Finansinspektionen s Regulatory Code
|
|
|
- Juniper Stephens
- 10 years ago
- Views:
Transcription
1 Finansinspektionen s Regulatory Code Publisher: Finansinspektionen, Sweden, ISSN This translation is furnished for information purposes only and is not itself a legal document. Finansinspektionen's regulations regarding insurance undertakings choice of interest rate for the calculation of technical provisions; FFFS 2011:22 Published on 4 April 2011 decided on 17 March Finansinspektionen prescribes 1 the following pursuant to Chapter 7, section 2 of the Insurance Business Ordinance (2011:257) and section 4 of the Annual Reports at Credit Institutions, Investment Firms and Insurance Undertakings Ordinance (1995:1600). Chapter 1 Scope Section 1 These regulations apply to insurance undertakings when choosing the interest rate they will use for the calculation of technical provisions. An insurance undertaking shall apply these regulations in order to calculate life insurance provisions for life and disability insurance. A non-life insurance undertaking shall apply these regulations in order to calculate the technical provisions for life and disability annuities. An insurance undertaking shall not apply these regulations to life insurance for which the policyholder bears the financial risk. Definitions Section 2 Insurance undertaking refers in these regulations to insurance companies, mutual insurance companies and insurance associations. Covered bonds refers in these regulations to covered bonds within the meaning of the Covered Bonds (Issuance) Act (2003:1223). Exceptions Section 3 Finansinspektionen decides on exceptions to these regulations where special grounds exist. 1 Cf. Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance (EGT L 345, , p. 1, Celex 32002L0083) and Directive 2003/41/EC of the European Parliament and the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision (EGT L 235, , p. 10, Celex 32003L0041). 1
2 Chapter 2 Calculation of discount interest rate curve for choice of interest rate for occupational pension insurance Section 1 An insurance undertaking shall choose an interest rate curve to discount future cash flows (discount interest rate curve) for occupational pension insurance which is the average of the interest rate curves set out in section 2, first and second paragraphs. The insurance undertaking shall base its choice of interest rate to discount future cash flows on the duration of the cash flows to be valued. The undertaking shall choose an interest rate based on the point on the discount interest rate curve that corresponds to the duration of the cash flow to be valued. Section 2 The first interest rate curve referred to in section 1, first paragraph is determined in accordance with an appropriate interpolation between remaining future durations of the current market rates on treasury bills or government bonds. The second interest rate curve referred to in section 1, first paragraph shall be chosen from either current market rates for agreements for the exchange of interest payments, also known as swap rates, or from current market rates on covered bonds. The interest rate curve shall be determined via an appropriate interpolation between the interest rates of remaining future durations. The interest rate curve in the second paragraph shall be based on interest rates with remaining future durations that correspond as a minimum to the future durations used in the interest rate curve in the first paragraph. Where there are neither swap rates nor interest rates on covered bonds with future durations that correspond as a minimum to the remaining future duration used in the interest rate curve in the first paragraph, the longer of these two shall be used. Section 3 An insurance undertaking shall choose the market rates set out in section 2, first and second paragraphs based on the currency in which the undertaking's insurance commitments are payable. The market interest rates shall be determined as zero coupon rates, i.e. the interest rate plus the value of future coupons. The financial instruments on which the market rates are based on shall be liquid and have credit and counterparty risks that do not materially deviate from other similar financial instruments. Section 4 For an insurance undertaking that has cash flows with durations exceeding the longest duration on the interest rate curve determined pursuant to section 2, the discount interest rate curve for these longer