The FMA has applied a legally final measure against an Austrian insurance undertaking for a breach of insurance distribution regulations.
The Austrian Financial Market Authority (FMA) hereby discloses pursuant to Article 256a of the Insurance Supervision Act 2016 (VAG 2016) that it has issued a legally final order against an Austrian insurance undertaking pursuant to Article 275 para. 1 no. 1 VAG 2016 to establish legal compliance in relation to the distribution rules set forth in VAG 2016 and Delegated Regulation (EU) 2017/2359. This measure covers the following orders in relation to legal information requirements and conduct rules for insurance distribution: issuing of a suitably precise/individualised personal recommendation within the obligation to provide advice; the storing of information about the customer for the want and need test; and providing a suitability statement when distributing insurance-based investment products with advice.