Bonn, January 21, 2022 – The German tax consultant insurance – pension fund for the tax consulting profession VVaG – is also formally in liquidation at the beginning of 2022. In connection with the restructuring that was carried out, the decision of the Federal Financial Supervisory Authority (BaFin) to revoke the license to conduct business became legally binding on December 31, 2021. This does not result in any changes for the members of the pension fund.
The revocation of the license to conduct business is essentially associated with the final ban on new business. Deutsche Steuerberater-Versicherung has not accepted new insured persons since October 2018. A possible opening also plays no role in their plans. In order to ensure ongoing benefits for retirees and future beneficiaries, the pension fund does not need any new business, as the existing contracts are funded and not dependent on any new business. The Deutsche Steuerberater-Versicherung can thus concentrate on the benefits of the insured.
The withdrawal of the business license has no effect on existing insurance contracts. These are fulfilled by Deutsche Steuerberater-Versicherung with all contractual rights and obligations over the entire term of the contract, ie normally until the end of the insured person’s life or, if applicable, their surviving dependents.
In February 2020, BaFin had already revoked the license to conduct business in connection with the restructuring that had been carried out. However, the revocation had not become final because the German tax consultant insurance had initially lodged an objection to the decision and later sued. The board of directors has now decided not to pursue the lawsuit against the revocation of the license to conduct business.
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