Munich Re PCC Limited
Whitehall Mansions, Level 4,
Ta' Xbiex Seafront, Ta' Xbiex,
Authorised Representatives: Peter Miehle and Birger Schimpf
Supervisory Authority: Malta Financial Services Authority (MFSA), Notabile Road, BKR3000, Attard, MALTA
Under the terms of the Insurance Business Act 1998, MFSA has authorised the Company, a protected cell company, to transact long term insurance business in or from Malta.
Registry of Companies of Malta, Company No.: C81097
VAT ID: MT 2439-5005
For product related questions, please contact the customer service:
On Service GmbH
Telephone number: +49 40 88 14 12 266
Fax number: +49 40 88 14 12 269
We are not prepared or obliged to take part in dispute settlement procedures in front of a consumer arbitration board (Verbraucherschlichtungsstelle, §36 paragraph 1 No. 1 VSBG).
The European Commission is providing a platform for online dispute settlement (OS platform). You can reach them at ec.europa.eu/consumers/odr
General Terms and Conditions for Use of the VestUp Mobile Application and Website
As of January 2018
- Any and all use of the “VestUp” Mobile Application ('Mobile App') and 'VestUp' Website (www.vestup.de, 'Website') offered by Munich Re PCC Ltd., a cell company formed in accordance with the provisions of the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations (Subsidiary Legislation 386.10 of the Laws of Malta), appearing hereon on our own behalf and in respect of the Savings & Investments Cell (the 'Company' or 'we') is permitted to our customers (each a 'Customer') exclusively in accordance with the present terms and conditions (the 'T&C').
The following Company is responsible for the content and services rendered through the Mobile App or Website and is Customer's contractual partner:
Munich Re PCC Ltd., in respect of the Savings & Investments Cell
Address: Level 4, Whitehall Mansions, Ta’ Xbiex Seafront, Ta’ Xbiex, XBX 1026, Malta,
Tel: +356 21344066
VAT-ID: MT 2439-5005
- The services offered in the Mobile App and on the Website are directed exclusively to consumers. For the purpose of these T&C, 'Consumer' is any natural person entering into the contract for purposes that are predominantly outside his trade, business, craft or profession (Art. 2(1) Directive 2011/83/EU, Sec. 13 BGB).
- We reserve the right to unilaterally change these T&C, provided they have become part of the contractual relationship with the Customer, to the extent such changes are necessary, or to bring the T&C in line with new legal or technical requirements. We will inform the Customer about the amended provisions. The changes will become effective and will be part of the contractual relationship with the Customer, unless the Customer has objected to this by giving notice in written or text form within a period of four weeks following the notification about the changes.
- Company is entitled to discontinue operation of the Mobile App and/or the Website, in full or in part, at any time without justification. If so, Customers will be granted an alternative for accessing their accounts, financial status, and insurance contracts.
Registration, User Account
- A Customer can register and create a personal user account ('User Account'). Each Customer shall keep only one User Account at the same time. Registration, activation and use of the User Account are free of charge. Upon registration, the User Account may be used for the Mobile App and the Website.
- We are not obligated to accept a registration by a Customer.
- The Customer may review and change his entry during the registration process by using the keyboard of his device. The Customer may at any time access and view these T&C within the Mobile App and on the Website, where they may also be downloaded and printed.
- The User Account will be activated without undue delay after registration. A Customer shall be notified of the activation of his User Account by e-mail. Hereafter, the Customer can log in with his credentials (user name and password). The contractual relationship between the Company and the Customer regarding the use of the Mobile App and the Website is concluded at the time the Customer receives the notification of the activation of its User Account. The languages available for concluding the agreement are: German and English.
- All information and details provided by the Customer must be true, and any future changes must be communicated without undue delay, in particular if the Customer should cease to be a Consumer (as defined in Sec. 1 (3) above). The Customer is entitled to view, amend or delete his information and his account settings at any time. Provided a legitimate interest can be demonstrated, we reserve the right to postpone the effectiveness of a change until written evidence is supplied by the Customer.
- In the event of a violation of (i) applicable law, (ii) these T&C, or (iii) other applicable contractual terms, we reserve the right to withhold any features of the Mobile App and/or the Website, to temporarily suspend the User Account, to delete the User Account irrevocably or to take any other appropriate measure (virtual domestic authority). We shall decide on any such measure at our own discretion. However, in any case, we will provide the Customer with alternative means for reviewing and accessing Customer’s account, financial status, and insurance contracts.
- The Customer may delete his User Account at any time without stating any reasons. A suspension or deletion of the User Account does not affect previously created mutual rights and obligations.
- The Customer may not transfer the User Account and the rights and obligations resulting therefrom without our prior written consent. The use of the User Account deems the respective user to be authorized to use the User Account. The Customer hereby authorizes the respective user of the User Account to make use of the User Account on behalf and for the account of the Customer.
