TIDM41CO

RNS Number : 0651K

Kommunal Landspensjonskasse

23 December 2015

The Financial Services Authority of Norway, (FSAN) approves supplementary capital in Tier 2 capital under Solvency II.

The FSAN recognizes KLPs not-paid-in equity contribution as well as not-paid-in contribution in accordance with the right to call in capital to cover capital deficiencies, as supplementary capital counting as Tier 2 capital under Solvency II.

Furthermore the FSAN has approved a method for assessing the supplementary capital, based on the assumption that the supplementary capital in KLP, both in the form of the not-paid-in equity contribution as well as not-paid-in contribution in accordance with the right to call in capital to cover capital deficiencies, is limited to an amount of up to 2.5 per cent of the total premium reserve of KLP at any given time. This method of assumption is approved for a period of four years, up to and including December 31(st) 2019.

Contacts

   CEO Sverre Thornes                977 44 007 
   CFO  Aage E. Schaanning        905 24 312

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December 23, 2015 08:19 ET (13:19 GMT)

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