Client Update | Regulatory Updates from the Capital Markets Authority | October 2017
9 October 2017
On the 1st of October 2017, the Capital Market, Insurance and Savings Authority published regulatory updates for October 2017. The following instructions and draft directives were published:
Capital and Solvency
Commissioner’s Position: Division of dividends by insurance companies
Commissioner’s Position (draft): Reference to Stock Exchange clearing houses regarding capital requirements of the economic solvency regime “Solvency II”
Life Insurance, Provident Funds, Pension Funds, Agents and Advisors
Draft: Handling of quality information enquiries
Update: Obligation to use a pension clearing system
Disclosure and Evaluation of Pension Funds
Draft Amendment: Consolidated circular regarding reports to the Commissioner (report file EV)
Management and Operation Risks
Commissioner’s Position: Preparation for implementation of an agreement regarding the automatic exchange of information
Regulated Financial Services
Draft: Control of financial services (regulated financial services) (licence exemptions) (temporary order), 2017
Financial Institutions
Temporary Order: Draft – Joining a pension/provident fund
Actuarial Activity, Disclosure and Evaluation; Pension Funds
Amendment of the consolidated circular – the method of calculating the actuarial balance sheet and the policy coefficients of a pension fund and a central provident fund for annuity.
Information and Reporting, Financial Institutions
Draft: Amendment of the provisions of the consolidated circular regarding reinsurance reports to the Commissioner
Agents and Advisors, Financial Institutions
Clarification: Draft: Pension marketing procedure on acquiring a pension product
Pension Savings
Circular: Transfer of monies from a central provident fund for severance pay (amendment to circular regarding transfer of monies between provident funds).
