Regulation No. 2009-04 on Supervisory Reporting by Life Insurance Undertakings

REGULATION ON SUPERVISORY REPORTING BY LIFE INSURANCE UNDERTAKINGS year 2009 / number 04 (Consolidated text as of 29/01/2026 - Update III)

Central Bank of the Republic of San Marino Regulation No. 2009-04 on supervisory reporting by life insurance undertakings – Update III 2 INDEX PART I GENERAL PROVISIONS....................................................................................................... 3 Article 1 – Definitions. ...................................................................................................................................................................3 Article 2 - Scope of application. ..............................................................................................................................................3 Article 3 – Structure of reporting. .......................................................................................................................................3 Article 4 – Reporting relating to production, settlements, technical reserves, the portfolio of financial assets and the profitability of investments............................................................................................................................4 Article 5 – Reporting relating to the solvency margin and assets covering technical reserves. .................4 Article 6 – Reporting relating to balance sheet estimates and other annual reports. ..............................................4 Article 7 – Reporting relating to the official balance sheet........................................................................................................4 Article 8 – General instructions for completing the reports. ...........................................................5 Article 9 – Deadline for forwarding reports. .................................................................................................................5 Article 10 – Organizational provisions for INSURANCE UNDERTAKINGS. ......................................................................6 Article 11 – Use of the electronic submission procedure for forwarding other documentation. ...................................6 Article 12 – Sanctions. ......................................................................................................................................................................6 PART II TRANSITIONAL AND FINAL PROVISIONS............................................................................. 6 Article 13 – Transitional provisions. ...........................................................................................................................................6 Article 14 – Entry into force........................................................................................................................................................7

Central Bank of the Republic of San Marino Regulation No. 2009-04 on supervisory reporting by life insurance undertakings – Update III 3 PART I GENERAL PROVISIONS Article 1 – Definitions.

1. For the purposes of this Regulation, the following terms are understood as: a) “Central Bank”: the Central Bank of the Republic of San Marino, in its capacity as the supervisory authority over the banking, financial, and insurance system; b) “Insurance Undertaking”: the company authorized under the LIFE INSURANCE REGULATION to carry out the activity referred to in letter G of Annex 1 of the LISF; c) “Companies Law”: Law No. 47 of 23 February 2006 and subsequent amendments and additions; d) “LISF”: Law No. 165 of 17 November 2005, on banking, financial, and insurance undertakings and services; e) “Balance Sheet Regulation”: the CENTRAL BANK REGULATION No. 2009-01 on the preparation of the annual balance sheet of insurance undertakings carrying out life insurance lines; f) “Life Insurance Regulation”: the CENTRAL BANK REGULATION No. 2008-01 on life insurance line activities.

Article 2 - Scope of application.

1. The provisions of this Regulation apply to INSURANCE UNDERTAKINGS having their registered office in the territory of the Republic of San Marino, authorized to professionally carry out insurance activities relating to the life insurance lines and sub-lines referred to in Article 5 of the LIFE INSURANCE REGULATION, and registered in the register of authorized subjects, as referred to in Article 11 of the LISF.

Article 3 – Structure of reporting.

1. INSURANCE UNDERTAKINGS are required to forward to the CENTRAL BANK, according to the methods established in this Regulation, reports relating to their accounting, financial, and profit/loss situation.
2. Reports are divided into: a) reports relating to production, settlements, technical reserves, the statement relating to the composition of the separate management account, and the portfolio of financial assets; b) reports relating to the solvency margin and assets covering technical reserves; c) reports relating to balance sheet estimates and other annual reports; d) reports relating to the official balance sheet.

Central Bank of the Republic of San Marino Regulation No. 2009-04 on supervisory reporting by life insurance undertakings – Update III 4 Article 4 – Reporting relating to production, settlements, technical reserves, the statement relating to the composition of the separate management account, and the portfolio of financial assets.

1. INSURANCE UNDERTAKINGS transmit to the CENTRAL BANK on a quarterly basis reports relating to: a) premium collections during the quarter; b) financial assets at the end of the quarter; c) settlements carried out during the quarter and technical reserves at the end of the quarter; d) the statement relating to the composition of the separate management account at the end of the quarter.
2. INSURANCE UNDERTAKINGS transmit to the CENTRAL BANK on a quarterly basis reports relating to: a) settlements carried out during the quarter; b) technical reserves at the end of the quarter.

Article 5 – Reporting relating to the solvency margin and assets covering technical reserves.

1. INSURANCE UNDERTAKINGS transmit to the CENTRAL BANK on a quarterly basis a summary schema of the statement referred to in Annex B of the BALANCE SHEET REGULATION with data relating to the minimum required solvency margin referred to in Article 100 of the LIFE INSURANCE REGULATION.
2. INSURANCE UNDERTAKINGS transmit to the CENTRAL BANK on a quarterly basis the data contained in the statement referred to in Annex C of the BALANCE SHEET REGULATION relating to assets placed to cover technical reserves referred to in Article 82, paragraph 7, of the LIFE INSURANCE REGULATION.

Article 6 – Reporting relating to balance sheet estimates.