durations shall be calculated pursuant to sections 5 6. Section 5 An insurance undertaking shall determine the differences between the interest rate curves set out in section 2, first and second paragraphs for the longest existing duration on the shorter of the two interest rate curves and for this duration less one and two years, respectively. The undertaking shall calculate the average difference by determining the average of the absolute values of these three differences. Section 6 Where the higher of the two interest rate curves set out in section 2, first and second paragraphs has a longer duration than the lower interest rate curve, the discount interest rate curve for these longer durations is determined to be the higher of the two interest rate curves less half of the average difference pursuant to 2
3 section 5. The discount interest rate curve for durations exceeding the longest duration for the higher of the two interest rate curves is determined to be constant and shall correspond to the interest rate of the longest duration defined in this section. FFFS 2011:22 Where the lower of the two interest rate curves set out in section 2, first and second paragraphs has a longer duration than the higher interest rate curve, the discount interest rate curve for these longer durations is determined to be the lower of the two interest rate curves plus half of the average difference pursuant to section 5. The discount interest rate curve for durations exceeding the longest duration for the lower of the two interest rate curves is determined to be constant and shall correspond to the interest rate of the longest duration defined in this section. Section 7 An insurance undertaking that cannot break down its cash flow into durations may apply the discount interest rate curve's value pursuant to sections 1 6 at an average duration. The average duration shall be calculated based on the future cash flow discounted by an interest rate pursuant to section 2, first paragraph. If the average duration cannot be calculated in this manner, the undertaking may make an approximation in an appropriate manner. Section 8 For insurance contracts entitled to index-linked benefits, an insurance undertaking shall estimate the adjustment of the cash flow that the future indexlinking can be expected to result in. The adjusted cash flow shall be discounted by the interest rate pursuant to sections 1 7. As a measure of the adjustment, the undertaking should use the market expectations about future inflation expressed as differences in zero coupon rates between nominal and real government bonds, although always taking into account the characteristics of the index-linking. Section 9 An insurance undertaking may apply the highest discount interest rate curve that can be determined for occupational pension insurance pursuant to Chapter 3 instead of the curve that can be determined pursuant to this chapter. Chapter 3 Calculation of the discount interest rate curve for choice of interest rate for other insurance Section 1 For insurance contracts that are not contracts for occupational pension, an insurance undertaking shall choose an interest rate curve to discount future cash flows (discount interest rate curve) via an appropriate interpolation between the existing durations of current market rates on treasury bills or government bonds. The insurance undertaking shall choose an interest rate to discount future cash flows based on the durations of the cash flows that will be discounted. The interest rate shall correspond to a maximum of the value of the discount interest rate curve pursuant to this chapter. Section 2 For an insurance undertaking that has cash flows for which the durations exceed the longest duration for the interest rate curve determined in accordance with section 1, first paragraph, the discount interest rate curve for these longer durations shall be determined pursuant to sections 3-4. Section 3 An insurance undertaking shall determine the discount interest rate curve for durations pursuant to section 2 based on an appropriate interpolation between the existing durations of either current market rates for contracts for the exchange of interest payments, also called swap rates, or current market rates on covered bonds, provided that it as a minimum has the longest duration that can be 3
