Regulatory Alerts2021-06-10
Added · Updated
Ordinance No. 68 of 10.06.2021 on Reserves of Pension and Insurance Companies for Guaranteeing the Gross Amount of Contributions to Universal Pension Funds
The Commission for Financial Supervision issued Ordinance No. 68 to establish requirements for pension and insurance companies managing universal pension funds to create and maintain reserves guaranteeing the gross amount of contributions. The ordinance mandates that these reserves be calculated monthly at 0.5% of the fund's net asset value, with companies required to top up or release funds to maintain this level. It also amends related regulations regarding minimum yield reserves for additional mandatory pension funds and standardizes reporting formats for the Commission.
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