| VAG 2016: Circular Letter on the assumed interest rate for health insurance similar to life assurance Show description This circular (published July 2017) is addressed to all insurance undertakings supervised by the Financial Market Authority (FMA), which provide health insurance on the technical basis of life assurance. Due to the continuing trend of falling capital market interest rates and under consideration of the prudent person principle in the case of newly concluded health insurance policies of a similar nature to life assurance and for new insured persons on existing group health insurance policies, from 1 January 2018 at the latest reserve for increasing age shall be calculated using an assumed interest rate of a maximum of 1%. For group health insurance tariffs, which will only be adjusted at a subsequent point in time, the assumed interest rate shall at the latest be reduced with effect from the qualifying date for adjusting these tariffs during the 2018 financial year. | 12.07.2017 | Insurance Undertakings
FMA Circulars
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| VAG 2016: Circular Letter on the assumed interest rate for health insurance similar to life assurance | 01.10.2015 | Insurance Undertakings
FMA Circulars
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| Circular Letter on the auditing actuary’s report, as referred to in Article 20 para. 4 PKG and to be attached to applications for the approval of business plans | 01.08.2014 | Pension Companies
FMA Circulars
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| Circular letter on the problem of conflicts of interest in relation to certain systems of remuneration Show description Circular letter of the FMA dated 1 December 2009 The Financial Market Authority (FMA), with regard to implementation of the 2007 Wertpapieraufsichtsgesetz (WAG 2007; Securities Supervision Act), draws attention to the basic supervisory requirements in relation to the management of conflicts of interest pursuant to Article 34 et seq. of WAG 2007 affecting systems of remuneration. The legal basis is in no way affected by this FMA Circular. No rights or obligations extending beyond those defined in the statutory provisions may be derived from this Circular | 02.04.2014 | Conduct & Compliance
FMA Circulars
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| Circular Letter concerning parallel pension products | 01.04.2013 | Pension Companies
Insurance Undertakings
FMA Circulars
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| Circular Letter concerning the administration of pension company commitments in investment and risk sharing groups pursuant to Article 12 para. 6 PKG | 01.01.2013 | Pension Companies
FMA Circulars
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| VAG 1978: Circular letter regarding backdating of insurance contracts | 06.11.2012 | Insurance Undertakings
FMA Circulars
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| VAG 1978: Circular Letter of the FMA on the adjustment of amounts pursuant to Article 73f paras. 2 and 3 as well as Annex D Section A no. 1 VAG as from 1 January 2013 | 23.10.2012 | Insurance Undertakings
FMA Circulars
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| VAG 1978: Circular letter on unisex calculation bases | 01.10.2012 | Insurance Undertakings
FMA Circulars
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| Circular on Anti-Money Laundering Officer | 24.04.2012 | Prevention of Money Laundering & Terrorism Funding
FMA Circulars
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| Circular on the risk sensitive approach | 01.12.2011 | Prevention of Money Laundering & Terrorism Funding
FMA Circulars
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| Circular on Identification and Verification of Identity for Insurance Untertakings | 01.12.2011 | Prevention of Money Laundering & Terrorism Funding
FMA Circulars
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| Circular on Identification and Verification of Identity for Credit Institutions | 01.12.2011 | Prevention of Money Laundering & Terrorism Funding
FMA Circulars
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| Circular on the Transmission of Payer information | 01.12.2011 | Prevention of Money Laundering & Terrorism Funding
FMA Circulars
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| Circular on Suspicious Transaction Reports | 01.12.2011 | Prevention of Money Laundering & Terrorism Funding
FMA Circulars
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| Circular letter of the FMA concerning information including marketing communications pursuant to the WAG 2007 Show description With respect to the implementation of the Wertpapieraufsichtsgesetz 2007 (WAG 2007; Securities Supervision Act of 2007), the Financial Market Authority (FMA) would like to point out the supervisory framework conditions in connection with information including marketing communications to clients pursuant to Articles 40 ff. WAG 2007 as well as the Interessenkonflikte- und Informationen für Kunden-Verordnung (IIKV; FMA Regulation on Conflicts of Interest and Client Information). The legal basis remains unaffected by this circular letter of the FMA. Any rights and obligations going beyond the statutory provisions cannot be derived from it. | 02.05.2011 | Conduct & Compliance
