Publication of the technical basis and so on for life assurance

In accordance with section 20 (2), 3, section 108, paragraph. 7, and Section 373 (3). 4 and 5, in the law of financial activities, cf. Law Order no. 705 of 25. June 2012 shall be determined :

Scope of application

§ 1. This notice shall apply to life assurance undertakings, transverse pension funds and branches of foreign companies authorised to conduct life-assurance activities in accordance with section 11 of the Act of financial activities.

Paragraph 2. The people in paragraph 3. 1 the undertakings referred to in this Regulation shall be referred to as life assurance undertakings

Contents and shape

§ 2. Notification of the technical base and life assurance undertaking and the amendments thereto must be carried out by using it of the Financial supervision referred to as the ' Rectification of the technical basis and so on for the purpose of the undertaking ; life assurance ".

Paragraph 2. It must be stated in the notification of which insurance class the notified relates.

Paragraph 3. The notification shall :

1) reflect the products which the life assurance undertaking intends to use, including the description of any guarantees,

2) have such a clear and precise form that it can no further form the basis of a cynical actuan auditing calculations, and

3) in its entirety, it is appropriate to provide an adequate picture of the life assurance undertaking ' s activities relating to insurance and pensions.

Paragraph 4. It must be clearly indicated / marked in the notification, which changes have been made to prior notification of the technical base and life assurance business.

Paragraph 5. The notification must contain a mathematical description and review of the reported circumstances.

Paragraph 6. The notification shall contain a statement of the legal and economic consequences for the individual insurance holders and other eligible persons following the insurance agreements. The deposition must, as a minimum, comply with the requirements of section 3 (3). Paragraph 1 and paragraph 1. 3-5.

Paragraph 7. The notification must include a statement of the legal, economic and actuarial consequences for the life assurance undertaking. The deposition must, as a minimum, comply with the requirements of section 3 (3). 2, and paragraph 1. 6-7.

Paragraph 8. The life assurance undertaking shall, before the end of June, first before the end of June, before the end of June, submit a composite of the undertaking ' s total declared technical bases and so on for life assurance activities for the Financial supervision. The technical basis for life-assurance activities shall include all notifications of the technical base and life assurance undertaking which, in accordance with section 20 (2), is to be included in the life insurance undertaking. 1, in the Act of financial activities, has been submitted to the Finance-SEC before the end of the previous year. The technical basis for life-assurance business must not contain previously reported rules and rates which are no longer applicable at the end of the previous year. The scheme of the Financial supervision produced by the Financial Authority (s) referred to as ' Comwriting of the notified technical basis and so on for life-assurance activities ' shall be used.

Niner. 9. If it's in paragraph 3. The technical bases referred to in paragraph 5 (8) referred to in Article 5 (8) shall be subject to the technical bases referred to in Section 5 (5). 2, not publicly available, the life assurance undertaking may choose to submit an additional copy of the composite technical basis and so on to the life assurance undertaking for the Financial supervision where these parts are excluded. In such cases, it shall be clearly stated in the submitted composite technical bases etc. for life assurance activities, which are of the basic layers and so on containing parts which, in accordance with section 5 (5), are included in the case of life assurance. 2 is not publicly available.

§ 3. By notification of section 20 (2), 1, no. 1-5, in the law of financial activities, the life assurance undertaking shall state that the notified rules are reassuring and fair to the individual policyholders and other justified by the insurance agreements.

Paragraph 2. The life assurance undertaking must account for the data basis on which the notification is made.

Paragraph 3. For the notification of interest, cost and risk rates in accordance with section 20 (3). 1, no. 2 and no. 3, in the Act of financial activities, the life assurance undertaking shall :

1) in the case of insurance covered by the notification of the principle of account for each consignment account, an additional account of the fact that the report does not result in a redistribution of significant economic size between the periods in addition to the consequences of the insurance undertakings ; risk covers that are included in the insurance ; and

2) in the case of other assurances, with the right to further added bonus, the report does not result in a redistribution of significant financial size between periods in addition to the consequences of the risk covers that are included in the insurance.

