71 In addition to legal regulation, insurance companies are subject  to a number of self-regulatory groups in their respective  countries. These self-regulatory groups are the main forums  for discussion among insurance companies. Their specialized  departments (for example, actuarial, financial, and legal) meet  periodically. They also engage in lobbying activities. In Hungary, the foundation and operations of voluntary pension  funds are regulated by the country’s Act on Voluntary Mutual  Pension Funds (XCVI. 1993). Although, for Aegon, these  activities are outsourced to Aegon Hungary Pension Fund  Management Company, its operations must still comply with  this legislation. This activity is also supervised by the MNB.  Slovakia’s pension market is regulated by Act 43/2004 on  pension asset management companies and respective notices.  The private pension business is under the supervision of the  National Bank of Slovakia (NBS). In Romania, the private pension  system is regulated and supervised by the Authority for Financial  Supervision (ASF), and the mandatory pension system is subject  to Act 411/2004 on Privately Administered Pension Funds, as  primary legislation, complemented by individual regulations, as  secondary legislation. In Poland, this activity is supervised by  the KNF and is governed by the Organization and Operation of  Pension Funds Act. In Turkey, the voluntary pension funds are  under the supervision of the Undersecretariat of Treasury and  the companies are subject to Individual Retirement Saving and  Investment System Law No. 4632. In Hungary, the Act on Credit Institutions and Financial  Enterprises (CXII. 1996) regulates the foundation, operation  and reporting obligations of the country’s financial institutions  (including Aegon Hungary Mortgage Finance Company). In  addition, Aegon Hungary Mortgage Finance Company is under  the supervision of the MNB. The investment strategy and the asset liability management of  the CEE region is overseen within Aegon by the Regional Risk and  Capital Committee that meets on a quarterly basis. Aegon CEE’s  asset liability management focuses on asset liability duration and  liquidity. The performance of the portfolios against benchmarks  is also evaluated during these meetings. Aegon takes out reinsurance for its life and non-life businesses  in Central & Eastern Europe. This strategy is aimed at  mitigating insurance risk. Aegon’s companies in the region  work only through large multinational reinsurers, which have  well-established operations in the region, in accordance with the  Aegon Reinsurance Use Policy. For short-tail business Aegon  CEE accepts reinsurance companies with a minimum Standard  & Poor’s (S&P) rating of A-, and for long-tail business Aegon  CEE accepts reinsurance companies with a minimum S&P rating  of AA-. The credit standing of the reinsurance partners is held  under strict monitoring, discussed on a monthly basis by the  Global Reinsurance Use Committee and assessed on a quarterly  basis by the Risk & Capital Committee. From 2013, Aegon  Hungary began a long-term cooperation with Aegon Blue Square  Re for property, catastrophe and motor third party liability risks.  In the first phase, Blue Square Re takes the risk; in the second  phase, Blue Square Re retro-seeds the risk in the reinsurance  market with some retention levels. The three most important reinsurance programs currently in  force (with retention levels for each event indicated in  parentheses) are: The majority of treaties in force for Aegon's operations in Central  & Eastern Europe are non-proportional excess of loss programs,  except for the life reinsurance treaties, which are made on  a surplus and quota-share basis (including various riders). ■ Property catastrophe excess of loss treaty (EUR 5.4 million  retention). The Slovakian and Polish branch offices have  a separate XL treaty with lower retention (EUR 0.2 million); ■ Motor third party liability excess of loss treaty (EUR 0.4 million  retention); ■ Property per risk excess of loss treaty (EUR 1 million  retention).  Asset liability management Reinsurance ceded