{"id":29901289,"date":"2026-02-18T11:14:11","date_gmt":"2026-02-18T10:14:11","guid":{"rendered":"https:\/\/www.fma.gv.at\/?page_id=29901289"},"modified":"2026-02-26T17:02:37","modified_gmt":"2026-02-26T16:02:37","slug":"supervisory-review-process","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/insurance\/disclosure\/supervisory-disclosure\/supervisory-review-process\/","title":{"rendered":"Supervisory Review Process"},"content":{"rendered":"
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Supervisory Review Process<\/p>\n<\/div><\/div>

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This page contains all the important information about the criteria and methodologies of the Supervisory Review Process<\/strong> in accordance with Article 36 Solvency II Directive (Directive 2009\/138\/EC<\/a>)<\/p>

Aims of the Supervisory Review Process<\/h2>

The Austrian Financial Market Authority (FMA) shall monitor the adequacy of strategies, processes and reporting procedures used by insurance and reinsurance undertakings with regard to their compliance with applicable regulations regarding conducting contractual insurance business. The FMA shall in particular assess the qualitative requirements implemented by the insurance and reinsurance undertakings in relation to the governance system, the risks that the undertaking concerned is exposed to or could be exposed to, as well as the ability of the undertaking to be able to assess such risks while taking into consideration the prevailing business environment. The following topic areas are at the centre of the Supervisory Review Process:<\/p>

1. Governance system, including the Own Risk and Solvency Assessment and investment rules and the investment rules pursuant to Chapter Five of the Insurance Supervision Act (VAG 2016; Versicherungsaufsichtsgesetz) with the exception of Article 106 and Article 114 to 116 VAG 2016;
2. technical provisions pursuant to the first section of Chapter Eight VAG 2016;
3. Solvency capital requirement and minimum capital requirement;
4. Quality and quantity of own funds and
5. where applicable the continuous compliance with the requirements for an internal model.<\/p>

Furthermore the adequacy of the methodologies and practices of insurance and reinsurance undertakings are also assessed that are of use for determining potential events or changes in economic conditions, which could have a detrimental effect on the general financial ability to perform of the respective undertaking. The ability of insurance and reinsurance undertakings to absorb such potential events or changes in economic conditions is also analysed. Depending on the results of this assessment, supervisory measures will be taken.<\/p>

Criteria and methodologies of the individual phases of the Supervisory Review Process<\/h2>

The Supervisory Review Process is generally split into the following three phases: Risk classification, detailed review and supervisory measures.<\/p>

Phase 1: categorisation of risks<\/h3>

For the categorisation of risks and impacts, both the information submitted both as part of regular reporting requirements, as well as additional national reporting requirements under the Insurance Undertakings Reporting Regulation (VU-MV) are taken into account. These reports are, among other things, used to generate risk and early warning indicators. The results of stress tests, time series analyses, comparisons between undertakings or relevant peer groups and other issue-related analyses are also considered in assessments. Furthermore, further factors are also taken into account, such as indications from other supervisory authorities and analyses of the general and insurance-specific market environments as well as the market behaviour of individual undertakings. For the classification of the respective undertaking all of this data, which is assessed in a largely standardised manner at first, is complemented with additional qualitative observations (e.g. from a regular dialogue with representatives from the undertaking). Within the risk classification, the FMA identifies and assesses the ability of the undertaking to be able to react appropriately to or withstand current or potential future risks. The risk profile is compared against the respective risk bearing capacity. In the case of impact classification, the impact of default on both the insured persons and the market are assessed. For example, among other factors, the size of the undertaking (e.g. amount of premium reserve and earned premiums) determines the impact classification. Such risk and impact classifications are transposed into four risk and impact classifications ranging from “low” to “very high”. The intensity of supervision for the coming year is defined in this way. The supervisory plan, determining the frequency and the intensity of the supervisory activities for every undertaking, based on the assignment of undertakings to respective supervisory levels, is determined on a risk-based approach. The frequency and intensity of the activities conducted by the supervisory activities for every undertaking are determined in the supervisory plan.<\/p>

Phase 2: Detailed review<\/h3>

Detailed reviews take place on the basis of the supervision plan in the form of location-independent analyses and on-site inspections. The FMA has published its planned thematic priorities for inspections and supervision<\/a> for the year ahead since the package of measures in relation to the “Supervisory Reform 2017” entered into force.<\/p>

Phase 3: supervisory measures<\/h3>

Weaknesses, as well as existing or potential deficiencies, or infringements against requirements may lead to supervisory measures being set. The initiation of such measures is commensurate to the detected deficiencies. A review of the implementation of measures in the undertaking is conducted by the FMA and the supervision plan is updated in accordance with the effectiveness of the activities conducted in the undertaking concerned.<\/p>

Supervisory Review Process for Insurance Groups<\/h2>

The Supervisory Review Process also applies to insurance groups, with the process generally following the same processes that are used for individual undertakings. In additional the supervisory authorities that are involved work in close cooperation with one another. The procedures for cooperation, the exchange of information and consultation between the supervisory authorities that form the supervisory college are determined and applied in the respective supervisory college.<\/p>\n","protected":false},"excerpt":{"rendered":"

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