|Spanish to English translations [PRO]|
|Spanish term or phrase: DGS|
|Insurance sector association in Spain, but possibly international too|
|English translation:DGS: Dirección General de Seguros|
"Historically, most life insurance policies have been fairly simple savings products, providing a guaranteed interest rate and a share in any excess investment returns. The policies offered a low level of life cover but very high guaranteed interest rates. Until the middle of 1997, the norm was 6%, set by the insurance regulator, the Dirección General de Seguros (DGS). Companies would calculate premium rates using actuarial formulae and then register their rates with the DGS. They might not alter them materially for several years at a time. Although pricing assumptions often bore no relation to real expenses, this did not matter too much because the high interest rates used to support the weak currency were sufficient to cover expenses and allow a buildup of capital."
· The Directorate General of Insurance
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