The Ministry of Finance Capital Markets, Insurance and Savings Division is promoting the establishment of a pension clearing house, which will be jointly owned by banks, insurance companies, and insurance agents. The clearing house will share pension savings information between all the entities in the market: banks, insurance agents, and the pension products producers (insurance companies and pension and provident funds). This stand is seen from a letter, obtained by "Globes", sent by Capital Markets, Insurance and Savings Deputy Supervisor Yoav Ben-Or to the managers of the banks, insurance companies, and insurance agents outlining the ministry's position.
The Ministry of Finance says, "The intention is to establish the clearing house as quickly as possible."
The creation of a pension clearing house will enable the systematic and smooth sharing of pertinent information about the public's pension savings between the distribution system and the pension producers, and between the producers themselves. The clearing house is a critical component in the development of Israel's pension advisory sector.
Published by Globes [online], Israel business news - www.globes-online.com - on March 19, 2009
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