The Austrian Insurance Market - a legal perspective

International Reinsurance Review, 2010
2010, January 1

Several sections of the Austrian Insurance Supervision Act (VAG) were recently amended. One may highlight that a definition of insurance undertaking was finally incorporated in the VAG. Furthermore, a new form of life insurance, the capital-based life insurance was incorporated, whereby inter alia additional information duties were enacted. A ‘cool-off ’ period for executive board members was adopted as well. In addition the money laundering provisions were amended in order to comply with the Financial Acton Task Force (FATF) Mutual Evaluation Report. The regulation which allows splitting insurance carriers was altered obviously in order to allow the recent restructuring of the Vienna Insurance Group. Further, the international private law regulations for insurance contracts are now incorporated in several existing acts, especially in the International Private Law Act, instead of the former Austrian Act on Insurance International Law. The Austrian courts had a busy period over the last two years while dealing with insurance related cases. Although Austria is a rather small country there have been several major cases pending.

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