Regulatory Alerts2014-08-01
Added · Updated
FMA Circular on the Auditing Actuary’s Report for Business Plan Approval Applications
The Austrian Financial Market Authority issued this circular to define the content and structure requirements for auditing actuary reports attached to business plan approval applications under Article 20 para. 4 PKG. The document mandates that reports must demonstrate compliance with three specific criteria: adherence to recognized actuarial principles, ongoing fulfillment of pension contract obligations, and sufficient efforts to uphold beneficiary interests. It further specifies that audits must justify compliance separately for each amendment, detail material effects on beneficiaries, and follow a suggested structural format to facilitate efficient regulatory review.
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