An amendment to the FMA Maximum Interest Rate Regulation entered into force upon publication in the Federal Law Gazette II no. 357/2010 on 22 November 2010. With the amendment, the current maximum interest rate for calculating the technical provisions for classic life assurance has been reduced from 2.25% to 2.00% as of 1 April 2011. A lower interest rate of 1.75% (currently 2%) will be applied to insurance products belonging to the category of state-sponsored retirement provision, due to the minimum share ratio of 30% stipulated for receiving tax preference and the consequentially greater investment risk.
Klaus Grubelnik (FMA Media Spokesperson)
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