Regulation No. 2016-04 - Regulation on Supervisory Reporting for Life Insurance Companies - Update No. II

THE GENERAL DIRECTOR OF THE CENTRAL BANK OF THE REPUBLIC OF SAN MARINO HAVING REGARD to Law 17 November 2005, No. 165 and in particular Article 39, which grants the Central Bank of the Republic of San Marino the power to issue measures containing binding and general provisions; HAVING REGARD to the Statute of the Central Bank of the Republic of San Marino approved by Law 29 June 2005, No. 96 and in particular Article 30, paragraph 3 of the said Statute, according to which the acts of the Central Bank in matters of supervision, deliberated by the Supervisory Coordination, are issued by the General Director; CONSIDERING the need to reorganize the frequency of submission of supervisory reports relating to San Marino life insurance companies as well as the relevant deadline for forwarding; CONSIDERING the necessity to include in the aforementioned supervisory reports the statement regarding the composition of the separate management; HAVING REGARD to the resolution of the Board of Directors by which the text of Regulation No. 2016-04, named "Regulation on Supervisory Reporting for Life Insurance Companies - Update No. II", was approved; ISSUES the attached Regulation No. 2016-04 which enters into force on 1 January 2017. San Marino, 22 December 2016 THE GENERAL DIRECTOR Lorenzo Savorelli

REGULATION ON SUPERVISORY REPORTING FOR LIFE INSURANCE COMPANIES UPDATE NO. II year 2016 / number 04

Central Bank of the Republic of San Marino Regulation No. 2016-04 on supervisory reporting for life insurance companies. Update No. II 2 Article 1 – Amendments to Regulation 2009-04

1. In Article 3, paragraph 2, letter a), is replaced as follows: "a) reports relating to production, settlements, technical reserves, the statement regarding the composition of the separate management and the portfolio of financial assets;"
2. Article 4 is replaced as follows: "Article 4 – Reports relating to production, settlements, technical reserves, the statement regarding the composition of the separate management and the portfolio of financial assets.
3. INSURANCE COMPANIES transmit to the CENTRAL BANK quarterly 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 regarding the composition of the separate management at the end of the quarter."
4. Article 9, paragraph 1, is replaced as follows: "1. INSURANCE COMPANIES, subject to what is provided for in the following paragraphs 2 and 3, must transmit the reports within a maximum term of thirty calendar days from the reference date of the reports themselves." Article 2 – Entry into force.
5. This Regulation enters into force on 1 January 2017.
6. The updated report templates and their related instructions are made available within the IT procedure by the date of entry into force of this Regulation.
7. INSURANCE COMPANIES adopt the aforementioned updated templates starting from reports with a reference date of 31 March 2017.