Regulatory Alerts2018-03-31
PF Circular 67: Valuations Under the Pension Funds Act, 1956
The Financial Institutions Office issued PF Circular 67 to rescind automatic valuation exemptions for pension funds underwritten exclusively by insurance policies and mandate independent valuator investigations under the Pension Funds Act, 1956. Insurers must submit detailed schedules by November 1988 identifying funds requiring immediate valuations, those eligible for exemptions via valuator certificates, and corresponding implementation timelines. The Office will approve phased implementation and abbreviated reporting formats for smaller funds, while new registrations must immediately comply with valuator reporting or exemption certification requirements.
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