Regulatory Alerts2005-01-04
Added · Updated
FMA Circular 01/2005 on Rate Adjustments in Health Insurance under VAG 1978
The Austrian Financial Market Authority (FMA) issued Circular 01/2005 to mandate that insurance undertakings notify the regulator of any changes to actuarial bases prior to applying rate adjustments in health insurance operated under life assurance principles. The document specifies detailed submission protocols, requiring electronic and written notifications that include standardized data on premium increases, benefit changes, and underlying actuarial parameters such as mortality charts and interest rates. These reporting requirements must be implemented for all adjustments submitted by 1 July 2005 to ensure efficient supervision and accurate documentation of premium and benefit modifications.
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