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Allianz Annual Report 2012

aggregate out­standing commitment of ­­­­Allianz Lebensver- sicherungs-Aktiengesellschaft and its subsidiaries to the insurance guarantee scheme and to Protektor was € 1,123 mn (2011: € 1,071 mn). According to the German Deposit Guarantee and Investor Compensation Act (EAEG – “Einlagensicherungs- und An- legerentschädigungsgesetz”) all credit institutions, invest- ment companies and financial services institutions li- censed to do business in Germany must adhere to a statutory compensation scheme. ­Allianz Global Investors Europe GmbH (former ­Allianz Global Investors Kapitalan- lagegesellschaft mbH), PIMCO Deutschland GmbH and risklab GmbH are currently members of EdW (“Entschädi- gungseinrichtung der Wertpapierhandelsunternehmen”, Berlin). The annual contribution is determined in consid- eration of each member’s scope of business. In addition, EdW may levy special contributions from its members, if the funds available to EdW are insufficient to satisfy all eli- gible claims. Special contributions are determined by refer- ence to the preceding yearly contribution. For 2012, the yearly contributions for above mentioned entities have been determined by notification from the EdW in the amount of € 1 mn (2011: € 2 mn). With respect to the insol- vency of Phoenix Kapitaldienst GmbH, the German Federal Financial Supervisory Authority (“Bundesanstalt für Fi- nanzdienstleistungsaufsicht” – BaFin) has determined that certain investor claims will be covered under the com- pensation scheme and special contributions have been levied. In this regard, special contributions have been noti- fied by EdW to above mentioned entities in 2012 in the amount of € 7 mn (2011: € 4 mn). The above mentioned enti- ties have appealed against the special contributions. For received, but not yet paid notifications, and for the esti- mated special contribution for 2013, adequate provisions have been accrued. Other commitments Other principal commitments of the ­­­­Allianz Group include the following: Pursuant to §§ 124 ff. of the German Insurance Supervision Act (“Versicherungsaufsichtsgesetz” – VAG), a mandatory insurance guarantee scheme (“Sicherungsfonds”) for life insurers is implemented in Germany. Each member of the scheme is obliged to make annual contributions to the scheme as well as special payments under certain circum- stances. The exact amount of obligations for each member is calculated according to the provisions of a Federal Regu- lation (“Sicherungsfonds-Finanzierungs-Verordnung (Leb- en)” – SichLVFinV). As of 31 December 2012, the future lia- bilities of ­­­Allianz Lebens­versicherungs-Aktiengesellschaft and its subsidiaries to the insurance guarantee scheme amount to annual contributions of € 6.7  mn (2011: € 5.3  mn) and an obligation for special payments of € 124  mn (2011: € 118  mn). In accordance with §§ 124 ff. of the German Insurance Super­ vision Act (“Versicherungsaufsichtsgesetz” - VAG), ­Allianz Private Krankenversicherungs-AG is a member of the man- datory insurance guarantee scheme (Sicherungsfonds) for German health insurers. In case the guarantee scheme has to resume responsibility for insurance contracts, it will col- lect special payments from its members to fulfill its tasks. Until today, no contributions have been requested by the scheme. As of 31 December 2012, the potential liabilities of ­Allianz Private Krankenversicherungs-AG to the insurance guarantee scheme amount to an obligation for special pay- ments of € 45 mn (2011: € 43 mn). In December 2002, Protektor Lebensversicherungs-Aktien­ gesellschaft (“Protektor”), a life insurance company whose role is to protect policyholders of all German life insurers was founded. ­­­Allianz Lebensversicherungs-Aktiengesell- schaft and some of its subsidiaries are obligated to provide additional funds either to the mandatory insurance guar- antee scheme or to Protektor, in the event that the funds provided to the mandatory insurance guarantee scheme are not sufficient to handle an insolvency case. Such obliga- tion amounts to a maximum of 1 % of the sum of the net underwriting reserve with deduction of payments already provided to the insurance guarantee scheme. As of 31 De- cember 2012, and under inclusion of the contributions to the mandatory insurance scheme mentioned above, the Annual Report 2012    Allianz Group338