Legal Licensing Statement
MAPFRE MSV Life p.l.c. is authorised by the Malta Financial Services Authority to carry on long term business under the Insurance Business Act, 1998.
Disclosures specific to With-Profits Policies and Policies offering a With-Profits investment option.
The most important factor that affects bonus rates on With-profits policies is the underlying investment performance. Investment returns can go up as well as down and therefore past performance is not necessarily a guide to future performance. The assumed bonus rates and assumed investment returns and the Illustrative Maturity Values that we illustrate are not guaranteed and they are not minimum or maximum rates or amounts. Illustrative Maturity Values are arrived at by assuming that each renewal premium is paid on the actual renewal date and not later. Payment of premiums on a more frequent basis will result in slightly lower returns. Whilst the purpose of these disclosures is to explain the basic features of our Policies, the actual conditions that apply to all the benefits under the policy are defined in the Policy Document, a copy of which can be made available upon request from either MSV Life p.l.c. (“MSV”) or from our Tied Insurance Intermediaries, or Insurance Broker.
Regular (Reversionary) Bonuses
With-profits Policies participate in the Company’s distribution of its profits by means of an allocation of annual Regular Bonuses (Reversionary Bonuses) declared from time to time. Regular Bonuses (Reversionary Bonuses) are usually expressed as a percentage of the Policy Account. The Policy Account represents all the premiums paid (net of charges) and any subsequent Bonuses that may be declared from time to time. Once declared, Regular Bonuses (Reversionary Bonuses) are guaranteed to be paid in full at maturity or on the prior death of the Person Covered. However, should the policy be surrendered, the Company may not pay the Regular Bonuses (Reversionary Bonuses) in full but will apply the Cash Surrender Value penalties to the Policy Account which will include Regular Bonuses (Reversionary Bonuses) declared up to the date of surrender. A Market Value Reduction (MVR) may also be applied by the Company to the Policy Account including the Regular Bonuses (Reversionary Bonuses) already declared. Regular Bonuses (Reversionary Bonuses) are calculated on a daily basis from either the date on which the Company receives the premium or the Premium Due Date whichever occurs later.
Final (Terminal) Bonuses
Depending on its profits experience, the Company may, after the end of the policy’s tenth year, or after ten years full premiums have been paid, decide to allocate from time to time a Final Bonus (Terminal Bonus) in addition to other declared bonuses. Such Final Bonus (Terminal Bonus) will normally be expressed either as a percentage of the Policy Account or as a nominal amount. A Final Bonus (Terminal Bonus) if declared is payable on policies that become claims by maturity or death, but not by surrender. Policy Owners should be aware that Final Bonus (Terminal Bonus) rates are likely to be highly volatile and very dependent on the Company’s investment performance.
Cash Surrender and Paid Up Policy Values
Cash Surrender and Paid-Up Policy Values are determined at the discretion of the Company. The Paid-Up Policy Value will normally be equal to the Cash Surrender Value. The primary factor affecting the level of Cash Surrender Value is the investment return earned on the assets of the Company. In addition, the Cash Surrender Value is affected by the expenses, tax and the cost of risk benefits (such as life cover) borne by the Company, deductions to provide a return to shareholders, as well as profits and losses arising on other policies. The expenses include payment of commission, medical report expenses, office administration costs and other expenses incurred in setting up the policy. At most the Cash Surrender Value will be the amount of the Policy Account reduced by the Surrender Charge (where applicable), but the Company reserves the right to increase the level of Surrender Charge and, if necessary, to apply a Market Value Reduction (MVR). An MVR is a deduction which the Company may make on surrender of a policy. For example, if the underlying investment return after allowing for expenses, tax, risk benefits, shareholder returns and adjustment for profits or losses on other policies is less than the return already provided for in the form of Regular Bonuses (Reversionary Bonuses), the Company may decide to apply an MVR to reduce the Cash Surrender Value. The MVR serves to protect the interests of both investors who remain in the Life Fund and the Company, who would otherwise have to supplement the amount paid on surrendering policies. The Company does not apply a standard percentage deduction on all Policies but determines the deduction to apply to each individual surrender at the time the surrender is made. The amount depends on a number of factors including the length of time the policy has been in force and the underlying investment return over the same time period. There will be no MVR at maturity or on death. This means that at maturity or on death the payment of the Policy Account is guaranteed. The Cash Surrender Value may be less than the total amount of premiums paid up to the date of surrender. Any amounts due to the Company will be deducted from such Cash Surrender Value. There is no Cash Surrender Value under regular premium policies before THREE FULL YEARS PREMIA are paid.