- The Customer must keep his credentials confidential and limit the access to his User Account. In particular, the Customer must protect his credentials against loss, theft and any other misuse. He must notify us of any loss of credentials in text form without undue delay.
- Any damage caused as the result of unauthorized use of the credentials shall be attributed to the Customer if Customer caused the unauthorized use by means of an intentional or negligent violation of one of his duties set forth in Section 2 (9).
Services, Information on Products
- Company offers a Mobile App and a Website regarding information and use of financial products offered by Company, in particular regarding life insurances. For that purpose, Company keeps certain information available for retrieval or download in the Mobile App and on the Website
- The financial products offered within the Mobile App and on the Website can be selected by the Customer. Further information will be provided to the Customer in the course of the conclusion of contracts regarding such products. Such insurance contracts, including their conclusion via the Mobile App or Website, will be governed by separate terms and conditions which will be presented to the Customer before the conclusion of the insurance contract.
Rights to Use the Information, Software and Documentation
- Use of the information, software and documentation made available in the Mobile App and on the Website is governed by the present T&C.
- Company grants the Customer a non-exclusive, non-transferable right to use and copy the Mobile App and the information and documentation made available in the Mobile App and the Website for the purposes laid out in these T&C. Company has licensed these rights from Munich Re Think GmbH, Mandlstrasse 3, 80802 Munich, Germany.
- The right to copy is limited to the installing, loading, displaying, running and storing of the Mobile App on a mobile device that is in the Customer’s immediate possession.
- The Mobile App itself as well as the information and documentation provided in the Mobile App and on the Website are protected both by copyright laws and international copyright agreements, and by other laws and agreements pertaining to intellectual property. The Customer shall observe these rights and, in particular, the Customer shall not remove any alphanumeric codes, trademarks, designs or copyright notices either from the Mobile App, the Website information or the documentation, or from copies thereof.
- We shall not be liable for damages towards the Customer with the following exceptions:
a) if a guaranteed quality is not present;
b) for claims regarding damages for injury to life, body or health due to intentional or negligent breach of duty by us or by our legal representative or persons we engage in the performance of our obligations;
c) for claims regarding other damages arising from an intentional or grossly negligent breach of duty by us or by our legal representative or persons we engage in the performance of our obligations;
d) for violation of material contractual obligations whose breach jeopardizes the achievement of the purpose of the contract or whose fulfilment is a prerequisite for enabling the proper fulfilment of the contract and on the fulfilment of which the customer regularly relies (Kardinalpflichten);
e) for claims under the applicable product liability laws.
- In cases of paragraph (1) d) above, the amount of our liability is limited to the damages which typically occur and are foreseeable at the time of conclusion of the contract.
- We shall be liable for loss of data only up to the amount of typical recovery costs that would have arisen had proper and regular data backup measures been taken.
- In case there is a limitation or exclusion of our liability, such limitations and exclusions shall also apply to the personal liability of our employees, representatives, officers and persons we engage in the performance of our obligations.
- In consideration of the properties of the internet and of computer systems, Company assumes liability neither for the uninterrupted availability of the Mobile App and the Website nor for interoperability with other applications, mobile devices and operation systems.
- We shall not be liable for damages towards the Customer with the following exceptions:
- We collect, process and use Customer's personal data when you use our Mobile App and/or the Website and enter into contractual relationships with us. We do so in compliance with applicable data protection law.
- For further information on the collection, process and use of Customer's data, we refer to our data privacy statement
The contractual relationship between us and the Customer shall be governed and interpreted in accordance with the laws of Germany, excluding its conflict of law provisions. For consumers residing in another member state of the EU, the mandatory consumer protection provisions of the law of such member state will remain unaffected.
Information on Alternative Dispute Resolution (ADR)
We are neither willing nor obliged to participate in consumer ADR-proceedings (Sec. 36 (1) no. 1 German Alternative Dispute Resolution Act in Consumer affairs, 'VSBG').
If one or several provisions of these T&C should be or become legally invalid for any reason whatsoever, the validity of the remaining provisions shall not be affected thereby. In such case, the invalid provision shall be replaced by the provision of statutory law. If such statutory law does not exist (loophole) or led to unreasonable results, the parties will enter into negotiations to replace the invalid provision by another provision coming as close as possible to the legal and economic purpose of the invalid provision.
DATA PRIVACY STATEMENT OF MUNICH RE PCC LIMITED – SAVINGS & INVESTMENTS CELL
- Version dated January 2018 -
We, Munich Re PCC Limited, a cell company formed in accordance with the provisions of the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations (Subsidiary Legislation 386.10 of the Laws of Malta), appearing hereon on our own behalf and in respect of the Savings & Investments Cell and having its registered office at Level 4, Whitehall Mansions, Ta´ Xbiex Seafront, Ta´ Xbiex, Malta, are incorporated and existing under the laws of Malta and under such laws we are licensed to conduct insurance and/or reinsurance business.