1. INSURANCE UNDERTAKINGS send to the CENTRAL Bank certain estimates of data relating to the annual balance sheet according to the balance sheet and income statement schemas referred to in Annex D of the BALANCE SHEET REGULATION.

Article 7 – Reporting relating to the official balance sheet.

1. INSURANCE UNDERTAKINGS send to the CENTRAL BANK a paper copy of the balance sheet documentation referred to in Article 3 of the BALANCE SHEET REGULATION and the semi-annual report referred to in Article 22 of the same Regulation within the deadlines set out in the subsequent Article 9.
2. Concurrently with the submission of the balance sheet, INSURANCE UNDERTAKINGS transmit supervisory reports relating to: a) land and buildings;

Central Bank of the Republic of San Marino Regulation No. 2009-04 on supervisory reporting by life insurance undertakings – Update III 5 b) credits; c) financing to enterprises; d) reinsurance cessions; e) details of technical reserves; f) balance sheet and income statement; g) statement demonstrating the solvency margin; h) statement demonstrating assets covering technical reserves; i) notes to the financial statements. 3. The reports referred to in paragraph 2, letter f), shall also be transmitted upon submission of the semi-annual report.

Article 8 – General instructions for completing the reports.

1. Without prejudice to what is provided in the subsequent paragraph 3, the forwarding of reports takes place via electronic flow through a specific network channel made available by the CENTRAL BANK. Following the registration of the INSURANCE UNDERTAKING in the register of authorized subjects, the CENTRAL BANK provides the President of the INSURANCE UNDERTAKING or a subject delegated by him with authorization to access the aforementioned channel, assigning a strictly confidential user ID and password.
2. The schemas of the reports and the relative instructions for completion are available within the computer procedure. They may be varied by resolution of the Supervision Coordination of the CENTRAL BANK, without this requiring modifications to this Regulation. Modifications will be brought to the attention of those concerned with adequate advance notice prior to their entry into force.
3. The transmission of the documentation referred to in Article 7, paragraph 1, takes place via registered mail or direct delivery at the CENTRAL BANK. The CENTRAL BANK may request, pursuant to Article 10 of this Regulation, the electronic submission of the balance sheet and/or the semi-annual report, as an addition to or in substitution for the paper copies.

Article 9 – Deadline for forwarding reports.

1. INSURANCE UNDERTAKINGS, without prejudice to what is provided in the subsequent paragraphs 2 and 3, must transmit reports within a maximum term of thirty calendar days from the reference date of the reports themselves.
2. INSURANCE UNDERTAKINGS transmit the reports referred to in Article 6 no later than 31 January following the closing of the financial year.

Central Bank of the Republic of San Marino Regulation No. 2009-04 on supervisory reporting by life insurance undertakings – Update III 6 3. INSURANCE UNDERTAKINGS transmit the reports referred to in Article 7 no later than the deadlines provided for in Articles 7 and 25 of the BALANCE SHEET REGULATION.

Article 10 – Organizational provisions for INSURANCE UNDERTAKINGS.

1. INSURANCE UNDERTAKINGS must ensure coordination between their internal accounting, official balance sheet data, and supervisory reports.
2. Except for the reports referred to in Article 7 of this Regulation, whenever reference is made to a value from the balance sheet or semi-annual report, such reference does not necessarily imply the reporting of the same amount but indicates that, in determining said value, the same criteria used in the preparation of the balance sheet or semi-annual report must be adopted.

Article 11 – Use of the electronic submission procedure for forwarding other documentation.

1. The CENTRAL BANK reserves the right, following appropriate communication, to use the computer procedure for sending supervisory reports also to receive other information or documents from INSURANCE UNDERTAKINGS.

Article 12 – Sanctions.

1. Violation of the provisions of this Regulation is subject to administrative sanctions pursuant to Article 18 of Decree No. 76 of 30 May 2006, without prejudice to criminal sanctions provided for by the LISF.

PART II TRANSITIONAL AND FINAL PROVISIONS Article 13 – Transitional provisions.

1. INSURANCE UNDERTAKINGS already operating on the date of entry into force of this Regulation are permitted to transmit the reports referred to in Article 4, paragraph 1, on a quarterly basis instead of monthly, limited to the period ending on 30 June 2010. In this case, the report referred to in Art. 4, paragraph 1, letter a) will refer to the entire quarter and not to individual months. After this date, reports must be forwarded according to the methods and periodicity provided in Part I of this Regulation. These undertakings may also transmit the reports referred to in Article 4, paragraph 2, letter a), and Article 5 starting from those referring to the date of 30 June 2010 instead of those referring to the date of 31 March 2010. The first of the reports referred to in Article 4, paragraph 2, letter a) will refer to the entire half-year instead of individual quarters.

Central Bank of the Republic of San Marino Regulation No. 2009-04 on supervisory reporting by life insurance undertakings – Update III 7 2. INSURANCE UNDERTAKINGS that exercise the option referred to in paragraph 1, at the end of the first and second month of each quarter, will transmit a summary statement showing at least the amount of premium collections carried out during the month and the list of financial assets held by the undertaking at the end of the month, showing, for each asset, the quantity held and the name of the depositary bank.

Article 14 – Entry into force.

1. This Regulation enters into force on 1 January 2010.