Austrian Commercial Code: Unternehmensgesetzbuch (UGB) as of 1 January 2007, Handelsgesetzbuch (HGB) until 31 December 2006.
Underwriters are responsible for evaluating risks in the insurance industry, and have the authority to underwrite risks. An underwriter estimates the probability and size of a loss as precisely as possible, calculates insurance premiums and establishes policy terms.
- Underwriting provisions
Underwriting provisions consist of the provision for outstanding claims, mathematical reserve, unearned premiums, provisions for profit-related and profit-unrelated premium refunds, the equalisation provision and other underwriting provisions.
- Unit-linked and index-linked life insurance
Insurance policies where the investment is made at the policyholder’s risk. The investments in this area are valued at fair value, with the underwriting reserves shown at the value of the investments.