ACAPS: new instructions in the capitalization activity

On 3 March 2021, the Supervisory Authority of Insurance and Social Welfare (ACAPS) has published two instructions concerning the capitalization activity.

The first one deals with the status report relating to the capitalization insurance contract. The second sets out certain terms and conditions of the aforementioned class of business, including the value date, the revaluation in the event of a total buy-back as well as the liquidation of savings.

The two decisions, which shall come into force on 1 July 2021, do not apply to the "Takaful investment" operations.