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© 2014 International Monetary Fund

January 2014

IMF Country Report No. 14/14

Austria: Publication of Financial Sector Assessment Program Documentation—Technical Note on Insurance Sector

This Technical Note on Austria was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available following the FSAP discussions that ended on April 30, 2013 with the officials of Austria. Based on the information available at the time of these discussions, the assessment was completed in September 2013.

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AUSTRIA

FINANCIAL SECTOR ASSESSMENT PROGRAM

December 2013

TECHNICAL NOTE

INSURANCE SECTOR

Prepared By

Monetary and Capital Markets Department

This Technical Note was prepared by IMF staff in the context of the Financial Sector Assessment Program in Austria. It contains technical analysis and detailed information underpinning the FSAP’s findings and recommendations.

Contents

  • Glossary

  • INTRODUCTION

  • OVERVIEW OF THE AUSTRIAN INSURANCE SECTOR

  • RISKS FACED BY THE INSURANCE SECTOR

  • IMPLEMENTATION OF IAIS INSURANCE CORE PRINCIPLES

    • A. Conditions for Effective Insurance Supervision

    • B. The Supervisory System

    • C. The Supervised Entity

    • D. Ongoing Supervision

    • E. Prudential Requirements

    • F. Markets and Consumers

    • G. Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT)

  • CONCLUSIONS

  • TABLES

    • 1. Progress on Key 2007 Recommendations

    • 2. Financial Soundness Indicators for the Insurance Industry

Glossary

AML/CFT

Anti-Money Laundering and Combatting the Financing of Terrorism

CESEE

Central, Eastern, and South-Eastern Europe

EIOPA

European Insurance and Occupational Pensions Authority

EU

European Union

FMA

Financial Market Authority

FMABG

Financial Market Authority Act (Finanzmarktaufsichtsbehördengesetz)

FSAP

Financial Sector Assessment Program

GAAP

Generally Accepted Accounting Principles

IAIS

International Association of Insurance Supervisors

IFRS

International Financial Reporting Standards

ICPs

Insurance Core Principles

IOPS

International Organization of Pension Supervisors

MoU

Memorandum of Understanding

OECD

Organization for Economic Cooperation and Development

OeNB

Austrian National Bank (Oesterreichische Nationalbank)

PKG

Pension Funds Act (Pensionskassengesetz)

UGB

Company Code (Unternehmensgesetzbuch)

VAG

Insurance Supervision Act (Versicherungsaufsichtsgesetz)

VSE

Vienna Stock Exchange

Austria: Publication of Financial Sector Assessment Program Documentation—Technical Note on Insurance Sector
Author: International Monetary Fund. Monetary and Capital Markets Department