Insurance undertakings

Responsibilities of the supervisory authority

The main responsibility of the FMA as the insurance supervision authority is to supervise all business activities of insurance undertakings. This includes especially:

• monitoring compliance with laws;
• monitoring the solvency of insurance undertakings and their creation of required provisions;
• protecting the interests of the insured.

Insurance undertakings must at all times be able to meet their contractually assumed obligations. These obligations include financial guarantees. Ongoing inspections therefore include monitoring the solvency and business plan of insurance undertakings.

In addition to supervising insurance undertakings, the FMA as the insurance supervision authority carries out the following tasks in particular:

• preparing laws and international agreements;
• providing information and carrying out legal clarifications regarding private insurance law.