Pension Plan and Fund Oversight Commissions
Insurance for Administrators and Directors
Pension Plan and Fund Oversight Commissions Insurance
The members of the Pension Plan and Fund Oversight Commissions manage the operation, the compliance with the plan’s clauses (rights of the participants and beneficiaries), the execution of the plans and they also perform their duty without any remuneration, but accepting the liability that could stem from their performance.
In addition to enforcing the clauses of the plan, their main functions also include selecting actuaries, proposing and agreeing to changes involving contributions, benefits and other variables, naming representatives to the Fund Oversight Commission, representing the collective interests of participants and beneficiaries and deciding on aspects as provided for by law.
What claims may arise?
- Lack of oversight and negligent management
- Violation of the law and/or the plan’s rules
- Erroneous decisions involving the investment policy or any other task assigned by law to the Oversight Commission
- Incomplete or incorrect information on the market, participants, regulatory bodies, etc.
- Conflict of interest situations
Basic aspects of the policy:
- Individuals who were or are members of the insured Oversight Commission
- Legal representatives of legal entities
- Heirs, legatees and legal representatives of deceased, disabled or insolvent members
- Spouses of members of the insured Oversight Commission
Period of validity
The insurance covers claims filed against the Insured for acts of negligent management committed during the period insured or prior to it, unless the claim stems from:
- Facts or circumstances before the policy went into effect and that the policyholder or insured knew or should have known could have led to a claim
- Suits prior to the effective date of the policy
If the policy is not renewed, the policyholder can purchase a discovery period of 12, 24 or 36 months with an additional premium of 0%, 75% and 125%, respectively.
Summary of Cover: Pension Plan and Fund Oversight Commissions
- Civil Liability of the members of the Oversight Commissions for acts of negligent management in the exercise of their position
- Defence and Bonds
- Legal defence costs in the event of an official investigation
- Advertising expenses to offset the effects of a claim disseminated through the media
- Risk management expenses: legal counsel to prevent or mitigate the effects of a claim
- Administrative fees (fines) for acts of negligent management
This policy offers complete, secure protection that is tailored to the personal risk that members are exposed to every day.