4 determined pursuant to section 1, first paragraph. A deduction shall thereafter be calculated pursuant to section 5. Section 4 Where there are no existing durations for market rates pursuant to section 3 which exceed the durations for market rates pursuant to section 1, first paragraph, the discount interest rate curve for durations pursuant to section 2 shall be considered to be constant and shall correspond to the interest rate for the longest duration for the interest rate curve pursuant to section 1, first paragraph. Section 5 An insurance undertaking shall determine the differences between the interest rate curves set out in section 1, first paragraph and section 3 for the longest existing duration on the shorter of the two interest rate curves and for this duration less one and two years, respectively. The undertaking shall calculate the average difference by determining the average of the absolute values of these three differences. The discount interest rate curve for the durations exceeding the longest duration for the interest rate curve pursuant to section 1 is determined as the interest rate curve pursuant to section 3 less the average difference pursuant to the first paragraph. The discount interest rate curve for durations exceeding the longest duration for the interest rate curve pursuant to section 3 is determined to be constant and shall correspond to the interest rate of the longest duration defined in this section. Section 6 An insurance undertaking shall choose the market rates set out in sections 1 and 3 based on the currency in which the undertaking's insurance commitments are payable. The market interest rates shall be determined as zero coupon rates, i.e. the interest rate plus the value of future coupons. The financial instruments on which the market rates are based on shall be liquid and have credit and counterparty risks that do not materially deviate from other similar financial instruments. Section 7 An insurance undertaking that cannot break down its cash flow into durations may apply the discount interest rate curve's value pursuant to sections 1 6 for an average duration. The average duration shall be calculated according to the future cash flow discounted by an interest rate pursuant to section 1, first paragraph or an approximation of this interest rate. Section 8 For insurance contracts entitled to index-linked benefits, an insurance undertaking shall estimate the adjustment of the cash flow that the future indexlinking is expected to result in. The adjusted cash flow shall be discounted by the interest rate pursuant to sections 1 7. As a measure of the adjustment, the undertaking should use the market expectations about future inflation expressed as differences in zero coupon rates between nominal and real government bonds, although always taking into account the characteristics of the index-linking. 1. These regulations shall enter into force on 1 May 2011, whereupon Finansinspektionen's regulations (FFFS 2008:23) regarding insurance companies choice of interest rate in order to calculate technical provisions shall be repealed. 2. With regard to mutual benefit societies which pursuant to section 7 of the Act (2010:2044) on the Implementation of the Insurance Business Act (2010:2043) may continue to conduct business or are in liquidation, the old regulations shall apply. 4
5 MARTIN ANDERSSON Bengt von Bahr 5
Finansinspektionen s Regulatory Code
Finansinspektionen s Regulatory Code Publisher: Finansinspektionen, Sweden, www.fi.se ISSN 1102-7460 This document is furnished for informational purposes only and is not itself a legal document. Finansinspektionen
Finansinspektionen s Regulatory Code
Finansinspektionen s Regulatory Code Publisher: Finansinspektionen, Sweden, www.fi.se ISSN 1102-7460 This translation is furnished for information purposes only and is not itself a legal document. Finansinspektionen's
Finansinspektionen s Regulatory Code
Finansinspektionen s Regulatory Code Publisher: Finansinspektionen, Sweden, www.fi.se ISSN 1102-7460 This translation is furnished for information purposes only and is not itself a legal document. Finansinspektionen
Finansinspektionen s Regulatory Code
Finansinspektionen s Regulatory Code Publisher: Finansinspektionen, Sweden, www.fi.se ISSN 1102-7460 This document is furnished for informational purposes only and is not itself a legal document. Regulations
Finansinspektionen's Regulations
Finansinspektionen's Regulations Publisher: Gent Jansson, Finansinspektionen, Box 6750, 113 85 Stockholm. Ordering address: Thomson Fakta AB, Box 6430, 113 82 Stockholm. Tel +46 8-587 671 00, Fax +46 8-587
