## Austria: Publication of Financial Sector Assessment Program Documentation—Technical Note on Insurance Sector—Regulation, Supervision, Recovery, and Resolution Regime Prospects

_IMF Staff Country Reports, March 2, 2020_

## Source details

**Canonical URL:** [Austria: Publication of Financial Sector Assessment Program Documentation—Technical Note on Insurance Sector—Regulation, Supervision, Recovery, and Resolution Regime Prospects](https://www.imf.org/en/publications/cr/issues/2020/03/03/austria-publication-of-financial-sector-assessment-program-documentation-technical-note-on-49236)

## Other formats

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## Bibliographic details
- Published: March 2, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513535807.002

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### Scope and focus
- 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:
  - A long-standing policyholder protection mechanism.
  - Early intervention powers—both existing and under discussion.
  - Crisis management and resolution arrangements for insurance companies and groups.

### Key findings and concerns
- 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.

### Policy recommendations and supervisory actions
- 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.

### Thematic relevance and topics covered
- Bank resolution framework
- Financial crises
- Financial institutions
- Financial sector policy and analysis
- Insurance and Insurance companies
- Solvency and Stress testing

*Source: 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).*

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- **1autea2020003**
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_Source: https://www.imf.org/en/publications/cr/issues/2020/03/03/austria-publication-of-financial-sector-assessment-program-documentation-technical-note-on-49236_