FMA Circulars
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| Circular Letter of the FMA on capital-guaranteed financial instruments Show description In light of recent developments, the FMA would like to draw attention to compliance with the obligations related to furnishing information to customers pursuant to the provisions under Articles 40 to 42 of the Wertpapieraufsichtsgesetz 2007 (WAG 2007; Austrian Securities Supervision Act of 2007) when providing investment services in connection with financial instruments with a capital guarantee (e.g. capital-guaranteed investment funds, capital-guaranteed bonds). This circular letter is directed at legal entities as defined by Article 15 WAG 2007 and reflects the FMA’s legal opinion. The legal basis shall remain unaffected by it. No rights and obligations exceeding the statutory provisions may be derived from this circular letter. | 15.01.2010 | Conduct & Compliance
FMA Circulars
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| Circular letter concerning the signature requirements pursuant to Article 21 para. 8 and Article 30a PKG Show description Circular letter of the FMA dated 16 February 2005 The FMA wishes to inform you of the relevant signature requirement in connection with the mandatory submission of the financial statements, the audit report on the financial statements, the audited reports on activities of the investment and risk sharing groups and the relevant audit reports on the reports on activities of the investment and risk sharing groups pursuant to Article 30a of the Pensionskassengesetz (PKG; Pensionskasse Act). | 02.09.2008 | Pension Companies
FMA Circulars
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| VAG 1978: Circular Letter concerning the activity of insurance undertakings | 27.06.2008 | Insurance Undertakings
FMA Circulars
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| VAG 1978: CL concerning the Differentiation of participation in profits among shares in the pension insurance portfolio and specifically for so-called “bonus annuities” and Benefits in the event of death for unit-linked and index-linked life assurance Show description Circular letter of the FMA dated 12 December 2006 In response to recent events, this circular addresses the issue of differentiated participation in profits within a pension insurance portfolio. Persons insured in pension insurance schemes have no economically reasonable means of responding to any disadvantage (assuming they even become aware of it), so that the FMA considers it necessary to ensure that no share in the pension insurance portfolio is disadvantaged through a reduced participation in profits (cf. Article 104 of the Versicherungsaufsichtsgesetz (VAG; Insurance Supervision Act)). | 12.12.2006 | Insurance Undertakings
FMA Circulars
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| VAG 1978: Circular letter concerning negative risk premiums Show description Cirular letter of the FMA dated 29 July 2005 The FMA has been prompted to state its position on the issue of the extent to which negative risk premiums are permissible in the case of occupational group insurance products in relation to occupational disability. | 10.11.2005 | Insurance Undertakings
FMA Circulars
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| VAG 1978: Circular letter concerning the changes in the regulations for auditing insurance undertakings Show description Circular letter of the FMA dated 10 November 2005 The 2005 amendments to the Versicherungsaufsichtsgesetz (VAG; Insurance Supervision Act), Federal Law Gazette I no. 33/2005 and Federal Law Gazette I no. 59/2005, resulted, among other things, in a change to the regulations on the statutory auditing of insurance undertakings. A brief overview of the major changes is provided below. | 10.11.2005 | Insurance Undertakings
FMA Circulars
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| VAG 1978: Circular letter concerning overfunding in unit-linked life assurance Show description Circular letter of the FMA dated 10 November 2005 Based on the letter of the Federal Ministry of Finance of 21 January 2000 concerning unit‑linked life assurance (Reference Code 9 000 600/2-V/10/00), the Financial Market Authority (FMA) is prompted to state its position on the case of insurance undertakings which have set up the Deckungsstock group for unit-linked life assurance pursuant to Article 20 para. 2 no. 3 of the Versicherungsaufsichtsgesetz (VAG; Insurance Supervision Act), specifically the conditions governing the difference between the amount of the units in investment funds of the Deckungsstock group “Unit-linked life assurance” pursuant to Article 20 para. 2 no. 3 VAG on the one hand and the amount of the technical provisions of unit-linked life assurance (cover requirement pursuant to Articles 19 and 19a VAG) on the other hand. | 10.11.2005 | Insurance Undertakings
FMA Circulars
