Regulatory Alerts2018-01-18
Life Insurance Profit Plan Regulation (LV-GPV)
The Austrian Financial Market Authority (FMA) mandates that all life insurers offering profit-sharing policies must prepare and submit standardized electronic profit plans detailing their actuarial bases and benefit structures. The regulation prescribes a strict document format requiring specific cover sheet information, a defined table of contents, and detailed sections covering profit allocation cycles, mathematical formulae, and component breakdowns. It further establishes clear procedures for submitting amended plans, requiring insurers to highlight all changes, provide explanatory notes, and include a complete consolidated version alongside the updated submission.
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