Regulatory Alerts2006-04-19
Decision on Methodology of Harmonizing Operations of an Insurance Company with the Law on Voluntary Pension Funds and Pension Schemes
The Governor of the National Bank of Serbia issued this Decision to establish the methodology for insurance companies to harmonize their voluntary pension insurance operations with the Law on Voluntary Pension Funds and Pension Schemes. The regulation mandates that insurers notify the central bank and policyholders of their chosen harmonization method by specific deadlines in 2006 and submit comprehensive documentation, including financial statements and operational plans, to obtain operating licenses. Upon approval, funds are transferred to newly established voluntary pension funds, converting insurance holders into fund members while ensuring the insurer's remaining assets remain sufficient to cover ongoing obligations.
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