § 1 Ziffer 3 prices its guaranteed Rentenfaktor at a Rechnungszins of 0,1 % p. a.

R19 — GDV statistics: Die deutsche Lebensversicherung in Zahlen, and the new-business and in-force series#

Publisher / doc type: GDV, Die deutsche Lebensversicherung in Zahlen 2024; annual industry statistics
URL: https://www.gdv.de/resource/blob/180978/b8ae8eb0b1bf4b15e7cc3354bc231af9/die-deutsche-lebensversicherung-in-zahlen-2024-publikation-pdf-data.pdf
Retrieved: yes (PDF, 40 pp., edition 2024, read 2026-08-30)
Used for: two negatives both product documents state rather than gloss, and reading the publication turns both from assumptions into findings. The in-force split at 31.12.2023 runs Renten- und Pensionsversicherungen 61,8 %, Kapitalversicherungen (klassisch) 15,7 %, Invaliditätsversicherungen 9,2 %, Risikoversicherungen 6,5 % — no index line anywhere, and the only occurrence of the word “Index” in the whole publication is its own table-of-contents index. Indexpolicen are counted inside conventional annuity business because that is what they are R15, so there is no published figure for the size of the German index-participation segment; the only counts this file has are a carrier’s own ([S12], [S16]). On the Stornoquote the publication gives one market-wide number by count — 2,56 % in 2023, 2,51 % in 2022 — for all Hauptversicherungen together, with no index-specific rate and no split by duration, which is why lapse_table.csv is std in level and shaped only by the tax threshold of R14

R20 — Assekurata, Marktstudie on Überschussbeteiligungen und Garantien#

Publisher / doc type: Assekurata Assekuranz Rating-Agentur GmbH; press summary of the 24th Marktstudie zu Überschussbeteiligungen und Garantien, March 2026. The study itself is a paid publication and was not obtained
URL: https://www.assekurata-rating.de/2026/03/04/assekurata-marktstudie-zu-ueberschussbeteiligungen-und-garantien-2026/
Retrieved: yes for the press summary (HTML, dated March 2026, read 2026-08-30); no for the study
Used for: the declared surplus rate, which for this product is the option budget R8. The summary reports the index segment separately, which this entry did not expect it to: it covers “die Produktsegmente Klassik, Neue Klassik, Index- und Fondspolicen”, and for 2026 gives Indexpolicen an average declared laufender Überschusszins of 3,07 % (“etwa dem Vorjahresniveau”), against 2,62 % for classic private annuities (Gesamtverzinsung 3,23 %), 2,65 % for Neue Klassik (3,32 %) and 2,49 % for guaranteed fund policies. Two consequences for this file. delib’s surplus_rate = 2,50 % std is below every one of those, and below the index-segment average by more than half a point — a calibration finding recorded in model.md and not acted on, because the rate is a shipped input [§ model change]. And the corollary drawn at R8 — that an Indexpolice has the same risk budget as a classic contract of the same vintage — holds for the statutory minimum but not for the declared rate: “Indexpolicen bieten weiterhin eine deutlich höhere Überschussbeteiligung als klassische Produkte”, and both product documents are corrected to say which of the two they mean. Whether Assekurata publishes cap levels as such is still not established: the summary reports declared rates, not caps

R21 — Rating houses on Indexpolicen: IVFP, Franke und Bornberg, Morgen & Morgen#

Publisher / doc type: Institut für Vorsorge und Finanzplanung GmbH; Franke und Bornberg GmbH; MORGEN & MORGEN GmbH; product ratings of retirement-savings contracts
URL: not established. ivfp.de/rating/indexpolicen/ answers HTTP 200 but is a press archive, not a rating with results; franke-bornberg.de/de/blog/indexpolicen and the Morgen & Morgen annuity-rating path both return HTTP 404. No rating carrying cap or participation levels for a named panel was located on 2026-08-30
Retrieved: no — the rating houses publish results behind their own tools and paid reports. The entry is kept as a known reference
Used for: the record of the one document class that would still close a gap at a stroke — a rating of index-linked annuities being the only systematic public compilation this author is aware of that puts cap levels and participation rates for a panel of named carriers side by side. What it was cited for has narrowed sharply. Three carrier product names are now established from carrier documents [S2] [S7] [S8], and levels are established for two of them — Allianz’s illustrative Cap 3,2 % / Partizipationssatz 75,00 % [S5] and Stuttgarter’s published 70 % quota for 1.2.2026–31.1.2027 [S8]. What is still missing is the panel: a single year’s cap and quota levels across the market side by side, so that delib’s 3,00 % std could be placed in a distribution rather than beside two points. The 1,5–5,0 % band quoted throughout stays recollection and [unverified]

