Regulatory Alerts2016-02-03
Information Requirements Regulation for Occupational Group Insurance (BKV-InfoV)
The Austrian Financial Market Authority issued this regulation to define the minimum content and structure of information that insurance undertakings must provide to beneficiaries and insured persons of occupational group insurance schemes. The rules mandate detailed annual disclosures to entitled beneficiaries and recipients, including premium data, vested amounts, and investment forecasts, as well as specific notifications upon the occurrence of benefit events. Additionally, insurers must supply comparative information regarding systematic differences and pension forecasts when insured persons request to switch from occupational group insurance to a pension company commitment.
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