Finansinspektionen s Regulatory Code
Finansinspektionen s Regulatory Code Publisher: Hans Schedin, Finansinspektionen, Box 7831, SE-103 98 Stockholm, Sweden. Ordering address: Fakta Info Direkt, Box 6430, SE-113 82 Stockholm, Sweden. Tel.
LIFE INSURANCE AND WEALTH MANAGEMENT PRACTICE COMMITTEE AND GENERAL INSURANCE PRACTICE COMMITTEE
LIFE INSURANCE AND WEALTH MANAGEMENT PRACTICE COMMITTEE AND GENERAL INSURANCE PRACTICE COMMITTEE Information Note: Discount Rates for APRA Capital Standards Contents 1. Status of Information Note 3 2.
STATUTORY BOARD SB-FRS 32 FINANCIAL REPORTING STANDARD. Financial Instruments: Presentation Illustrative Examples
STATUTORY BOARD SB-FRS 32 FINANCIAL REPORTING STANDARD Financial Instruments: Presentation Illustrative Examples CONTENTS Paragraphs ACCOUNTING FOR CONTRACTS ON EQUITY INSTRUMENTS OF AN ENTITY Example
STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 32. Financial Instruments: Presentation Illustrative Examples
STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 32 Financial Instruments: Presentation Illustrative Examples CONTENTS Paragraphs ACCOUNTING FOR CONTRACTS ON EQUITY INSTRUMENTS OF AN ENTITY Example
Life Assurance (Provision of Information) Regulations, 2001
ACTUARIAL STANDARD OF PRACTICE LA-8 LIFE ASSURANCE PRODUCT INFORMATION Classification Mandatory MEMBERS ARE REMINDED THAT THEY MUST ALWAYS COMPLY WITH THE CODE OF PROFESSIONAL CONDUCT AND THAT ACTUARIAL
Click Here to Buy the Tutorial
FIN 534 Week 4 Quiz 3 (Str) Click Here to Buy the Tutorial http://www.tutorialoutlet.com/fin-534/fin-534-week-4-quiz-3- str/ For more course tutorials visit www.tutorialoutlet.com Which of the following
DECREE No. 474/2013 Coll. of 23 December 2013
DECREE No. 474/2013 Coll. of 23 December 2013 on the remuneration of liquidators, forced administrators and insolvency administrators of some service providers on the capital market and on the reimbursement
A CONSOLIDATED VERSION OF THE PUBLIC DEBT MANAGEMENT ACT
M. OOZEER A CONSOLIDATED VERSION OF THE PUBLIC DEBT MANAGEMENT ACT 14 May 2015 2 A CONSOLIDATED VERSION OF THE PUBLIC DEBT MANAGEMENT ACT Act No. 5 of 2008 [Amended 14/2009, 10/2010, 36/2011, 38/2011,
Principles and Practices Of Financial Management
Principles and Practices Of Financial Management Wesleyan Assurance Society (Open Fund) Effective from 1 August 2008 Wesleyan Assurance Society Head Office: Colmore Circus, Birmingham B4 6AR Telephone:
IASB/FASB Meeting Week beginning 11 April 2011. Top down approaches to discount rates
IASB/FASB Meeting Week beginning 11 April 2011 IASB Agenda reference 5A FASB Agenda Staff Paper reference 63A Contacts Matthias Zeitler [email protected] +44 (0)20 7246 6453 Shayne Kuhaneck [email protected]
THE INSURANCE BUSINESS (SOLVENCY) RULES 2015
THE INSURANCE BUSINESS (SOLVENCY) RULES 2015 Table of Contents Part 1 Introduction... 2 Part 2 Capital Adequacy... 4 Part 3 MCR... 7 Part 4 PCR... 10 Part 5 - Internal Model... 23 Part 6 Valuation... 34
ACCOUNTING STANDARDS BOARD NOVEMBER 2000 FRS 17 STANDARD FINANCIAL REPORTING ACCOUNTING STANDARDS BOARD
ACCOUNTING STANDARDS BOARD NOVEMBER 2000 FRS 17 17 RETIREMENT BENEFITS FINANCIAL REPORTING STANDARD ACCOUNTING STANDARDS BOARD Financial Reporting Standard 17 Retirement Benefits is issued by the Accounting
S t a n d a r d 4. 4 c. M a n a g e m e n t o f m a r k e t r i s k. Regulations and guidelines
S t a n d a r d 4. 4 c M a n a g e m e n t o f m a r k e t r i s k Regulations and guidelines H o w t o r e a d a s t a n d a r d A standard is a collection of subject-specific regulations and guidelines
Tenor Adjustments for a Basis Swap
Tenor Adjustments for a Basis Swap by Chandrakant Maheshwari Praveen Maheshwari Table of Contents 1. Introduction 3 2. Tenor Adjustment Methodology for a Basis Swap 3 3. Why this Tenor Spread so important
RULEBOOK ON THE CHART OF ACCOUNTS FOR INSURANCE COMPANIES
Pursuant to Article 107 of the Law on Insurance (Official Gazette of the Republic of Montenegro 78/06 and 19/07), at 52 nd meeting of 25 October 2010, the Council of the Insurance Supervision Agency passed
Disclosure of European Embedded Value as of March 31, 2015
UNOFFICIAL TRANSLATION Although the Company pays close attention to provide English translation of the information disclosed in Japanese, the Japanese original prevails over its English translation in
Valuation Report on Prudential Annuities Limited as at 31 December 2003. The investigation relates to 31 December 2003.