R22 — BGB § 315, Bestimmung der Leistung durch eine Partei (billiges Ermessen)#

Publisher / doc type: Gesetze im Internet; federal statute
URL: https://www.gesetze-im-internet.de/bgb/__315.html (human-facing link; the section page is a 4,0 kB frameset with no text)
Retrieved: yes (canonical XML, Stand: zuletzt geändert durch Art. 2 G v. 2.7.2026 I Nr. 198, read 2026-08-30). The three sentences the entry relies on are Abs. 1 (“so ist im Zweifel anzunehmen, dass die Bestimmung nach billigem Ermessen zu treffen ist”), Abs. 2 (declaration to the other party) and Abs. 3 (“so ist die getroffene Bestimmung für den anderen Teil nur verbindlich, wenn sie der Billigkeit entspricht. Entspricht sie nicht der Billigkeit, so wird die Bestimmung durch Urteil getroffen”) — the description above is accurate and the tag comes off
Used for: the correct legal frame for the annual Cap-Festlegung, the point on which this product’s documents most needed to be right. The Cap is a unilateral determination of a term deciding the policyholder’s return for the coming year, so it is reviewable under § 315 BGB — not under § 163 VVG, which governs changes to the premium or the benefit on changed Leistungsbedarf R4. Both retrieved AVB confirm the premise that the determination is unilateral and annual, and neither submits it to a trustee or to any external check ([S2] Ziffer 3.3 Absatz 2 b), [S7] § 3 Ziffer 4). The “no German decision” statement is refined rather than withdrawn. German litigation over an Indexpolice does exist and was retrieved: LG München I, 23.03.2018, Az. 37 O 12326/17, reversed by OLG München on 04.04.2019 with no Revision admitted [S14] [S16]. But that was a UWG advertising case about how the participation was described, not a § 315 BGB review of a cap determination, so no decided German case on the Cap-Festlegung itself is known to this author and none was established

Cross-product references ([REG-R#])#

[REG-R#] tags resolve against the cross-product German reference library references/regulatory-and-actuarial-references.md (its own R-numbering, R1–R56, frozen; research provenance in _research/regulatory-actuarial.md). The retrieval status of that library is its own and is not upgraded here: where a [REG-R#] entry there still records that no document was fetched, that record stands until that file is worked over in its turn. Where an instrument appears both there and in this file’s own R# list, the R# entry above is the one that now carries a retrieved text and its Stand, and it is the one to read. Entries cited by the indexpolice documents, or by the provenance column of a shipped input file — which is why REG-R47 is listed although no prose in this product cites it:

