Regulatory Alerts2018-01-18
Added · Updated
Life Insurance Profit Plan Regulation (LV-GPV)
The Austrian Financial Market Authority (FMA) issued the Life Insurance Profit Plan Regulation to standardize the content and structure of profit plans for life insurance with profit-sharing entitlement. The regulation mandates that insurers submit these plans electronically in PDF format, detailing specific elements such as basic principles, profit systems, actuarial bases, and benefit calculations. It further requires that any amendments to the profit plan be clearly marked and accompanied by a complete consolidated version to ensure regulatory transparency.
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