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Insurance and Reinsurance in Austria: Overview
by Dr Clemens Völkl and Dr Johannes Angyan, Völkl Rechtsanwälte GmbH & Co KG
A Q&A guide to insurance and reinsurance in Austria.
The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; authorisation of insurers, reinsurers, and insurance intermediaries; ownership restrictions; ongoing requirements; penalties for non-compliance; sales and marketing of insurance and reinsurance services; regulation of the transfer of risk; the regulation of insurance and reinsurance contracts; content requirements for policies and implied terms; insurance and reinsurance claims; dispute resolution; insolvency; tax remedies; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform.
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