The Company shall align their operations to the covenants of the regulations herein according to the timeframes below:
With regards to Section (1) Regulations Pertinent to the Basis of Investing the Rights of the Policyholders, the alignment period will be as follows:
Any Company that exceeds the concentration and asset allocation limits mentioned in paragraph (1) of Article (3) are to regularize their positions within a period not exceeding three (3) years as of the next day subsequent to the issuance of these regulations in the Official Gazette.
The regularization period is two (2) years for any Company that exceeds the concentration and allocation limits other than real estate mentioned in paragraph (1) of Article (3), as of the next day subsequent to the issuance of these regulations in the Official Gazette.
The regularization period is two (2) years for provisions of this regulation other than the asset limits and allocations identified in paragraph (1) of Article (3), as of the next day subsequent to the issuance of these regulations in the Official Gazette.
With regards to Section (2) Regulations Pertinent to the Solvency Margin and Minimum Guarantee Fund, the alignment period will be three (3) years as of the next day subsequent to the issuance of these regulations in the Official Gazette.
With regards to Section (3) Regulations Pertinent to the Basis of Calculating the Technical Provisions, the alignment period will be two (2) years as of the next day subsequent to the issuance of these regulations in the Official Gazette.
With regards to Section (4) Regulations Pertinent to Determining the Company's Assets that Meet the Accrued Insurance Liabilities, the alignment period will be three (3) years as of the next day subsequent to the issuance of these regulations in the Official Gazette.
With regards to Section (5) Regulations Pertinent the Records which the Company shall be obligated to Organize and Maintain as well as the Data and Documents that shall be made Available to the Authority, the alignment period will be one (1) year as of the next day subsequent to the issuance of these regulations in the Official Gazette.
With regards to Section (6) Regulations Pertinent the Principles of Organizing Accounting Books and Records of Each of the Companies, Agents and Brokers and Determine Data to be maintained in these Books and Records, the alignment period will be one (1) year as of the next day subsequent to the issuance of these regulations in the Official Gazette.
With regards to Section (7) Regulations Pertinent to Accounting policies to be adopted and the necessary forms needed to prepare and present reports and financial statements, the alignment period will be one (1) year as of the next day subsequent to the issuance of these regulations in the Official Gazette.
During the alignment periods of this regulation the Company shall provide the Authority with the financial reports, solvency templates and reports as required by the Authority that demonstrate progress in aligning its operations according to the requirements and regulations herein. These reports shall be provided within the same period as the interim and annual audited financial statements.