Insurance and reinsurance—Austria—Q&A guide
Insurance and reinsurance—Austria—Q&A guide

The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:

  • Insurance and reinsurance—Austria—Q&A guide
  • 1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.
  • 2. What are the requirements for formation and licensing of new insurance and reinsurance companies?
  • 3. What licences, authorisations or qualifications are required for insurance and reinsurance companies to conduct business?
  • 4. What are the minimum qualification requirements for officers and directors of insurance and reinsurance companies?
  • 5. What are the capital and surplus requirements for insurance and reinsurance companies?
  • 6. What are the requirements with respect to reserves maintained by insurance and reinsurance companies?
  • 7. What are the regulatory requirements with respect to insurance products offered for sale? Are some products regulated by multiple agencies?
  • 8. What are the frequency, types and scope of financial, market conduct or other periodic examinations of insurance and reinsurance companies?
  • 9. What are the rules on the kinds and amounts of investments that insurance and reinsurance companies may make?
  • More...

Insurance and reinsurance—Austria—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to insurance and reinsurance in Austria published as part of the Lexology Getting the Deal Through series by Law Business Research (published: June 2020).

Authors: CMS Reich-Rohrwig Hainz—Thomas Böhm

1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.

The Financial Market Authority (FMA) is the sole regulatory body for (re)insurers in Austria.

2. What are the requirements for formation and licensing of new insurance and reinsurance companies?

A (re)insurance licence can only be granted on application by the FMA. The applying (re)insurance company must adopt one of the following legal forms to operate: a joint-stock company, a European company or a mutual insurance association (the joint-stock company is the most common in Austria). Along with the application, the applicant must provide a business plan, including particulars and evidence of:

  1. the nature of the risks or commitments that the insurer proposes to cover and, in the case of reinsurers, the kind of reinsurance arrangements that they propose to make with ceding undertakings;

  2. the guiding principles regarding reinsurance and retrocession;

  3. the basic own-fund items that constitute the absolute floor of the minimum capital requirement;

  4. an estimate of the costs of establishing the administrative services and organisation for securing business;

  5. the financial resources intended to meet the above costs; and

  6. the resources at the insurer’s disposal for the provision of the

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