Regulatory Alerts2013-03-20
Ordinance No. 48 of 20.03.2013 on Requirements for Remuneration
The Financial Supervision Commission issued Ordinance No. 48 to establish principles and requirements for remuneration policies across insurers, reinsurers, supplementary social security funds, management companies, and public companies. The regulation mandates that remuneration structures align with long-term interests, risk management, and financial stability, prohibiting incentives that encourage excessive risk-taking. It further requires strict governance, including independent oversight, deferral of variable pay, clawback provisions, and comprehensive transparency regarding executive compensation.
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