We thank you for your interest in our “VestUp”-Mobile Application (hereinafter “Mobile App”) and/or our “VestUp” website (www.vestup.de, hereinafter “Website”). Our Mobile App and Website contain information about, and offers for, our various financial products, in particular life insurances. This policy explains how and when we collect, store, process, transfer and use your personal data relating to you (hereinafter “Personal Data”). We are committed to ensuring the protection of all Personal Data that we hold and to fulfilling our responsibilities and obligations under applicable data protection legislation and regulation, in particular the Data Protection Act (Cap. 440 of the Laws of Malta)
General Information on Collection, Storage, Processing, Transfer and Use of Personal Data
Personal Data means any information concerning the personal or material circumstances of a specific or - by using further information - specifiable individual. This includes, for example, information like your name, e-mail address, postal address, telephone number or information that is of particular interest to you, provided that the information is in each case attributable to you. Other information that is not directly related/linked to you and cannot be related/linked to your identity does not fall under this category.
Browsing our Website does not require disclosing your identity. However, access-related data is stored on both our servers and our third-party service providers' servers for security purposes, which could possibly lead to your identity being revealed (e.g., by IP address, date, time and information viewed).
Based on information you have provided, we render a personalized risk analysis in order to assess which financial products to offer you. For example, certain data you have entered and topics you are most interested in will be analyzed by us in order to assess which of our products and services suit you best, now and in the future.
Personal Data Collected When Using the Mobile App and the Website
If you make use of the Mobile App and/or the Website to purchase our financial products and services, we will ask for Personal Data and store and process such data provided by you which we will use for rendering our services such as: your name, email-address, mobile telephone number, date of birth, place of birth, gender, postal address, passport information (in accordance with applicable law) and potentially a photograph for verification via video (see Online Identity Verification below), and payment information (such as bank account information). We will protect and store this Personal Data in accordance with applicable law and prevailing market standards.
Personal Data Collected during Online Identity Verification
In the course of an online identity verification we collect, process and store the following Personal Data: your full name, place of birth, date of birth, nationality, gender, registered address and mo-bile phone number. In order to verify your identity, we are obliged to cross-check the information provided by you with your national ID card or passport.
Due to anti-money laundering provisions, we are further obliged to collect, process and store the type of document, which you have used to verify your identity, the national ID/passport number and the issuing authority. For this purpose, we will store the audio recording of the video call, screen-shots of your image taken during the video call, a copy (e.g. screenshot) of your national ID card or passport. We are also obliged to store all data collected within the online identity verification pro-cess for at least five years, from the date of termination of our services to you, due to statutory retention periods.
Use of Personal Data, Consent
Without your explicit consent, we use your Personal Data to the extent necessary for creating, executing or terminating contractual or similar obligations. In particular, we will use the Personal Data for understanding your risk profile and monetary goals so that we can provide tailored recommendations. Once you deactivate your User Account, your Personal Data will be blocked for other use and will be deleted upon expiry of the applicable retention period pursuant to tax and commercial law, unless you have expressly agreed to the further use of your Personal Data or further storage is required or permitted by law.
Furthermore, we use and process, to the extent permitted by law, your name, address and e-mail address to send you marketing information about our services by mail or electronically. You can object to this use of your Personal Data at any time.
Personal Data and Third Party App Store
Transfer of Personal Data to and Processing by Third Parties (Service Providers)
We only transfer your Personal Data to companies involved in the execution of the transaction (e.g., payment service providers). If you have given us your separate consent to use and transfer your Personal Data, such data will only be transferred to the recipients specified in such consent. If in the course of any commissioned data processing on our behalf, Personal Data is processed by customer support and IT service providers, such service providers will also have to comply with the Data Protection Act (Cap. 440 of the Laws of Malta) and any applicable laws. Such data processing will be carried out only subject to a legally compliant service agreement.
In particular, we will store Personal Data on servers hosted and managed in Europe by Amazon Web Services Inc., 410 Terry Avenue North, Seattle WA 98109, United States. Your log-in e-mail address and encrypted passwords will be stored in Europe by Auth0 Inc., 10 authzeros, Siena Court, The Broadway, Maidenhead SL6 1NJ, United Kingdom. Also, we use Munich Reinsurance Company, Königinstrasse 107, 80802 Munich and On Service GmbH, Stresemannstrasse 23, 22769 Hamburg, as a customer support service provider, who will have access to Personal Data only for the purpose of providing policy administration and customer support services to you on our behalf.
