{
  "title": "Austria: Publication of Financial Sector Assessment Program Documentation—Technical Note on Insurance Sector—Regulation, Supervision, Recovery, and Resolution Regime Prospects",
  "publication": "IMF Staff Country Reports, March 2, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/03/03/austria-publication-of-financial-sector-assessment-program-documentation-technical-note-on-49236",
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  "summary": "This review provides an update on the Austrian insurance sector and an analysis of certain key aspects of the regulatory and supervisory regime.",
  "sections": [
    {
      "heading": "Scope and focus",
      "content": "- Provides an update on the Austrian insurance sector and analysis of key aspects of the regulatory and supervisory regime.\n- Analyzes regulation and supervision relative to key issues identified in previous Financial Sector Assessment Programs (FSAP) and material changes since the last FSAP.\n- Covers the current situation and potential changes in the crisis management and early intervention framework for the insurance sector.\n- Focus areas include:\n  - A long-standing policyholder protection mechanism.\n  - Early intervention powers—both existing and under discussion.\n  - Crisis management and resolution arrangements for insurance companies and groups."
    },
    {
      "heading": "Key findings and concerns",
      "content": "- Proper implementation of Solvency II requires ongoing validation and scrutiny by regulators.\n- There is a risk to effective Solvency II implementation if supervisory resources with skills and expertise are not retained.\n- The life insurance sector is facing additional pressures from higher legal, reputational, and conduct risks.\n- Market conduct weaknesses require enhancement of supervision and active enforcement."
    },
    {
      "heading": "Policy recommendations and supervisory actions",
      "content": "- Ensure ongoing validation and scrutiny of Solvency II implementation by regulators.\n- Retain supervisory resources with necessary skills and expertise to avoid erosion of supervisory effectiveness.\n- Enhance market conduct supervision, including active use of enforcement powers.\n- Leverage insights from studies launched by the government, while complementing them with robust enforcement activity."
    },
    {
      "heading": "Thematic relevance and topics covered",
      "content": "- Bank resolution framework\n- Financial crises\n- Financial institutions\n- Financial sector policy and analysis\n- Insurance and Insurance companies\n- Solvency and Stress testing\n\nSource: IMF Staff Country Report — \"Austria: Publication of Financial Sector Assessment Program Documentation-Technical Note on Insurance Sector—Regulation, Supervision, Recovery, and Resolution Regime Prospects\" (March 2, 2020).\n\n---\n\n Content in this bundle\n\n- 1autea2020003\n  - 1autea2020003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1autea2020003 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 2, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513535807.002",
    "Provides an update on the Austrian insurance sector and analysis of key aspects of the regulatory and supervisory regime.",
    "Analyzes regulation and supervision relative to key issues identified in previous Financial Sector Assessment Programs (FSAP) and material changes since the last FSAP.",
    "Covers the current situation and potential changes in the crisis management and early intervention framework for the insurance sector.",
    "Focus areas include:",
    "Proper implementation of Solvency II requires ongoing validation and scrutiny by regulators.",
    "There is a risk to effective Solvency II implementation if supervisory resources with skills and expertise are not retained.",
    "The life insurance sector is facing additional pressures from higher legal, reputational, and conduct risks.",
    "Market conduct weaknesses require enhancement of supervision and active enforcement.",
    "Ensure ongoing validation and scrutiny of Solvency II implementation by regulators.",
    "Retain supervisory resources with necessary skills and expertise to avoid erosion of supervisory effectiveness.",
    "Enhance market conduct supervision, including active use of enforcement powers.",
    "Leverage insights from studies launched by the government, while complementing them with robust enforcement activity.",
    "**1autea2020003**"
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