Regulatory Alerts2022-06-20
FMA Regulation on Maximum Customary Burial Costs 2016
The Financial Market Authority establishes a maximum limit of EUR 20,000 for customary burial costs, explicitly covering both funeral and headstone expenses. Grounded in Article 159 of the Insurance Policy Act, this regulation initially took effect on 1 January 2016 and was subsequently updated by amendments in May 2020 and July 2022. The standardized cap ensures predictable cost coverage for policyholders while providing a clear statutory benchmark for insurance claims.
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.