IMF Staff Country Reports

The Financial Sector Assessment Program (FSAP) conducted a focused review of insurance regulation and supervision in Austria. This Technical Note (TN) provides an update on the insurance sector and highlights risks and vulnerabilities. It analyzes key aspects of regulatory and supervisory oversight: governance; the solvency framework; supervision (micro and macro); exit from the market and resolution and group supervision and supervisory co-operation and co-ordination.2 The Financial Markets Authority (FMA) is responsible for insurance conduct and prudential supervision at both micro and macro level. The TN comments on progress in respect of the implementation of recommendations made by the 2020 FSAP and offers further recommendations to strengthen the regulatory and supervisory regime.