Regulatory Alerts2005-01-04
FMA Circular 01/2005 on Rate Adjustments in Health Insurance under VAG 1978
The Austrian Financial Market Authority (FMA) mandates that insurance undertakings must notify the regulator prior to applying any changes to actuarial bases in health insurance operated under life assurance principles. The circular specifies detailed submission requirements, including electronic and written formats, standardized reporting structures, and precise data fields for premiums, benefits, and calculation parameters. These notification obligations apply to all rate adjustments submitted on or after 1 July 2005 to ensure efficient supervision and accurate documentation.
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