As a result of the amendment to the Insurance Supervision Law of December 15, 2004, the establishment of a protection fund for life insurers is a legal requirement in Germany. This security fund serves to protect the claims of policyholders, insured persons, beneficiaries and other persons benefiting from the life insurance contract. – Protektor Lebensversicherungs-AG in Berlin has been entrusted by the Federal Ministry of Finance with the tasks and powers of the protection fund for life insurers by statutory order. This compensation scheme is subject to supervision by the Federal Financial Supervisory Authority. – See deposit insurance, fire fund, duty to protect. – Cf. BaFin Annual Report 2007, p. 205 (list of compensation schemes supervised by BaFin) and the respective BaFin Annual Report, chapter “Cross-Sectional Tasks.”
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