Regulatory Alerts2005-11-10
FMA Circular on Changes to Insurance Undertaking Audit Regulations (VAG 1978)
The Federal Financial Supervisory Authority (FMA) issued this circular to outline 2005 amendments to the Insurance Supervision Act (VAG) governing statutory auditor requirements for insurance undertakings. The updated regulations mandate pre-year-end auditor elections, align exclusion and rotation rules with the Commercial Code, transfer audit engagement placement to supervisory boards, update liability insurance thresholds, and clarify dismissal procedures. These amendments standardize auditor obligations across all insurance undertakings regardless of size while strengthening supervisory board oversight.
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