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The Austrian Financial Market Authority (FMA) hereby advises that it has imposed a fine of EUR 20,000 against VORARLBERGER LANDES-VERSICHERUNG V.a.G. as a legal person by way of the accelerated conclusion of proceedings pursuant to Article 22 para. 2b of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördengesetz) by means of a penal order for breaches against the Insurance Supervision Act 2016 (VAG 2016; Versicherungsaufsichtsgesetz 2016) and Delegated Regulation (EU) 2017/2359 for a breach of conduct rules in conjunction with advice regarding the distribution of insurance-based investment products.
The penal order is final.