Since 1 January 2016, the Insurance Supervision Act 2016 (VAG 2016 – Versicherungsaufsichtsgesetz 2016) has been in force in Austria. The new law transposes the Solvency II Directive into national law, changing the principles for the supervision of insurance undertakings decisively. The new supervisory system contains both qualitative and quantitative tools for assessing the solvency of insurance undertakings. The new supervisory regime is intended to create uniform competition standards within the insurance sector within the European single market, as well as guaranteeing far-reaching uniform supervisory practices in Austria. At the same time, the most important aim remains to protect holders of insurance. The “Handbuch Versicherungsaufsicht – VAG 2016” in the FMA’s publication series offers an in-depth and comprehensive overview about the new legal bases, as well as their practical application.
The “Handbuch Versicherungsaufsicht – VAG 2016” has been published (in German only) by LexisNexis.
To date handbooks (available only in German) have been released in the FMA’s publication series on the topics money laundering and Solvency II.