Regulatory Alerts2021-08-17
Life Insurance Information Requirements Regulation 2018
The Austrian Financial Market Authority issued this regulation to define the minimum information disclosure requirements for life insurance undertakings under the Insurance Supervision Act 2016. It mandates specific pre-contractual and annual information for policyholders, including detailed specimen calculations, cost disclosures, and risk warnings for classic, investment-oriented, and unit-linked policies. The rules ensure transparency regarding guaranteed benefits, profit sharing mechanisms, and the non-binding nature of projected returns across all life insurance product categories.
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