In the year under review the Group was again confronted with numerous new or modified legal requirements.

In April 2008, for example, the Statutory Order on Minimum Premium Refunds in Life Insurance entered into force; this provides for all participating in-force and new policies to share consistently in positive investment, risk and other results.

The Financial Markets Stabilization Act also had a bearing on our Group in light of investment considerations (cf. also the risk report).

As far as the regulatory environment is concerned, special mention should be made of the intensive discussions surrounding the Draft Solvency II Framework of the European Commission. In anticipation of the adoption of the framework expected for 2009, the Talanx Group has already been preparing for the new supervisory requirements for some time. In January 2009 the Federal Financial Supervisory Authority (BaFin) published a Circular on Minimum Requirements for Risk Management in Insurance Undertakings (MaRisk VA), which interprets the requirements placed by § 64 a Insurance Supervision Act (VAG) on the organization of insurance undertakings from a supervisory standpoint and preempts many of the provisions of the future Solvency II Directive. The bill to strengthen financial market and insurance regulation, which has been available in draft form since March 2009, may also have implications for the organization of our Group going forward.