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Pathfinder - Deloitte monthly regulatory update - 31/12/2012


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Direct insurance undertakings: Authorisation and activities

On 20 November 2012, Grand-Ducal Regulation of 14 November 2012 amending Grand-Ducal Regulation of 14 December 1994 implementing the Law of 6 December 1991 on insurance services and clarifying the conditions governing the authorisation and the pursuit of direct insurance business (as amended) was published in Mémorial A 244.

This Regulation updates in particular certain thresholds for the calculation of the solvency margin for the non-life insurance classes:

  • The limit for the first portion of the premium basis increases from EUR 57.5 million to EUR 61.3 million.
  • The limit for the first portion of the claims basis increases from EUR 40.3 million to EUR 42.9 million.
    The absolute minimums for the guarantee fund are also amended:
  • EUR 2.5 million in the case where all or some of the risks are included in non-life classes other than civil liability, credit and surety (formerly EUR 2.3 million);
  • EUR 3.7 million in the case where all or some of the risks are included in non-life classes of civil liability, credit and surety (formerly EUR 3.5 million);
  • EUR 3.7 million in the case where all or some of the risks are included in life classes (formerly EUR 3.5 million).

The provisions of this Regulation apply for the first time to the supervision of accounts for the financial year beginning on 1 January 2013 or at any time during 2013.

Reinsurance undertakings: Authorisation and activities

On 20 November 2012, Grand-Ducal Regulation of 14 November 2012 amending Grand-Ducal Regulation of 5 December 2007 clarifying the conditions governing authorisation and pursuit of reinsurance business (as amended) was published in Mémorial A 244.

The minimum for guarantee fund increases from EUR 3.2 million to EUR 3.4 million. The minimum for captive reinsurance undertakings has not been amended.

The provisions of this Regulation apply for the first time to the supervision of accounts for the financial year beginning on 1 January 2013 or at any time during 2013.

UCIs: Prospectus

On 9 November 2012, the Commission de Surveillance du Secteur Financier (“CSSF”) published its Circular 12/549 on technical specifications regarding the submission to the CSSF of documents, under the Law on prospectuses for securities, for offers to the public of units or shares of Luxembourg closed-ended undertakings for collective investment and/or admissions of units or shares of Luxembourg closed-ended undertakings for collective investment to trading on a regulated market.

This Circular applies to Luxembourg closed-ended undertakings for collective investment subject to the Law of 17 December 2010 the units or shares of which are offered to public or trading on a regulated market within the meaning of the Law of 10 July 2005 on prospectuses for securities as well as to those involved in their activities and control.

The purpose of this Circular is to detail the technical specifications regarding the communication to the CSSF of documents for the approval, notification or filing and of notices for offers to the public of units and shares issued by Luxembourg closed-ended UCIs and for admissions of securities issued by Luxembourg closed-ended UCIs to trading on a regulated market.

This Circular repeals with immediate effect CSSF Circular 06/272.

Discover the other topics of this newsletter in the attached PDF.

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