Regulatory Alerts2018-01-18
Life Insurance Profit Plan Regulation (LV-GPV)
Issued by Austria's Financial Market Authority (FMA), this regulation mandates that all life insurance undertakings with profit-sharing entitlement prepare and electronically submit standardized profit plans detailing their actuarial bases and bonus calculation methodologies. The rule prescribes a strict structural framework requiring specific cover sheet information, a comprehensive table of contents, and detailed disclosures across seven core categories including profit allocation cycles, appropriation systems, mathematical formulae, and benefit guarantees. Furthermore, it establishes clear procedures for submitting amended plans with highlighted changes, mandates sequential version numbering, and stipulates that the regulation takes effect on 1 January 2016.