Regulatory Alerts2014-08-01
FMA Circular on the Auditing Actuary’s Report for Business Plan Approvals under Article 20 Para. 4 PKG
The Financial Market Authority issued this August 2014 circular to define the content and structure requirements for auditing actuary reports submitted with applications for business plan approvals under Article 20 para. 4 PKG. The document mandates that these reports must demonstrate compliance with three specific criteria: adherence to recognized actuarial principles, ongoing fulfillment of pension contract obligations, and sufficient efforts to uphold beneficiary interests. It further outlines that audits should focus on new or amended plan content while requiring detailed justifications, sample calculations, and a structured format to facilitate efficient regulatory review.
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