Paragraph 4. The decision to make in accordance with paragraph 1. 3 shall be accompanied by evidence based on the life assurance undertaking ' s actual return on investment, actual cost and actual damage to the life insurance.

Paragraph 5. For the notification of interest, cost or risk rates, in accordance with section 20 (3). 1, no. 3, in the Act of financial activities, the life assurance undertaking of each consignment group or any group of assurances notified to the year shall inform the expected or actual rate of interest, cost or risk, and to provide a statement of information ; the consequences for collectively bonus potential, special bonus provision and equity capital. In addition, the life assurance undertaking shall indicate the expected interest, cost or risk result for the next five years.

Paragraph 6. Notification of the basis for calculation of life assurance provision, cf. Section 20 (2). 1, no. 6, in the case of financial activities, the life assurance undertaking shall state that the calculation shall be that :

1) the best possible estimates of the insurance risks involved, including mortality (observed current mortality and anticipation of future life-improvement) and invalidity frequency, etc.,

2) the best possible estimates of the costs to which the contracts are likely to be managed under the conditions in force in the market ; and

3) a dilation interest rate discharged in accordance with the requirements laid down in the legislation.

Paragraph 7. The life assurance undertaking shall, by the end of the year, submit notification of the information referred to in paragraph 1. 6, no. 1, mentioned mortality to be determined in accordance with a year of life analysis, based on the latest published guidelines for the preparation of the lifestyle analysis and the most recent published benchmarks, habitat preconditions.

Paragraph 8. In notification of the one in paragraph 1. 6, no. The life assurance undertaking shall provide a detailed account of the life assurance undertaking referred to in paragraph 1. 7 mentioned lifestyle analysis corresponding to the latest published guidelines for the life-time analysis report published by the Financial Regulation.

Niner. 9. For the notification of the risk entry, use for calculation of life assurance provision, cf. Section 20 (2). 1, no. 6, in the law of financial activities, the life assurance undertaking shall explain that the risk entry corresponds to the estimated percentage of the life assurance undertaking in the market to be charged to a transferor of the life assurance undertaking ; in respect of life insurance and investment contracts, in order to assume the risk of fluctuations in the size and payment schedule for the guaranteed benefits.

Public Availability

§ 4. The notification is publicly available when it is registered in the Financial supervision, cf. However, sections 5 and 6.

Paragraph 2. The one in section 2 (2). 8, mentioned composite technical bases, etc. for life assurance activities are public, cf. however, paragraph 1 3.

Paragraph 3. If it's in section 2, paragraph 2. The technical bases referred to in Article 5 (8), referred to in section 5 (5), shall contain the technical bases referred to in Section 5 (5). 2 is not publicly available and if the life assurance undertaking as a result of this is in accordance with Section 2 (2). 9, choose to submit an additional copy of the composite technical basis and so on for the life assurance undertaking of the Financial supervision where these parts are omitted, it is the latter ' s technical basis only, and so on. life-assurance business that is public.

§ 5. Notwithstanding paragraph 2, paragraph 2 : 3, may the life assurance undertaking be notified of the technical calculations and methods of the life assurance undertaking to be a genuine innovation in relation to available knowledge in the field, and as the life assurance undertaking ; Confidential, in a separate annex. The scheme of Finance referred to in Article 5 (1) of the Financial supervision referred to in Article 5 (5) of the Financial Authority shall be drawn up. 1 ` shall be used.

Paragraph 2. The SEC may decide that the entire annex or part of the Annex, referred to as ' Rededecision as referred to in Article 5 (5), may be decided upon. 1 ' shall not be publicly available if, in particular, it assesses the fact that it is a genuine innovation in relation to available knowledge in the field, and that the life assurance undertaking may suffer significant economic damage on the occasion of its publication ; or that the publication would give other life assurance companies an unjustified competitive advantage.