PRUDENTIAL ANNUITIES LIMITED Returns for the year ended 31 December 2003 SCHEDULE 4 Valuation Report on Prudential Annuities Limited as at 31 December 2003 1. Date of investigation The investigation relates
( ) ( )( ) ( ) 2 ( ) 3. n n = 100 000 1+ 0.10 = 100 000 1.331 = 133100
Mariusz Próchniak Chair of Economics II Warsaw School of Economics CAPITAL BUDGETING Managerial Economics 1 2 1 Future value (FV) r annual interest rate B the amount of money held today Interest is compounded
Spotlight Quiz on Inflation, Index-Linking and Compounding
Spotlight Quiz on Inflation, Index-Linking and Compounding Frequency of payment A major UK bank has recently written to its customers along the following lines: Through talking to customers we have found
Margin Calculation Methodology and Derivatives and Repo Valuation Methodology
Margin Calculation Methodology and Derivatives and Repo Valuation Methodology 1 Overview This document presents the valuation formulas for interest rate derivatives and repo transactions implemented in
Roche Capital Market Ltd Financial Statements 2012
R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes
Finansinspektionen's Regulations
Finansinspektionen's Regulations Publisher: Gent Jansson, Finansinspektionen, Box 6750, 113 85 Stockholm. Ordering address: Thomson Fakta AB, Box 6430, 113 82 Stockholm. Tel. +46 8-587 671 00, Fax +46
MONEY MARKET SUBCOMMITEE(MMS) FLOATING RATE NOTE PRICING SPECIFICATION
MONEY MARKET SUBCOMMITEE(MMS) FLOATING RATE NOTE PRICING SPECIFICATION This document outlines the use of the margin discounting methodology to price vanilla money market floating rate notes as endorsed
Notes on the parent company financial statements
316 Financial statements Prudential plc Annual Report 2012 Notes on the parent company financial statements 1 Nature of operations Prudential plc (the Company) is a parent holding company. The Company
Introduction to Fixed Income (IFI) Course Syllabus
Introduction to Fixed Income (IFI) Course Syllabus 1. Fixed income markets 1.1 Understand the function of fixed income markets 1.2 Know the main fixed income market products: Loans Bonds Money market instruments
Actuarial Risk Management
ARA syllabus Actuarial Risk Management Aim: To provide the technical skills to apply the principles and methodologies studied under actuarial technical subjects for the identification, quantification and
Risk and Investment Conference 2013. Brighton, 17 19 June
Risk and Investment Conference 03 Brighton, 7 9 June 0 June 03 Acquiring fixed income assets on a forward basis Dick Rae, HSBC and Neil Snyman, Aviva Investors 8 June 0 Structure of Presentation Introduction
How To Sell A Callable Bond
1.1 Callable bonds A callable bond is a fixed rate bond where the issuer has the right but not the obligation to repay the face value of the security at a pre-agreed value prior to the final original maturity
ACTUARIAL GUIDELINE XXXIII DETERMINING CARVM RESERVES FOR ANNUITY CONTRACTS WITH ELECTIVE BENEFITS
ACTUARIAL GUIDELINE XXXIII DETERMINING CARVM RESERVES FOR ANNUITY CONTRACTS WITH ELECTIVE BENEFITS Background Information 1. Introduction The Standard Valuation Law (SVL) defines the methods and assumptions
GL ON THE MINIMUM LIST OF SERVICES AND FACILITIES EBA/GL/2015/06 06.08.2015. Guidelines
EBA/GL/2015/06 06.08.2015 Guidelines on the minimum list of services or facilities that are necessary to enable a recipient to operate a business transferred to it under Article 65(5) of Directive 2014/59/EU
Bonds and Yield to Maturity
Bonds and Yield to Maturity Bonds A bond is a debt instrument requiring the issuer to repay to the lender/investor the amount borrowed (par or face value) plus interest over a specified period of time.
Q1 QUARTERLY GUIDE PENSIONS ACCOUNTING
Q1 QUARTERLY GUIDE PENSIONS ACCOUNTING As at 31 March 2015 Guidance for Finance Directors In association with 1 QUARTERLY GUIDE TO IAS 19 ASSUMPTIONS REPORT MARCH 2015 QUARTERLY GUIDE TO PENSIONS ACCOUNTING
Roche Capital Market Ltd Financial Statements 2009
R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,
Abbey Life Assurance Company Limited Participating Business Fund
Abbey Life Assurance Company Limited Participating Business Fund Principles and of Financial Management (PPFM) 1 General... 2 1.1 Introduction... 2 1.2 The With-Profits Policies... 2 2 Structure of these
Guidance Note Capital Requirements Directive Market Risk
Guidance Note Capital Requirements Directive Issued : 18 December 2007 Revised: 13 March 2013 V3 Please be advised that this Guidance Note is dated and does not take into account any changes arising from
Data Compilation Financial Data
Data Compilation Financial Data CONTENTS 1. Transition of Significant Management Indicators, etc. Japan Post Group (Consolidated) 122 Japan Post Holdings Co., Ltd. (Non-consolidated) 122 Japan Post Co.,
SECTION 99.1 Purposes. The purposes of this Part are:
INSURANCE DEPARTMENT OF THE STATE OF NEW YORK REGULATION NO. 151 (11 NYCRR 99) VALUATION OF ANNUITY, SINGLE PREMIUM LIFE INSURANCE, GUARANTEED INTEREST CONTRACT AND OTHER DEPOSIT RESERVES I, Neil D. Levin,
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Survey of Macroeconomics, MBA 641 Fall 2006, Quiz 4 Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The central bank for the United States
REGULATION (EU) No 1163/2014 OF THE EUROPEAN CENTRAL BANK of 22 October 2014 on supervisory fees (ECB/2014/41)
31.10.2014 L 311/23 REGULATION (EU) No 1163/2014 OF THE EUROPEAN CTRAL BANK of 22 October 2014 on supervisory fees (ECB/2014/41) THE GOVERNING COUNCIL OF THE EUROPEAN CTRAL BANK, Having regard to Council
Guidelines on ring-fenced funds
EIOPA-BoS-14/169 EN Guidelines on ring-fenced funds EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20; Fax. + 49 69-951119-19; email: [email protected] site: https://eiopa.europa.eu/
Standard Life Assurance Limited OCTOBER 2013. Principles and Practices of Financial Management for the Heritage With Profits Fund
Standard Life Assurance Limited OCTOBER 2013 Principles and Practices of Financial Management for the Heritage With Profits Fund Preface... 3 Background to the Principles and Practices of Financial Management...