Taxation - With-Profits Policies and Policies offering a With-Profits investment option
You are currently not liable to any personal or capital gains tax whether you surrender the policy or leave the policy to mature. Similarly your dependents will not be liable to any tax if they receive payment under this policy by virtue of the premature death of the Person Covered. This tax position may be subject to any future changes in legislation.
The Company’s continued bonus philosophy is that the combined return to Policy Owners from Regular (Reversionary) and Final (Terminal) Bonus rates should reflect the policy Owners’ share of the profits made on the with-profits business of the Company. The Company aims to achieve a fair and equitable distribution of these profits between different generations and types of with-profits policies. It is important to note that the profits made on with-profits business depend primarily on the investment returns earned on the underlying investments. Although the Company aims to provide Policy Owners with some protection from fluctuations in the investment markets by smoothing Regular Bonus (Reversionary Bonus) rates from year to year, Regular Bonus (Reversionary Bonus) rates may vary significantly over the lifetime of the policy. Investment returns can go up as well as down and therefore past performance is not necessarily a guide to the future. It is not possible to predict what the bonus rates will be in future and they may be higher or lower than what they are today. The bonus philosophy of the Company is centred on the ability to pay supportable bonus rates to Policy Owners in the medium to long term. The Company may review its bonus philosophy in the light of changes in economic conditions.
Disclosures specific to Linked Long Term Contract of Insurance (Unit Linked Policies)
The assumed investment returns that we quote are for Illustration purposes only and consequently do not reflect the actual return on maturity or surrender. The value of the underlying assets and the returns resulting therefrom (and hence the value of your policy) can fall as well as rise according to market conditions including exchange rate fluctuations. The higher assumed investment returns assume a significant weighting of a higher investment risk tolerance being a higher allocation to funds which have a higher risk and greater volatility such as equity funds. Market conditions may be such as to result in returns far inferior to the lowest projected returns shown in the Illustration. The Illustrative Maturity Values of the policy are not guaranteed and they are not minimum or maximum rates or amounts. Furthermore you may not get back the amount originally invested, especially if the policy is surrendered after a short period following its commencement. The assumptions that we use in the calculations of the Illustrative Maturity Values and of the Estimated Cash Surrender Values are based on the terms and conditions stated in the Key Features Document or Fact Sheet that should be provided to you with our Illustrations. Investment returns can go up as well as down and therefore past performance is not necessarily a guide to future performance.
Our illustrations are based on the current level of internal product charges. Annual management fees charged by funds to cover the costs of managing the funds are factored into the daily “share price” (the NAV – Net Asset Value) of the fund and are therefore reflected in the performance of the funds. Illustrations are therefore shown net of all charges.
Internal product charges can be varied by the Company in accordance with policy conditions. Changes in the rate of exchange of currencies may also affect the value of your policy.
Taxation - Linked Long Term Contract of Insurance (Unit Linked Policies)
In order to ascertain your exact tax status, you should seek specific and professional tax advice in relation to your tax obligations under this policy.
The materials contained in this web site are provided for general information purposes only and are not intended to provide legal or other professional advice nor to they commit MSV Life to any obligation whatsoever. MSV Life accepts no responsibility for any direct, indirect or consequential loss or damage which may arise from reliance on information contained in this site. Users are advised to seek confirmation of statements made herein before acting upon them; specialist advice should also be sought on specific issues.
Notification of Changes to This Policy.
MSV Life is continually improving and adding new functionality and features to its websites and improving and adding to our existing products, services, and programs. Because of these ongoing changes, changes in the law, and the changing nature of technology, MSV Life's data practices will change from time to time. If and when our data practices change, MSV Life will post the changes on our websites to notify you of the changes. We encourage you to check this page frequently.
Personal Data Collected Through www.msvlife.com.
The only personal data MSV Life currently collects through its websites is the information you voluntarily give us when you use our sites.
For example, you may use this site to contact MSV Life with questions and comments. When you fill out a form on our websites, you may provide your name and other contact information, including your company's name, your e-mail address, and your mailing address or the mailing address of your company or other personal information.
Use of Personal Data Collected Through www.msvlife.com.
MSV Life uses the personal data information you provide to answer the query you will have posted through the site. MSV Life and our affiliates also use this information to help us improve the content and functionality of our websites, to better understand our customers and markets, and to improve our products and services. MSV Life and our affiliates may use this information to contact you in the future to tell you about products or services we believe will be of interest to you. If we do so, each communication we send you will contain instructions permitting you to "opt-out" of receiving future communications.
Similarly, we may provide "subscription" e-mail services, either directly or through affiliates, which enable you to receive current news about MSV Life and its business. For all such services, we will provide an opportunity to "opt-out" of, or cancel, the subscription.
