Changes to the investment strategy of the Subsidiary Capitalization Insurance Fund (TEKA) on the basis of their individual piggy banks insured provides the amendment which was inserted into the labor bill and passed last week.
Specifically, the amendment provides that “the formation of TEKA’s investment strategy and the investment decisions in general (including those concerning the piggy banks of the insured), as taken by the competent bodies are governed exclusively by this . law) of TEKA not subject to the scope of law 3586/2007 (A’ 151). The investment rules and individual parameters of the investment strategy are specified in the Fund’s investment policy”.
It is recalled that Law 3586/2007 concerns the regime of investment policy and property management of social security bodies (eg EFKA). With the amendment passed last week, TEKA will not be subject to the investment regime that EFKA is subject to.
According to the explanatory statement, the evaluated regulation is necessary to avoid ambiguities regarding the regulatory framework under which TEKA is subject. In particular, with the express provision regarding its inclusion in the special rules regarding investments provided for by law. 4826/2021 (A’160), ambiguities, in terms of the governing institutional framework, which hinder the successful capitalization operation of the Fund are removed.
Thus, TEKA’s capitalization function is fulfilled.
It is also stated that the proposed regulation clarifies the investment framework governing the TEKA, so that the Fund can activate its investment function and formulate an investment strategy, without any doubt as to the applicable institutional framework.