Austria: Financial Sector Assessment Program Update Technical Note: Factual Update and Analysis of the IAIS Insurance Core Principles
IMF Staff Country Reports, July 2, 2008
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- Austria: Financial Sector Assessment Program Update Technical Note: Factual Update and Analysis of the IAIS Insurance Core Principles
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Bibliographic details
- Published: July 2, 2008
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451802467.002
Summary
- Highlights Austria’s analysis of the International Association of Insurance Supervisors Insurance Core Principles.
- Notes that the Austrian economy generally performed well over the past several years, with growth above the euro-area average, falling unemployment, and low inflation.
- Recommends that the Financial Market Authority (FMA) should investigate the use of market-based soundness indicators.
- Observes that following the recent reorganization of bank supervision responsibilities, the FMA insurance supervisors will need to work even closer with the Oesterreichische Nationalbank (OeNB) in supervising financial groups.
Key findings and analysis
- Austria’s economy: growth above the euro-area average; falling unemployment; low inflation.
- Supervisory practices: assessment focused on the Insurance Core Principles as defined by the International Association of Insurance Supervisors.
- Soundness indicators: the FMA is advised to investigate market-based soundness indicators to complement existing tools.
- Group supervision: the reorganization of bank supervision responsibilities creates a need for closer collaboration between FMA insurance supervisors and the OeNB for supervising financial groups.
Policy recommendations
- The Financial Market Authority (FMA) should investigate the use of market-based soundness indicators.
- Enhance coordination and information-sharing between FMA insurance supervisors and the Oesterreichische Nationalbank (OeNB) in supervising financial groups following the reorganization of bank supervision responsibilities.
Institutional implications
- The reorganization of bank supervision responsibilities places additional coordination burdens on the FMA and OeNB.
- Effective supervision of financial groups will require closer working relationships between insurance supervision teams at the FMA and banking supervision authorities at the OeNB.
International Monetary Fund. "Austria: Financial Sector Assessment Program Update Technical Note: Factual Update and Analysis of the IAIS Insurance Core Principles", IMF Staff Country Reports 2008, 207 (2008), accessed 9/13/2026, https://doi.org/10.5089/9781451802467.002
- Pages: 12
- Volume: 2008
- Issue: 207
- Series: Country Report No. 2008/207
- Stock No: 1AUTEA2008007
- DOI: https://doi.org/10.5089/9781451802467.002
- ISBN: 9781451802467
- ISSN: 1934-7685