§ 6. The life assurance undertaking may be part of the parts of the life insurance companies in section 2 (2). 7, mentioned the statements of the life assurance undertaking not to be able to understand the essential elements of the insurance or are not necessary to carry out inspection calculations in a separate annex which is not public ; available, cf. however, paragraph 1 2. The scheme produced by the Finance Board referred to in Section 6 (6), referred to in Article 6 (2) of the Financial Authority (" Rededecision "). 1 ` shall be used. In addition to this, the life assurance undertaking may be the subject of the following in the ' Redeposition as provided for in section 6 (2). 1 " :

1) The one in section 3, paragraph 3. 8, mentioned the presentation of a life-span analysis.

2) Depreciation of the reported circumstances and previously reported against it in section 2 (2). 3, no. Two, mentioned.

3) Additional additional information for the Financial supervision.

Paragraph 2. The SEC may decide that the entire annex or part of the Annex, referred to as ' Rededecision pursuant to section 6 (2), may be decided upon. 1 ' shall be made available to the public whose supervision is specific to the effect that the relevant annex is, in particular, or in part, to be able to understand the essential elements of the insurance or to carry out inspection calculations.

§ 7. The SEC shall send copies of the registered notifications to any person who is requesting the notification. The financial supervision may require the person concerned to specify the notification or notifications to which a copy of the person is requested.

Paragraph 2. If the Financial Control Board has not sent the one in paragraph 1. 1 mentioned copies to a person not later than 10 days after the person concerned has asked for the purpose of this, to inform the person concerned of the reasons for this purpose. The financial supervision must at the same time indicate when the person in question may expect to receive the copy.

Paragraph 3. The SEC is entitled to demand payment for copying and submission of the notifications introduced in the register with appendices to the relevant documents. The payments shall not exceed the payment given in the notice. 647 of 18. September 1986, on the payment for recipes and photocopies provided under the law of public opinion in the administration.

Authorisation, signature and submission

§ 8. It must appear in the life assurance undertaking ' s procedure for notification of the technical basis and so on for life assurance activities and changes thereto on which the life assurance undertaking has the authority to sign the notification of the technical report ; the basis for life assurance and the life assurance undertaking in section 2 (2). The technical bases referred to above, 8 and 9, for life-assurance activities.

Paragraph 2. Notification of the technical basis and so on for life assurance activities and amendments thereto shall be submitted to the Financial supervision in a single signed copy. The signed review, including the time limit. the corresponding actuarial declaration and any statements made pursuant to section 5 (5). Paragraph 1, or Section 6 (1). 1, either be submitted in paper or electronically to the Financial supervision.

Paragraph 3. The one in section 2 (2). The technical bases of the above technical basis and so on shall be subject to one signed copy of the above technical basis and so on for life assurance undertakings.

Actuardeclaration

§ 9. A notification pursuant to section 2 shall be accompanied by a separate statement from the life assurance undertaking ' s liability in respect of the reported circumstances. The declaration shall be submitted to the Financial supervision in a single signed copy. In his statement, the actuar must declare whether the actuarial agrees that the declared conditions are in accordance with section 21 (1). 1-4, in the law of financial operations. The actuar must also declare whether the actuarial agrees with the life assurance undertaking ' s statement after paragraph 3.

Paragraph 2. The scheme (s) referred to as ' Actuarial declaration ` shall be used by the Financial supervision to this drawn up.

Paragraph 3. The one in paragraph 1. 1 that declaration is not publicly available.

Penalty provisions

§ 10. Intentional or gross negligence violation of sections 2, sections 3, sections 8 and 9 (1). One and two, punishable by fine.

Paragraph 2. Companies can be imposed on companies, etc. (legal persons) punishable by the rules of the penal code 5. Chapter.

Entry into force

§ 11. The announcement shall enter into force on 1. August, 2013.

Paragraph 2. At the same time, notice No 1067 of 27. October 2006, on the notification of the technical basis and so on for life-assurance activities.