Regulatory Alerts2021-06-29
Added · Updated
Ordinance No. 70 of 29.06.2021 on Requirements for Payment Funds
The Commission for Financial Supervision issued Ordinance No. 70 to establish detailed requirements for the formation, maintenance, and calculation of required funds for life annuity and deferred payment schemes. The regulation mandates specific methodologies for calculating net assets, surpluses, and deficits, requiring pension insurance companies to top up deficits or release surpluses exceeding 5% of liabilities by March 31 of the following year. Additionally, it introduces new provisions for guarantee reserves for life annuities and updates related administrative registries and reporting obligations.
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