REG-R1 — Directive 2009/138/EC (Solvency II): the best-estimate-plus-risk-margin frame the projected cash flows feed.
REG-R2 — Delegated Regulation (EU) 2015/35: contract boundaries, future discretionary benefits and management actions — none read from a retrieved text, so every such figure would be [unverified].
REG-R4 — EIOPA risk-free term structures, the UFR and the Volatilitätsanpassung: the curve a valuation layer would discount liability_cf on. Nothing here discounts.
REG-R7 — VAG §§ 124–125, Anlagegrundsätze, Sicherungsvermögen and Anlagestock: the statutory pair behind the specification’s central distinction — this capital is in the Sicherungsvermögen and there is no Anlagestock.
REG-R9 — VAG § 139, Überschussbeteiligung and the Sicherungsbedarf test on Bewertungsreserven: the supervisory side of R1, and why the Bewertungsreserven share is referenced and not modeled.
REG-R10 — VAG §§ 140 and 145, the Rückstellung für Beitragsrückerstattung: where the declared rate comes out of.
REG-R13 — VAG §§ 351–353, the Solvency II transitional measures: context only.
REG-R14 — DeckRV and its § 2, the Höchstrechnungszins: the reserving rate cap behind guar_rate.
REG-R15 — the Höchstrechnungszins rate history and the 2024 regulation setting 1,00 % from 1 January 2025: the anchor cell’s guaranteed rate and the three shipped cohorts.
REG-R16 — DeckRV § 4, Höchstzillmersätze: the 25 ‰ ceiling the 2,5 % acquisition charge sits at, and half of pitfall 13.
REG-R17 — DeckRV § 5 Abs. 3, the Referenzzins and the Zinszusatzreserve: referenced as a reserving layer this library does not compute.
REG-R18 — MindZV: the statutory minimum allocation that bounds the option budget, cited with R8 wherever the financing identity is stated.
REG-R20 — LVRG 2014: the reform that cut the Höchstzillmersatz to 25 ‰ and reshaped the Bewertungsreserven rule.
REG-R23 — VVG §§ 8 and 152, the Widerrufsrechte: the withdrawal window, absorbed into the first-year lapse rate and not modeled separately.
REG-R24 — VVG § 153: the cross-product entry behind R1, carrying the verursachungsorientiertes Verfahren and the half-share of Bewertungsreserven.
REG-R25 — VVG §§ 154–155, Modellrechnung and Standmitteilung: the statutory basis of the document class [S10] belongs to, and the three prescribed interest rates the specification reports.
REG-R26 — VVG §§ 150, 159–162: Selbsttötung and the beneficiary machinery, behind R6.
REG-R27 — VVG § 163: the cross-product entry behind R4 and its Treuhänder requirement.
REG-R28 — VVG §§ 165–170: the exit machinery — prämienfreie Versicherung, Kündigung, Rückkaufswert, Stornoabzug — behind R2 and R3, and the other half of pitfall 13.
REG-R30 — VVG §§ 19, 37, 38, 157, 158: Anzeigepflicht, Zahlungsverzug and the age-error rule; context for the termination table.
REG-R31 — VVG §§ 6, 7, 1a and the VVG-InfoV: advice, information and the Effektivkosten disclosure duty, cited with R5.
REG-R32 — PRIIPs Regulation and the delegated technical standards: the cross-product entry behind R10 and the Category 4 classification.
REG-R34 — Unisex: CJEU C-236/09 (Test-Achats) and §§ 19, 20, 33 AGG — why sex selects a best-estimate mortality row and never a premium, a charge or a benefit.
REG-R35 — BaFin Merkblatt 01/2023 (VA), Wohlverhaltensaufsicht and angemessener Kundennutzen: the cross-product entry behind R16.
REG-R41 — EStG § 22 Nr. 1 Satz 3 Buchst. a: Besteuerungsanteil and Ertragsanteil, behind R13.
REG-R43 — AltZertG, the BZSt, the AltvPIBV and the Produktinformationsstelle Altersvorsorge: the entry behind R12 and [S11], and the source of the statutory 100 % Riester guarantee.
REG-R45 — EStG § 20 Abs. 1 Nr. 6: the Unterschiedsbetrag, the 12/62 rule and the Mindesttodesfallschutz, behind R14 and behind death_min_rate = 0,50.
REG-R47 — Rechnungsgrundlagen erster und zweiter Ordnung, and the DAV as owner of the tables: the licensing reason no DAV table is redistributed here, and the distinction that says what the shipped std Gompertz proxy is — a single second-order best-estimate basis, since this model prices no mortality guarantee of its own and takes the Rentenfaktor as an input. It is cited only in the provenance column of mort_table.csv, on every row, beside REG-R48 and REG-R49; no prose claim in this product rests on it.
REG-R48 — DAV 2008 T: the death-benefit mortality basis, cited by name and never shipped.
REG-R49 — DAV 2004 R and DAV 2004 R-Bestand: the generational annuity tables, cited by name and never shipped — and why the Rentenfaktor is a std input rather than a computed quantity.
REG-R53 — the German life market in numbers (GDV, BaFin, Assekurata, Map-Report, Morgen & Morgen, Franke und Bornberg): the 2026 declared-rate averages behind surplus_rate = 2,50 %, the sector Verwaltungskostenquote band, and the Neue Klassik context.
REG-R54 — HGB §§ 341–341o, RechVersV and BerVersV: the statutory Deckungsrückstellung, including profit shares already allocated — the phrase that makes every locked-in index credit part of the reserve from the moment it is credited.
REG-R55 — IFRS 17 and the Variable Fee Approach: the measurement model this contract is the archetype of; its mechanics were not read and are [unverified].

Provenance note#

Extraction details — which fact would be settled by which document, the mechanics sections the product documents are actually written from, the two constructed Indexjahre, the expected-value arithmetic behind the cap, and the twenty-four-item gaps-and-caveats register — live in _research/indexpolice.md. That file is the citation ground truth for the S# and R# numbering used here, and it states at its head the blocked-egress conditions this product was researched under.

