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In the area of private insurance, Article 34.1 of the Regulation on the management and supervision of private insurance, approved by Royal Decree 2486/1998 of 20 November 1998, regulates the requirements to be met by the survival and mortality to be used by insurance institutions, among others, that are based on national or foreign experience adjusted to state-actuarial treatments, that the mortality and survival reflected in these find within the generally supported confidence intervals for the experience and, as required by paragraph (c) of the abovementioned provision, that the end of the observation period considered for the preparation of the table is not earlier in more than 20 years at the date of calculation of the corresponding commitments.

It also provides for the stated precept that more prudent tables may be used in the calculation of the provision, which, without complying with some of the above requirements, have a higher margin of safety than they may be.

The only additional provision of Royal Decree 1736/2010 of 23 December 2010 amending the Accounting Plan of the insurance institutions, approved by Royal Decree 1317/2008 of 24 July, on the extension of the use of the of the survival tables GRM-95 and GRF-95, and of the death tables GKM-95 and GKF-95, established that until this was declared by the Directorate General of Insurance and Pension Funds, since the validity of new tables of final period of the most recent observation period, from 31 December 2010 onwards For survival insurance the GRM-95 and GRF-95 tables and for death insurance the GKM-95 and GKF-95 tables.

In the area of the pension system, Article 4 of Order EHA/407/2008 of 7 February, implementing the rules of pension plans and funds in the financial and actuarial matters of the investment and investment regime In the case of pension schemes, it provides that national or foreign non-private experience tables, adjusted according to general acceptance statistics, shall be considered as applicable in the pension scheme system, provided that the the end of the observation period of the tables is not earlier in more than twenty years to the date of calculation of the provision.

The single article of Order EHA/69/2011 of 21 January extending the use of the survival tables GRM95 and GRF95 and the death tables GKM95 and GKF95 in the pension scheme scheme extended the the use of the survival tables GRM95 and GRF95 and the mortality tables GKM95 and GKF95 in the pension scheme system, with the provision that until such time it is declared by the Directorate-General for Insurance and Pension Funds, since contrasting the validity of new end-of-period end-of-watch tables, as of 31 December The survival tables GRM95 and GRF95 and the mortality tables GKM95 and GKF95 could continue to be used in the pension scheme system.

The insurance sector with the collaboration of Cooperative Research between the Insurance Entities (ICEA) and Munich Re, has developed new tables of mortality, called PASEM 2010, specific of the insured population Spanish. These new tables have been obtained by information from the death portfolios for the 2003-2007 observation period of Spanish entities.

The object of this resolution is twofold:

On the one hand, to terminate, in application of the one-off provision of Royal Decree 1736/2010, of 23 December, amending the Accounting Plan of the insurance institutions and the single article of the Order EHA/69/2011, of 21 January, the transience in the applicability of the mortality tables GKM-95 and GKF-95 for the calculation of the premiums for guarantees of death in the field of private insurance and for the calculation of the magnitudes actuariums associated with the coverage of death benefits in the scope of the system of plans of pensions.

On the other hand, promote the use of the recently developed PASEM 2010 mortality tables.

The judgment of the Court of Justice of the European Union, in the so-called Test Achats case, in the field of equal treatment, should be considered, under which, as of 21 December 2012, there will no longer be any 'difference'. provided of the premiums and benefits in persons considered individually in cases where the consideration of sex is a determining factor in the assessment of the risk from actuarial and statistical data relevant and accurate '. That is why what is laid down in this resolution is to be understood in the context of the stated judgment, the guidelines issued by the European Commission for its interpretation and any other rules which could be established in this context.

By virtue of the above, this Directorate General of Insurance and Pension Funds has resolved:

First.

Declare, as of 1 January 2013, pursuant to the provisions of the single additional provision of Royal Decree 1736/2010 of 23 December 2010 amending the Accounting Plan of the insurance institutions, approved by Royal Decree 1317/2008 of 24 July, the non-admissibility of the use of the mortality tables GKM95 and GKF95 for the calculation of premiums for death guarantees in new subscription insurance.

Second.

Declare, as of January 1, 2013, in application of the provisions of the single article of Order EHA/69/2011 of 21 January, the non-admissibility in the system of pension plans of the use of the mortality tables GKM95 and GKF95 for the calculation of actuarial measures associated with the coverage of death benefits.

Third.

Making public, by means of their inclusion in the Annex to this resolution, the mortality tables known as PASEM 2010, which may be used to meet the requirements of Article 34 of the Management Regulation and Supervision of Private Insurance.

Fourth.

Declare eligible for the calculation of the actuarial measures associated with the death cover in the pension scheme system, the mortality tables referred to as PASEM 2010, included in that Annex, by comply with the requirements laid down in Article 4 of Order EHA/407/2008 of 7 February 2008, which sets out the rules for pension funds and plans for actuarial and investment schemes, the investment scheme and procedures registers.

Fifth.

This resolution shall enter into force on the day following that of its publication in the "Official State Gazette".

Madrid, July 6, 2012. -Director General of Insurance and Pension Funds, Maria Flavia Rodriguez-Ponga Salamanca.

ANNEX

PASEM 2010 tables

9

0.000831

67

69

87

0.247704

0.449171

99