Principles and Trade-Offs when Making Issuance Choices in the UK
Please cite this paper as: OECD (2011), Principles and Trade-Offs when Making Issuance Choices in the UK, OECD Working Papers on Sovereign Borrowing and Public Debt Management, No. 2, OECD Publishing.
PROTEKTOR PRESERVATION FUND
PROTEKTOR PRESERVATION FUND ANNA SISHULI EMPLOYEE I have changed jobs three times in my career. Each time I changed employment, I invested my accumulated retirement fund savings in Protektor and paid no
BA-CA Finance (Cayman) Limited UNAUDITED. Financial Statements for the six month period January 1 June 30, 2014
UNAUDITED Financial Statements for the six month period January 1 DIRECTORS REPORT The Directors submit herewith the 2014 semi-annual financial statements for BA-CA Finance (Cayman) Limited (the Company
Hedging Pension Liabilities
Hedging Pension Liabilities when there are incomplete markets and regulatory uncertainty Sampension, 2012 Outline Introduction 1 Introduction 2 3 4 Outline Introduction 1 Introduction 2 3 4 Sampension
Fact sheet on unit-linked life insurance
Federal Department of Finance FDF Federal Office of Private Insurance FOPI Fact sheet on unit-linked life insurance Updated: 1 May 2008 1. Background With the introduction of the new supervision law 1
Accounting for Bonds and Long-Term Notes
Accounting for Bonds and Long-Term Notes Bond Premiums and Discounts Effective interest method Bond issuance Interest expense Types of Debt Instruments Zero-Coupon Bonds Convertible Bonds Detachable Warrants
CHAPTER 15: THE TERM STRUCTURE OF INTEREST RATES
CHAPTER 15: THE TERM STRUCTURE OF INTEREST RATES 1. Expectations hypothesis. The yields on long-term bonds are geometric averages of present and expected future short rates. An upward sloping curve is
Annual report for the financial year 2014-05-28-2014-12-31
1 PZU Finance AB (publ) Org nr Office translation Annual report for the financial year 2014-05-28-2014-12-31 The Board of Directors presents the following annual report Contents Page - Administration Report
Challenger Guaranteed Annuity (Liquid Lifetime)
Challenger Guaranteed Annuity (Liquid Lifetime) Product Disclosure Statement (PDS) Dated 27 October 2014 Challenger Guaranteed Annuity (SPIN CHG0005AU) Issuer Challenger Life Company Limited (ABN 44 072
Financial-Institutions Management. Solutions 6
Solutions 6 Chapter 25: Loan Sales 2. A bank has made a three-year $10 million loan that pays annual interest of 8 percent. The principal is due at the end of the third year. a. The bank is willing to
POLICE MUTUAL ASSURANCE SOCIETY. Principles and Practices of Financial Management July 2015. PPFM v16.4
PPFM v16.4 1. INTRODUCTION... 1 1.1. Purpose and History... 1 1.2. Fair and effective management... 2 1.2. Overview... 3 1.3. Principles of Financial Management... 4 1.4. Practices of Financial Management...
