The Austrian Financial Market Authority (FMA) hereby informs that it has imposed fines of EUR 4,000 and EUR 3,600 respectively against the responsible persons of Merkur Versicherung AG at the time of the breach occurring for a breach of information requirements in the customer information letter regarding the adjustment of premiums for health insurance similar to life insurance (Article 135e para. 2 of the Insurance Supervision Act 2016 (VAG 2016; Versicherungsaufsichtsgesetz 2016 in conjunction with Article 5 FMA’s Information Requirements Regulation for Health Insurance (KV-InfoV; Krankenversicherung Informationspflichtenverordnung)) by way of the accelerated conclusion of proceedings pursuant to Article 22 para. 2b of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördengesetz). Specifically, Merkur Versicherung AG omitted to inform the insured persons in the information letter regarding the adjustment of premiums – as stipulated under law – about their right to request an insurance policy with premium that at most remains unchanged and with appropriately modified benefits. The penal orders are final.
Announcement: FMA imposes sanction against the responsible persons of Merkur Versicherung AG for a breach of information requirements in the customer information letter
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