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Non-exempt funds

Polish translation: fundusze bez (prawa do) zwolnień, fundusze niekorzystające ze zwolnień (z audytu i wyceny)

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16:40 Jan 31, 2009
English to Polish translations [PRO]
Bus/Financial - Investment / Securities
English term or phrase: Non-exempt funds
Non-exempt funds: The fund may be exclusively invested in policies of insurance but may be administered by an institution other than a life insurer. Fully non-exempt funds must appoint a valuator who must perform an evaluation every three years, and an auditor must be appointed to check the books of the fund
anula 78
Polish translation:fundusze bez (prawa do) zwolnień, fundusze niekorzystające ze zwolnień (z audytu i wyceny)
Explanation:
Lub:
- fundusze nieposiadające/pozbawione (prawa do) zwolnień (z audytu i wyceny)

In the changes made to the Regulations to the Pension Funds Act, the previous distinction between underwritten and privately administered retirement funds became obsolete.
1. Underwritten funds were fully insured funds which were administered by life insurers. These funds now qualify as:
* Non-exempt funds: The fund may be exclusively invested in policies of insurance but may be administered by an institution other than a life insurer. Fully non-exempt funds must appoint a valuator who must perform an evaluation every three years, and an auditor must be appointed to check the books of the fund; or
* Audit exempt funds. The fund is exclusively invested in policies of insurance, life insurers undertake all administration and the benefits are paid by life insurers; or
* Valuation exempt funds. The benefits payable by the fund are either fully secured by the life insurer or are linked to the investment fund in such a way that the fund’s liabilities cannot exceed its assets; or
* Both audit and valuation exempt funds. The administering life insurer of these only have to prepare an annual income-and-expenditure account and a statement of investments at both book and fair value. Every three years, and whenever the rules are changed, an actuarial certificate stating that the fund is valuation exempt, must be produced.

2. Privately administered funds can now qualify as:
* Non-exempt funds. These are subject to both audit and valuation requirements, or
* Valuation exempt funds, as discussed above.

Note: Privately administered funds cannot qualify as audit exempt funds.
http://www.todaystrustee.co.za/200612_libertylife.htm

--------------------------------------------------
Note added at 1 hr (2009-01-31 17:46:04 GMT)
--------------------------------------------------

Jeśli fraza "z audytu i wyceny" będzie użyta w tłumaczeniu, to można też tak:
- FUNDUSZE NIEZWOLNIONE Z AUDYTU I WYCENY
Selected response from:

Polangmar
Poland
Local time: 20:11
Grading comment
Dziękuję
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +1fundusze bez (prawa do) zwolnień, fundusze niekorzystające ze zwolnień (z audytu i wyceny)Polangmar


Discussion entries: 1





  

Answers


51 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
non-exempt funds
fundusze bez (prawa do) zwolnień, fundusze niekorzystające ze zwolnień (z audytu i wyceny)


Explanation:
Lub:
- fundusze nieposiadające/pozbawione (prawa do) zwolnień (z audytu i wyceny)

In the changes made to the Regulations to the Pension Funds Act, the previous distinction between underwritten and privately administered retirement funds became obsolete.
1. Underwritten funds were fully insured funds which were administered by life insurers. These funds now qualify as:
* Non-exempt funds: The fund may be exclusively invested in policies of insurance but may be administered by an institution other than a life insurer. Fully non-exempt funds must appoint a valuator who must perform an evaluation every three years, and an auditor must be appointed to check the books of the fund; or
* Audit exempt funds. The fund is exclusively invested in policies of insurance, life insurers undertake all administration and the benefits are paid by life insurers; or
* Valuation exempt funds. The benefits payable by the fund are either fully secured by the life insurer or are linked to the investment fund in such a way that the fund’s liabilities cannot exceed its assets; or
* Both audit and valuation exempt funds. The administering life insurer of these only have to prepare an annual income-and-expenditure account and a statement of investments at both book and fair value. Every three years, and whenever the rules are changed, an actuarial certificate stating that the fund is valuation exempt, must be produced.

2. Privately administered funds can now qualify as:
* Non-exempt funds. These are subject to both audit and valuation requirements, or
* Valuation exempt funds, as discussed above.

Note: Privately administered funds cannot qualify as audit exempt funds.
http://www.todaystrustee.co.za/200612_libertylife.htm

--------------------------------------------------
Note added at 1 hr (2009-01-31 17:46:04 GMT)
--------------------------------------------------

Jeśli fraza "z audytu i wyceny" będzie użyta w tłumaczeniu, to można też tak:
- FUNDUSZE NIEZWOLNIONE Z AUDYTU I WYCENY

Polangmar
Poland
Local time: 20:11
Works in field
Native speaker of: Native in PolishPolish
PRO pts in category: 120
Grading comment
Dziękuję

Peer comments on this answer (and responses from the answerer)
agree  Wojciech Sztukowski: Dobra, masz rację.
4 mins
  -> Dziękuję.:)
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