KPMG Law and KPMG advise Deutscher Reisesicherungsfonds on application to operate as a travel security fund and commencement of operations

KPMG Law Rechtsanwaltsgesellschaft mbH (KPMG Law) and KMPG AG Wirtschaftsprüfungsgesellschaft (KPMG) advised Deutscher Reisesicherungsfonds GmbH (DRSF) on the application and implementation of the application requirements for the assumption of insolvency insurance for package tours under the new German Travel Insurance Fund Act (RSG).

Legislators have decided that travel providers with annual sales of ten million euros or more must secure insolvency insurance for package tours via a central fund. This is intended to ensure that travelers receive their advance payments back in the event of the travel company’s insolvency. Until now, travel suppliers were covered by insurance companies and credit institutions.

The German government decided on the key points of the new regulation back in June 2020. Under the leadership of Thomas Schreiber and Dr. Andreas Gent, the DRSF received permission from the German Federal Ministry of Justice and Consumer Protection (BMJV) on August 31, 2021, subject to conditions, and will commence travel insolvency insurance on November 1, 2021.

KPMG Law and KPMG advised DRSF in the course of its application to operate as a travel security fund. The second phase, ongoing consulting, includes the detailing of the target operating model and processes, as well as the implementation of the fund’s contract and claims platform, investment infrastructure, and corresponding control environment.

In this context, KPMG provided advice and counsel on economic, actuarial, tax and organizational issues and oversaw the overall project management.

Under the leadership of Dr. Ulrich Keunecke and Dr. Frank Püttgen, KPMG Law advised and continues to advise DRSF comprehensively and on all legal issues. Advice was provided in particular on insurance law, investment law and contract law issues in connection with the licensing procedure for the operation of the travel security fund. Furthermore, KPMG Law advised on the implementation and execution of measures related to business operations. In addition, the advice extended to the areas of banking law, employment law, insolvency law, data protection law and corporate law.

Consultant German Travel Security Fund:

KPMG Law Rechtsanwaltsgesellschaft mbH:

Dr. Ulrich Keunecke

(Partner, Lead Legal Aspects of the Overall Project, Insurance Law, Frankfurt),
Dr. Frank Püttgen
(Senior Manager, leading insurance regulatory and insurance contract law, Cologne),

Miriam Bouazza

(Partner, Financing, Frankfurt),

Maik Ringel

(Senior Manager, Legal Corporate Services, Leipzig),

Sigrid Karin Aguilar Alvarez

(Manager, Insurance Law, Leipzig),

Ines Schemmert

(Senior Associate, Insurance Law, Leipzig),

Dr. Dennis Hanstein

(Associate, Legal Deal Advisory/M&A, Hanover);

Dr. Martin Trayer

(Partner, Legal Deal Advisory/Labor Law/Healthcare Law, Frankfurt);

Hanna Michalak

(Manager, Legal Financial Services/Labor Law/IT and Data Protection Law, Frankfurt), Linda Oppermann, Senior Manager (Insurance and Surety Law, Munich)

KPMG AG Wirtschaftsprüfungsgesellschaft: Dr. Christian Schareck (Partner), Dr. Hans Volkert Volckens (Partner), Claudia Fell (Partner), Dr. Sandra Grote (Partner, Tax), Frank Schönfelder (Director, Actuarial Office) Knut Besold (Senior Manager and overall project management), Thomas Dorbert (Partner, Financing), Christiane Bohnhardt (Manager, Operations), Dennis Herschbach (Assistant Manager, PMO), Andrea Loder (Manager, PMO), Stephan Willers (Senior Manager, Assurance), Miriam Schreiner (Manager, Actuarial Office), Tilo Neubert (Senior Manager, Investments), Alexander Strolz (Senior Manager, Financing), Paulina Gegenheimer (Senior Associate, Operations), Lara Dacol (Assistant Manager, Operations), Hendrik Laß (Associate, Actuarial), Rebecca Frings (Manager, ICS), Robert Meyer (Assistant Manager, Operations), Julia Rodinjuk (Senior Associate, PMO), Malte Schneider (Assistant Manager, PMO)