An overview of the legal framework governing insurance disputes in Austria, including primary legislation, insurable risks, court procedures and alternative dispute resolution mechanisms.
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The Act of 19 December 2020(1) implementing the Budget Act 2021 introduced into the Insurance Contract Act(2) a new provision to secure the outcome of insurance policies underwritten by UK insurers post-Brexit.
By amending Article 2 of the act,(3) the legislature relieved any doubt as to the validity of insurance contracts in the event that:
an EEA or third-country insurance undertaking loses its approval to carry out direct insurance operations in Luxembourg while retaining its authorisation in its home state; and
a contract has been validly issued or renewed by an undertaking authorised to work in Luxembourg under the freedom of establishment or the freedom to provide services at the time of issue or renewal of the contract.