Regulatory Alerts2013-03-20
Added · Updated
Ordinance No. 48 of 20.03.2013 on the Requirements for Remuneration
This ordinance establishes principles and requirements for remuneration policies and practices for insurers, reinsurers, supplementary social security companies, and management companies. It mandates that these entities adopt policies covering all forms of remuneration for key personnel, including provisions for fixed and variable pay, deferral of variable remuneration (at least 40% if exceeding one-third of gross annual remuneration, deferred for a minimum of three years), and clawback clauses for payments based on erroneous data. Public companies must also adopt and publicly disclose a remuneration policy for their management and control bodies, which must be reviewed at least every four years. The policies aim to promote sound risk management, align with long-term interests, and ensure remuneration is independent for control functions and actuaries.
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