The caveats that most constrain what these product documents can claim, in order of how much they constrain the model:

Two carrier Bedingungswerke for index tariffs are now in hand [S2] [S7], and the caveat that stood first is closed for the points it listed: the Indexjahr definition, the observation dates, the payoff wording, the base of the participation, the Wahlrecht timing and notice period, the Cap-Festlegung clause and the Ersatzindex clause are all read. Two findings replace it. (a) There is no Mindest-Cap clause in either AVB. (b) The two designs are not variants of one wording: Allianz caps each month and applies a Partizipationssatz to the capped sum; R+V applies a Beteiligungsquote to the point-to-point year return of a house index and has no cap at all; Stuttgarter is a quota design too [S8]. What remains open is the third carrier’s AVB — Stuttgarter does not publish one — and any wording outside these three.
Cap and quota levels are established for two carriers, not for a market. Allianz’s own worked illustration runs at a Cap of 3,2 % with a Partizipationssatz of 75,00 %, expressly exemplary [S5]; Stuttgarter publishes a current Partizipationsquote of 70 % for 1.2.2026–31.1.2027 [S8]. No panel putting a year’s levels side by side across the market was found R21. The 1,5–5,0 % band remains recollection and [unverified]; the shipped 3,00 % is std and now sits beside a carrier’s own figure rather than beside nothing.
A documented worked Indexjahr was found — two of them, from the insurer [S2]. Allianz publishes twelve monthly EURO STOXX 50 movements, the capped series and the resulting participation for 2020/2021 (sum 15,90 %, credit 11,92 % after the 75 % Partizipationssatz) and 2021/2022 (sum −26,96 %, maßgebliche Jahresrendite 0 %). No Standmitteilung showing a real contract’s Indexjahr was obtained [S10], and the two Indexjahre the model reproduces at t = 9 and t = 10 remain constructed and std.
The commercial envelope is established for one carrier and partly for another. [S11] gives a complete published envelope — 100,00 € a month, 30 years, age 37 → 67, 85 % Garantieniveau, a guaranteed Rentenfaktor of 25,74 € per 10.000 € and Effektivkosten of 1,80 points; [S4] gives Allianz’s model case, its 12/20/30/40-year term menu and an 80 %/90 % Garantieniveau menu. Entry-age bands and minimum premiums are still unpublished [S3] [S15], and the thirteen shipped model points remain construction rather than observation.
Charge levels are established, and delib’s acquisition charge is the market’s. Both [S4] and [S11] charge 2,50 % of premiums in Abschluss- und Vertriebskosten — delib’s std value exactly, and the DeckRV § 4 ceiling R7. Total cost is disclosed at 1,6 % a year [S4] and 1,80 points [S11]. The three index-specific give-ups — the dealing spread inside the Cap, a house index’s level fee and volatility-target drag, and the forgone dividend yield of a price index — remain structurally invisible in any disclosure, though [S2] Ziffer 3.3 Absatz 2 b) at least names the Dividendenrendite as a determinant of the Cap. That invisibility is a finding; their magnitude is still a gap.
The base G of the participation is settled, and delib’s std reading is the carriers’. [S2] Ziffer 3.3 Absatz 2 e): “Bezugsgröße für die →Indexpartizipation ist der →Policenwert zu Beginn des →Indexjahres”, excluding the year’s premiums; [S7] § 3 Ziffer 2 to the same effect. It is the whole capital at the year start, not a sub-account and not the accumulated Überschussguthaben. This is no longer the largest unquantified uncertainty in the product.
The mid-year exit treatment is settled, and delib’s std reading is the carriers’. Both AVB credit the participation only at the start of the following Indexjahr ([S2] Ziffer 3.3, [S7] § 3 Ziffer 5), and [S2] Ziffer 9.2 adds on surrender only a pro-rata Schlussüberschussanteil and Sockelbetrag — no pro-rata index credit and no refund of the unspent option budget R2.
No decided German case on the Cap-Festlegung is known R22. There is German litigation over an Indexpolice — LG München I, 23.03.2018, Az. 37 O 12326/17, reversed by OLG München on 04.04.2019 [S14] [S16] — but it was a UWG advertising case, not a § 315 BGB review. Two house multi-asset indices are now named from carrier documents: the Solactive Multi Anlage Stabil Index (SOMAS) [S7] and the Stuttgarter M-A-X Multi-Asset Index [S8]. No volatility target or index-level fee is published for either, so that half of the gap stands.
Most of this file was retrieved, and where it is quoted the quotation is exact. Fifteen statutory sections were read as canonical XML with their Stand, and eleven documents as PDF or HTML with their edition dates. The VVG, the DeckRV, the MindZV, the VAG, the AltZertG, the EStG and the PRIIPs delegated regulation are living texts and the Höchstrechnungszins is reset by regulation, so every date and rate must still be re-checked against the instrument before it is relied on — but the per-entry Retrieved line now says which of them this author actually opened, and which he did not.