PART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act
1(49) Unofficial translation Amendments up to 258/2013 included 746/2012 Issued in Helsinki on 14 December 2012 Securities Markets Act Pursuant to the decision of Parliament, the following is enacted:
Monthly Cash Settlement of Fixed Income Forwards at NASDAQ OMX
Monthly Cash of Fixed Income Forwards at NASDAQ OMX Contents Introduction...3 Monthly cash settlement...4 Periodic Day and Day...4 Fixing Yield (Fix)...4 Amount...4 Monthly Cash Report...4 Example 1...5
Jackson National Life Global Funding U.S. $9,000,000,000
BASE PROSPECTUS SUPPLEMENT Jackson National Life Global Funding U.S. $9,000,000,000 GLOBAL DEBT ISSUANCE PROGRAM This supplement (this Base Prospectus Supplement ) is supplemental to and must be read in
Roche Capital Market Ltd Financial Statements 2014
Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive
NEW JERSEY TURNPIKE AUTHORITY INTEREST RATE SWAP MANAGEMENT PLAN
NEW JERSEY TURNPIKE AUTHORITY INTEREST RATE SWAP MANAGEMENT PLAN 1. PURPOSE This Interest Rate Swap Management Plan sets forth the manner of execution of interest rate swaps and related agreements, provides
Amendment Proposal for. AG 33 Modifications for Non-Elective Incidence Rates. Adopted by the Life Actuarial (A) Task Force, Sept.
Amendment Proposal for AG 33 Modifications for Non-Elective Incidence Rates Adopted by the Life Actuarial (A) Task Force, Sept. 17, 2015 Note: This exposure covers only the language, in Paragraph 2, Elective
I. Readings and Suggested Practice Problems. II. Risks Associated with Default-Free Bonds
Prof. Alex Shapiro Lecture Notes 13 Bond Portfolio Management I. Readings and Suggested Practice Problems II. Risks Associated with Default-Free Bonds III. Duration: Details and Examples IV. Immunization
Section one: Interest on and repayment of educational loans and loss of rights
Section one: Interest on and repayment of educational loans and loss of rights Chapter 1 Interest accrual on the educational loan and repayment plan 1-1 Interest on the educational loan The educational
CEIOPS-DOC-34-09. (former CP 40) October 2009
CEIOPS-DOC-34-09 CEIOPS Advice for Level 2 Implementing Measures on Solvency II: Technical Provisions - Article 86 b - Risk-free interest rate term structure (former CP 40) October 2009 CEIOPS e.v. Westhafenplatz
CITY OF AURORA, ILLINOIS POLICE PENSION FUND ANNUAL FINANCIAL REPORT. For the Year Ended December 31, 2014
ANNUAL FINANCIAL REPORT For the Year Ended December 31, 2014 TABLE OF CONTENTS Page(s) INDEPENDENT AUDITOR S REPORT... 3-4 MANAGEMENT S DISCUSSION AND ANALYSIS... MD&A 1-5 BASIC FINANCIAL STATEMENTS Statement
EBA FINAL draft Regulatory Technical Standards
EBA/RTS/2013/01 26 July 2013 EBA FINAL draft Regulatory Technical Standards [TO BE MERGED INTO ONE LEGAL TEXT WITH EBA-RTS-2013-02 AND EBA- RTS-2013-03 AS PER INDICATIONS THEREIN] on own funds [Part 1]
SSgA Qualified Trust. SSgA LDI Leveraged UK Real Rate Swap 2030 Fund SUPPLEMENT NO. 22 DATED: 30 APRIL 2015 MANAGER
The Directors of the Manager of the Trust whose names appear under the section Trust and Management Information - The Manager in the Prospectus are the persons responsible for the information contained
REGULATION ON MEASUREMENT AND ASSESSMENT OF CAPITAL REQUIREMENTS OF INSURANCE AND REINSURANCE COMPANIES AND PENSION COMPANIES
REGULATION ON MEASUREMENT AND ASSESSMENT OF CAPITAL REQUIREMENTS OF INSURANCE AND REINSURANCE COMPANIES AND PENSION COMPANIES Official Gazette of Publication: 19.01.2008 26761 Issued By: Prime Ministry
Asset Liability Management for Insurance Companies
e-learning and reference solutions for the global finance professional Asset Liability Management A comprehensive e-learning product covering Global Best Practices, Strategic, Operational and Analytical
