Regulatory Alerts2021-09-28
Additional Provisions Regulation for State-sponsored Retirement Provision (PZV-ZRV)
The Austrian Financial Market Authority issued this regulation to mandate additional provisions for state-sponsored retirement contracts holding non-hedged equities. It establishes precise formulas for calculating maximum loss, guaranteed amounts, and the resulting minimum additional provision based on portfolio volatility and market values. The rules require these provisions to be covered by the statutory solvency margin and entered into force on January 1, 2016, with specific amendments effective in 2022.
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