Regulatory Alerts2004-12-08
Ordinance No. 19 of 08.12.2004 on Pension Reserves and Reserves for Guaranteeing the Payment of Life Annuities
The Commission for Financial Supervision issued Ordinance No. 19 to regulate the creation, calculation, and maintenance of pension reserves by insurance companies managing voluntary pension funds and universal pension funds. The regulation mandates that pension reserves cover life annuities paid to retirees who outlive actuarial estimates, while separate guarantee reserves cover funding shortfalls in universal pension funds. It establishes strict accounting requirements, actuarial calculation methods using technical interest rates and mortality tables, and reporting obligations to the supervisory authority.
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