Austria Insurance Industry – Governance, Risk and Compliance
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Austria Insurance Industry Report Overview
The Austria insurance industry research report provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in Austria, including an overview of the insurance regulatory framework in Austria.
The report also covers the latest key changes and changes expected in the country’s insurance regulatory framework, key regulations and market practices related to different types of insurance products in the country, rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the country, key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations, and details of the tax and legal systems in the country.
Key Regulatory Body | Finnish Financial Supervisory Authority (FIN-FSA) |
Key Bodies | International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pension Authority (EIOPA), Federation of European Risk Management Associations (FERMA), and Federation of Finnish Financial Services (FFI) |
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Austria Insurance Industry Segmentation by Key Regulatory Bodies
The key regulatory bodies that oversee the Austria insurance industry are Financial Market Authority (FMA), International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), and Federation of European Risk Management Associations (FERMA) among others.
Financial Market Authority (FMA): The Austrian FMA was founded in April 2002, to supervise the industry and monitor insurers to ensure that they obey their legal requirements, as well as principles of fairness and transparency. It oversees the insurers over their whole life cycle; from granting the license that allows them to trade, through their periods of activity to liquidation till the withdrawal or return of their trading licenses. The functions of the FMA are to outline the rules on the establishment of a company and protect the interests of the insurers and insured.
International Association of Insurance Supervisors (IAIS): The IAIS formulates and issues global insurance principles, standards, and guidance; it provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability. It holds an annual conference where supervisors, industry representatives, and other professionals discuss developments in the insurance industry and topics affecting insurance regulation.
European Insurance and Occupational Pensions Authority (EIOPA): The EIOPA, part of the European System of Financial Supervision, is an independent advisory body to the European Parliament and the Council of the EU. The main responsibilities of the EIOPA are to support the financial system’s stability, transparency of markets and financial products, protection of policyholders, pension scheme members and beneficiaries of all European member states. The EIOPA is instrumental in the preparation of the Solvency II regime, the new supervisory regime for insurance and reinsurers in the EU.
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Scope
- The report covers details of the insurance regulatory framework in Austria.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Key Highlights
- The Financial Market Authority (FMA) regulates the insurance industry in Austria.
- 100% FDI is permitted in the Austrian insurance industry.
- Insurance products and services in Austria are exempted from VAT.
- Automobile liability insurance and health insurance are mandatory in Austria.
- The placement of non-admitted insurance and reinsurance are not permitted in Austria except for insurance products issued by companies licensed in other EEA member states
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Austria.
- Track the latest regulatory changes, and expected changes impacting the Austrian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
Table of Contents
Frequently asked questions
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Who is the key regulator in the Austria Insurance industry?
Financial Market Authority (FMA) is the main regulatory body in the Austria insurance industry.
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What are the different compulsory insurance in Austria insurance industry?
Some of the key compulsory insurances in the Austria insurance industry are third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, social security insurance, and engineering insurance among others.
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What are different forms of corporate organization in which an insurance company can establish and operate?
Intermediaries and insurers and reinsurers are the key forms of corporate organization in which an insurance company can establish and operate.
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What is the corporate income tax rate in Austria insurance industry?
Both resident and non-resident companies are subject to a corporate tax of 25%.
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