Until 2018, Austria had up to five different cancellation rights for insurance policyholders, plus the cancellation right pursuant to Section 8 of the Distance Financial Services Act. Thus, the legal situation was confusing. However, this has finally changed. Since 1 January 2019, a new Section 5c of the Insurance Contract Act provides for one unified cancellation right.
The Financial Market Authority (FMA) recently published a new circular concerning key information documents for packaged retail and insurance-based investment products. The FMA had already published a revised version of its circular on sound remuneration policies and practices on January 19 2018.
Sub-level domain names under the new generic top-level domain '.insurance' will soon be available – a development that will be of particular interest for the insurance sector, as it will allow domain names such as '[Yourbrand].insurance' and '[Yourproduct].insurance'. The '.insurance' domain names are expected to become generally available in June 2016, preceded by a sunrise period in May 2016.