Regulatory Alerts2013-03-20
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Regulation No. 48 of 20.03.2013 on the Requirements for Remuneration
This regulation establishes principles and requirements for remuneration policies and practices in 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 managerial, risk-taking, and control functions, ensuring alignment with risk management and long-term interests. Public companies must also adopt and periodically review remuneration policies for their management and control bodies, with variable remuneration subject to deferral over a minimum of three years if it exceeds one-third of the gross annual remuneration. The regulation requires clear disclosure of remuneration policies and their changes.
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