4 Further details of the responses received are presented below.
REPORT ON BOND EXCHANGES AND DEBT BUY-BACKS A SURVEY OF PRACTICE BY EC DEBT MANAGERS In June 2001 a questionnaire covering the practices followed by debt managers implementing bond exchange or buy-back
OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED
APPLICABLE PRICING SUPPLEMENT OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED (Incorporated in the Republic of South Africa with limited liability under registration number 1999/004643/06) Issue
Act on the old-age pension scheme. The National Council of the Slovak Republic has adopted the Act as follows: SECTION I PART ONE GENERAL PROVISIONS
Act on the old-age pension scheme The full text of Act No 43/2004 Coll. of 20 January 2004 on the old-age pension scheme, as amended by Act No 186/2004 Coll., Act No 439/2004 Coll., Act No 721/2004 Coll.,
VERMONT DEPARTMENT OF BANKING AND INSURANCE REVISED REGULATION 77-2 VERMONT LIFE INSURANCE SOLICITATION REGULATION
VERMONT DEPARTMENT OF BANKING AND INSURANCE REVISED REGULATION 77-2 VERMONT LIFE INSURANCE SOLICITATION REGULATION Section 1. AUTHORITY This rule is adopted and promulgated by the Commissioner of Banking
PART 9 LEVIES 2. Page 1 Part 9
PART 9 LEVIES 2 OVERVIEW 2 SECTION 123 CASH CARDS 2 SECTION 123A DEBIT CARDS 2 SECTION 123B CASH, COMBINED AND DEBIT CARDS 2 SECTION 123C PRELIMINARY DUTY: CASH, COMBINED AND DEBIT CARDS 3 SECTION 124
CANADIAN TIRE BANK. BASEL PILLAR 3 DISCLOSURES December 31, 2014 (unaudited)
(unaudited) 1. SCOPE OF APPLICATION Basis of preparation This document represents the Basel Pillar 3 disclosures for Canadian Tire Bank ( the Bank ) and is unaudited. The Basel Pillar 3 disclosures included
BERMUDA MONETARY AUTHORITY DETERMINATION OF DISCOUNT RATES FOR ECONOMIC BALANCE SHEET FRAMEWORK July 2015
BERMUDA MONETARY AUTHORITY DETERMINATION OF DISCOUNT RATES FOR ECONOMIC BALANC CE SHEET FRAMEWORK July 2015 Contents I. BACKGROUND... 3 II. DETERMINATION OF DISCOUNT RATES... 4 III. STANDARD APPROACH...
NOTICE OF BOND SALE $30,000,000 FLORIDA GULF COAST UNIVERSITY FINANCING CORPORATION
NOTICE OF BOND SALE $30,000,000 FLORIDA GULF COAST UNIVERSITY FINANCING CORPORATION consisting of $30,000,000 Capital Improvement Revenue Bonds, Series 2013A (Housing Project) NOTICE IS HEREBY GIVEN that
Financial Planning & Guidance. A Guide to Annuities. Creating your success through Financial Planning
& Guidance TA Contents I m approaching retirement, what are my financial options? 02 What is a Financial Broker? 03 Why would I need to use a Financial Broker? 03 What is an annuity? 05 A Guide to Annuities
Supplement No. 2 published with Extraordinary Gazette No. 129 dated 20 th December, 2012. THE INSURANCE LAW, 2010 (LAW 32 OF 2010)
CAYMAN ISLANDS Supplement No. 2 published with Extraordinary Gazette No. 129 dated 20 th December, 2012. THE INSURANCE LAW, 2010 (LAW 32 OF 2010) THE INSURANCE (CAPITAL AND SOLVENCY) (CLASS A INSURERS)
the term structure of interest rates
Exposure Draft A framework Yield for Curve Extrapolation estimating and long term nominal and interest extrapolating rate target settingv Yield Curve Extrapolation and long term nominal interest rate target
211 CMR: DIVISION OF INSURANCE
211 CMR 31.00: LIFE INSURANCE SOLICITATION Section 31.01: Authority 31.02: Purpose 31.03: Scope 31.04: Definitions 31.05: Duties of Insurers 31.06: Pre-need Funeral Contracts and Arrangements 31.07: General