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| Circular letter concerning negative Risk Premiums Show description Circular letter of the FMA dated 1 February 2005 The FMA has been prompted to state its position on the issue of the extent to which negative risk premiums are permissible in the case of pension company products in relation to occupational disability. | 01.02.2005 | Pension Companies
FMA Circulars
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| VAG 1978: Circular letter concerning Rate adjustments in health insurance operated according to the technical principles of life assurance Show description Circular letter of the FMA dated 4 January 2005 Pursuant to Article 18d para. 2 of the Versicherungsaufsichtsgesetz (VAG; Insurance Supervision Act), prior to the application of any changes in or amendments to the actuarial bases in health insurance operated according to the technical principles of life assurance, insurance undertakings must inform the FMA. | 04.01.2005 | Insurance Undertakings
FMA Circulars
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| VAG 1978: Circular Letter on Control Procedures and Suspicious Transaction Reports in connection with Money Laundering and Terrorist Financing | 16.12.2004 | Insurance Undertakings
FMA Circulars
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| VAG 1978: Circular letter concerning the Professional qualification of the responsible actuary or deputy Show description Circular letter of the FMA dated 13 December 2004 Pursuant to Article 24 para. 2 of the Versicherungsaufsichtsgesetz (VAG; Insurance Supervision Act), the responsible actuary or deputy of the responsible actuary must have the required personal qualities and the professional qualification. | 13.12.2004 | Insurance Undertakings
FMA Circulars
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| VAG 1978: Circular letter regarding the conclusion of liability insurance for statutory auditors pursuant to Article 82 para. 1 no. 2 VAG | 30.06.2004 | Insurance Undertakings
FMA Circulars
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| VAG 1978: Circular letter concerning Balance Sheet Issues related to the Insurance Pool for the Coverage of Terrorist Risks Show description Circular letter of the FMA dated 5 December 2003 The occasion for the balance sheet issues is the Austrian insurance pool for the coverage of terrorist risks. The following should be noted with regard to the provision to be established in connection with this pool. | 05.12.2003 | Insurance Undertakings
FMA Circulars
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| VAG 1978: Cirular letter concerning Requirements for the responsible actuary with regard to the state-sponsored retirement provision pursuant to Articles 108g to 108i VAG Show description Circular letter of the FMA dated 12 September 2003 The general legal framework for the supervision of state-sponsored retirement provision was defined as part of the 2003 amendment to the Versicherungsaufssichtsgesetz (VAG; Insurance Supervision Act), Federal Law Gazette I no. 33/2003. The corresponding changes have been in force since 1 July 2003. | 12.09.2003 | Insurance Undertakings
FMA Circulars
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| VAG 1978: Circular letter concerning detailed Explanations of the Requirements for the Internal Model and the Independent Expert puruant to Article 18 para. 1a VAG Show description Circular letter of the FMA dated 31 July 2003 The general legal framework for the supervision of state-sponsored retirement provision was defined as part of the 2003 amendment to the Versicherungsaufssichtsgesetz (VAG; Insurance Supervision Act), Federal Law Gazette I no. 33/2003. The corresponding changes have been in force since 1 July 2003. | 31.07.2003 | Insurance Undertakings
FMA Circulars
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| Financial Analysis in Connection with the Interpretation of Article 48f BörseG Show description The aim of this circular letter is to provide a more precise interpretation of Article 48f BörseG and of some individual terms that are particularly important to the practical application of Article 48f BörseG. | | Conduct & Compliance
FMA Circulars
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| Circular letter of the FMA of 19 June 2013 on Reporting and Disclosure Requirements for Issuers Show description According to the implementation of the Transparency Directive (2013/50/EU) by November 26th 2015, all relevant regulations within These Guidelines become invalid. As soon as the Market Abuse Regulation no. 596/2014 will be applicable by July 3rd 2016, These guidelines for issuers become invalid as a whole. With the present Circular Letter the Financial Market Authority (FMA) wishes to inform Austrian and international issuers whose securities are admitted to trading on a regulated market as well as other persons subject to reporting obligations of the Authority´s legal view in relation to reporting and disclosure requirements (transparency reqiurements) that derive from the relevant povisions laid down in the Stock Exchange Act (BörseG) (19 June 2013). | | Stock Exchanges & Markets
FMA Circulars
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