Regulatory Alerts2022-06-20
Regulation of the Financial Market Authority on the Determination of a Maximum Amount for Customary Burial Costs
The Financial Market Authority (FMA) issued this regulation to establish the maximum allowable amount for customary burial costs under the Insurance Policy Act. The current cap is set at EUR 20,000, covering expenses for both the funeral and the headstone. This limit was originally implemented in 2016 and subsequently updated by amendments effective in May 2020 and July 2022.
All English translation of the authentic German text is unofficial and serves merely information purposes. The official wording in German can be found in the Austrian Federal Law Gazette (Bundesgesetzblatt; BGBl.). All translations have been prepared with great care, but linguistic compromises had to be made. The reader should also bear in mind that some provisions of these laws will remain unclear without certain background knowledge of the Austrian legal and political system. Please note that these laws may be amended in the future and check occasionally for updates. Regulation of the Financial Market Authority (FMA) on the determination of a maximum amount for customary burial costs (Beerdigungskostenverordnung 2016) Full title Regulation of the Financial Market Authority (FMA) on the determination of a maximum amount for customary burial costs (Beerdigungskostenverordnung 2016) Short Title: FMA Regulation on Burial Costs 2016 Original Version: Federal Law Gazette II No. 172/2015 Amendments: Federal Law Gazette II No. 161/2020; Federal Law Gazette II No. 228/2022. Text Article 1. The maximum amount for customary burial costs as defined in Article 159 of the Insurance Policy Act (VersVG; Versicherungsvertragsgesetz), Federal Law Gazette No. 2/1959, last amended by Federal Act in Federal Law Gazette I No. 62/2019, shall amount to EUR 20 000. Burial costs as defined in this provision shall mean the costs for a funeral and the costs for a headstone. Article 2. (1) This Regulation shall enter into force on 1 January 2016. (2) Article 1 in the version of the Regulation amended in Federal Law Gazette II No. 161/2020 shall enter into force on 1 May 2020. (3) Article 1 in the version of the Regulation amended in Federal Law Gazette II No. 228/2022 shall enter into force on 1 July 2022.