Regulatory Alerts2004-06-30
FMA Circular on Liability Insurance for Statutory Auditors under Article 82 VAG
The Financial Market Authority (FMA) issued this circular to clarify the requirements for statutory auditors of insurance undertakings to maintain appropriate liability insurance under Article 82 of the Insurance Supervision Act. The document mandates that such insurance must be structured as a policy for the account of a third party, ensuring the auditor retains sole disposal rights, access to the minimum insured sum, and irrevocable possession of the policy. To demonstrate compliance, auditors must provide the FMA with specific evidence including a certificate of insurance, a copy of the policy, and a insurer's statement confirming that breaches by the policyholder do not exclude coverage.
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