Regulatory Alerts2016-02-03
Information Requirements Regulation for Occupational Group Insurance (BKV-InfoV)
The Austrian Financial Market Authority issued this regulation to define the minimum content and structure of information that insurance undertakings must provide to beneficiaries and insured persons of occupational group insurance schemes. It mandates annual written disclosures to entitled beneficiaries and recipients, covering details such as premiums, costs, vested benefits, and investment policies, as well as specific notifications upon the occurrence of benefit events. Additionally, the regulation requires insurers to provide comparative forecasts and explanations of systematic differences when insured persons request information prior to switching to a Pensionskasse or another occupational group insurance scheme.
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