Requirements and Criteria for Processing
MSV Life ensure that:
- Personal data is processed fairly and lawfully.
- Personal data is always processed in accordance with good practice.
- Personal data is only collected for specific, explicitly stated and legitimate purposes.
- Personal data is not processed for any purpose that is incompatible with that for which the information is collected.
- Personal data that is processed is adequate and relevant in relation to the purposes of the processing.
- No more personal data is processed than is necessary having regard to the purposes of the processing.
- Personal data that is processed is correct and, if necessary, up to date.
- All reasonable measures are taken to complete, correct, block or erase data to the extent that such data is incomplete or incorrect, having regard to the purposes for which they are processed.
- Personal data is not kept for a period longer than is necessary, having regard to the purposes for which they are processed.
Personal data may be processed only if:
- The data subject has unambiguously given his consent.
- Processing is necessary for the performance of a contract to which the data subject is party or in order to take steps at the request of the data subject prior to entering into a contract.
- Processing is necessary for compliance with a legal obligation to which MSV Life is subject.
- Processing is necessary in order to protect the vital interests of the data subject.
- Processing is necessary for the performance of an activity that is carried out in the public interest or in the exercise of official authority vested in MSV Life or in a third party to whom the data is disclosed.
- Processing is necessary for a purpose that concerns a legitimate interest of MSV Life or of such a third party to whom personal data is provided, except where such interest is overridden by the interest to protect the fundamental rights and freedoms of the data subject and in particular the right to privacy.
Anonymous Data Collected Through www.msvlife.com.
In addition to the information you provide when you use our websites, MSV Life uses technology to collect anonymous information about the use of our websites. For example, we use technology to track how many visitors access our websites, the date and time of their visit, the length of their stay, and which pages they view. We also use technology to determine which web browsers our visitors use and the address from which they accessed our sites (for example, if they connected to a MSV Life website by clicking on one of our banner ads).
This technology does not identify you personally. It simply enables us to compile statistics about our visitors and their use of our sites. MSV Life and our affiliates use this anonymous data and share it with third parties to improve the content and functionality of our websites, to better understand our customers and markets, and to improve our products and services.
Disclosure of Your Personal Data
While no method of data transmission is guaranteed against unlawful third party interception or other misuse, MSV Life uses commercially reasonable efforts to ensure protection of your data including industry-standard encryption and offline security methods in our physical facilities.
Link to Other Sites
Rectification, Deletion etc
MSV Life shall at the request of the data subject to immediately rectify, block or erase such personal data that has not been processed in accordance with the Data Protection Act or with regulations made thereunder.
MSV Life shall notify any third party to whom the data has been disclosed about the measures undertaken as aforesaid.
Provided that no such notification need be provided if it is shown to be impossible or it will involve a disproportionate effort.
Subject Access Policy
MSV Life will provide information in response to any reasonable subject access request. MSV Life will ensure data are kept in an accessible form to facilitate subject access.
MSV Life at the request of the data subject shall provide to the data subject, without excessive delay and without expense, written information as to whether personal data concerning the data subject is processed:
Provided that a request by the data as aforesaid shall only be made by the data subject at reasonable intervals.
Any such application shall be made in writing to MSV Life and is to be signed by the data subject.
If such data is processed MSV Life shall provide to the data subject written information in an intelligible form about:
- Actual information about the data subject which is processed.
- Where this information has been collected.
- The purpose of the processing.
- To which recipients or categories of recipients the information is disclosed.
- Knowledge of the logic involved in any automatic processing of data concerning the data subject.
Our website also uses a technology called “cookies”. A cookie is an element of data that a website can send to your browser, which may then store it on your system. Cookies are created for each session when you visit our website. None of the information collected by means of cookies is associated with you as an individual. We do not use the cookie technology to capture individual e-mail addresses or any personally identifying information about you.
The information so gathered through cookies may include:
- the date and time when you access our website;
- the website pages that you view and any download that you may make through such pages;
- whether or not such viewing or download is successful;
- the Internet address of the website or the domain name of the computer from which you access our website;
- the operating system of the machine running your web browser; and the type and version of your web browser.
Should you wish to reject all or certain cookies used by our website, you may modify your web browser preferences to do so. If however you reject all cookies then you might be unable to use some of the services available on our website. Moreover, you may set your browser to notify you when you receive a cookie, giving you the opportunity to choose whether or not you wish to accept it. Usually, the information on how to change your options regarding cookies can be obtained by referring to your operating systems manual or to the ‘Help’ section of your web browser, or by contacting your Internet Service Provider.