Any transfer to and access/processing by such service providers is covered by appropriate data processing agreements that ensure processing on our behalf in compliance with applicable data protection law.
Further Collection, Storage, Processing, Transfer and Use of Personal Data
Any further collection, storage, processing, transfer or use of your Personal Data is subject to a separate consent, unless it is permitted or required by applicable law. If you have expressly given us your consent, its content will correspond with the following declaration of consent
Permission for E-mail Advertising
“I agree to receive personalised information about VestUp via email on a regular basis (I can unsubscribe at any time)“
We will record any consent declaration according to the statutory requirements and make them hereby available to you at any time. You may revoke your consent(s) at any time with effect for the future.
Push Notifications / In-App Messages
Based on your confirmation within the Mobile App, we might send you push notifications or in-app messages to inform you about our products and services; you may deactivate such notifications or in-app messages in the respective settings of your mobile device.
Right to Information, Data Protection Officer
You have the right to inquire, free of charge, about any stored Personal Data concerning you and the right to have such Personal Data corrected, blocked or deleted.
Questions regarding the collection, processing or use of your data; any inquiries regarding infor-mation, correction, blocking or deletion of data; as well as any revocation of granted consent can be sent to:
Willis Towers Watson Management (Malta) Limited
Development House, St. Anne Street, Floriana, FRN 9010, Malta
The following entity is responsible for all data processing (data controller):
Munich Re PCC Ltd.
Level 4, Whitehall Mansions, Ta' Xbiex Seafront, Ta' Xbiex, XBX1026, Malta
During transmission your Personal Data are encrypted by means of SSL. We protect our Website, data received via the Mobile App and other systems by technical and organizational means against loss, destruction, unauthorized access, modification or distribution of your Personal Data. We store Personal Data collected for different purposes separately.
Pseudonymized User Profiles, Google Analytics
For the above-defined purposes, we create pseudonymized user profiles by third-party services:
By activating the IP-anonymization function of Google Analytics, the IP address of the users will be abbreviated by Google within the member states of the European Union or in other states that are a party to the Agreement on the EEA. Only in exceptional cases, the entire IP address will be trans-mitted to a Google server in the USA and will be abbreviated there. The IP-anonymization function is active in our Mobile App and the Website. On our behalf, Google will use the collected infor-mation to analyze user behavior in the Mobile App and on the Website, compile reports on user activities and perform other services with regard to the use of the Mobile App, the Website and the internet. The IP address submitted by your device through Google Analytics will not be combined with other data by Google.
Opt out for Mobile App: You may refuse the use of Google Analytics by selecting the appropriate settings within your mobile device. Furthermore, you may prevent the collection of the data gener-ated by the cookie and the data related to the use of our Mobile App (including your IP address) by Google as well as the processing of such data by Google by disabling Google Analytics within the settings of the Mobile App. However, please note that if you do this, you may not be able to use the full functionality of the Mobile App.
Opt out for Website: You may refuse the use of Google Analytics by selecting the appropriate cookie settings on your web browser. Furthermore, you may prevent the collection of the data gen-erated by the cookie and the data related to the use of our Website (including your IP address) by Google as well as the processing of such data by Google by downloading and installing the browser plugin available under the following link: http://tools.google.com/dlpage/gaoptout?hl=de. As an alternative to the browser plugin or for web browsers, please follow this link in order to prevent the recording of your user behavior by Google Analytics in the future: Deactivate Google Analytics. Please note that this function will place a so-called opt-out cookie on your device. If you delete your cookies, you will have to follow the link again in order to continue to prevent the collection, transfer and analysis of your data by Google Analytics.
You can find further information regarding the conditions of use and data protection relating to Google Analytics under http://www.google.com/analytics/terms/de.html or https://www.google.de/intl/de/policies/.
Sensitive Personal Data
Where you provide us with Personal Data that may be regarded as “Sensitive Personal Data” as defined under the Data Protection Act (Cap. 440 of the Laws of Malta) you agree that we and third parties acting on our behalf as specified in this Data Privacy Statement, may use such Personal Data for the purposes stipulated herein.
Sensitive Personal Data is defined under the Act as Personal Data that reveals race or ethnic origin, political opinions, religious or philosophical beliefs, membership of a trade union, health, or sex life.
Information you provide about other parties
Where you submit Personal Data to us and any additional information, we rely on you to have first obtained appropriate consents for the transfer, and processing of, such data and information, to or by us and third parties acting on our behalf.
You must not submit such data and information to us unless you have the appropriate permissions and consents.
Key Information Documents
KIDs provide clear information on investment products. They are provided due to a new EU regulation on packaged retail and insurance-based investment products (PRIIPs).
Please find below the key information documents for the different investment strategies of VestUp: