Ongoing supervision

The FMA monitors implementation of the Insurance Distribution Act (VersVertG) and the associated Insurance Distribution Ordinance (VersVertV) and takes the necessary measures. Through regular inspections, the FMA ensures that the licensing conditions are met on a permanent basis, and it protects insured parties against abuse.

With regard to insurance intermediaries, reinsurance intermediaries, and ancillary insurance intermediaries which have their registered office or domicile in another Contracting Party to the EEA Agreement, are entered in a recognised register in their home state, and operate in Liechtenstein, the FMA may take suitable measures to prevent or punish violations of Liechtenstein provisions enacted to protect the general good.

Basic and continuing training

All management bodies responsible for insurance mediation and employees directly involved in insurance mediation must meet the requirements of ongoing basic and continuing training in their profession.

For further information please refer to:

Reporting

All insurance intermediaries with a licence pursuant to Article 5 VersVertG must report annually to the FMA on their past business year. The aim of reporting is to verify whether the licensing conditions under the VersVertG are fulfilled on a permanent basis. In addition, reporting is intended to provide the FMA with an up-to-date overview of the insurance intermediary's organisation and business activities. The reporting is due by 31 March of the following year.

Complaints

Complaints by insured persons and other persons concerned about insurance intermediaries may be submitted to the FMA (Article 74 VersVertG). The FMA examines the complaint and responds to the complainant as appropriate.

Extrajudicial mediation body

The extrajudicial mediation body (Conciliation Board) is responsible for settling disputes between clients and insurance intermediaries regarding the services provided (Article 75(1) VersVertG in conjunction with the Financial Services Conciliation Board Ordinance (FSV)). The task of the Conciliation Board is to mediate in disputes between the parties and to find an appropriate way of settling the disputes. Involvement of the Conciliation Board is free for the client making the complaint. Should the desired agreement not be reached, the party must take ordinary legal action.

Further information can be found at: 

schlichtungsstelle.li

Decrees/sanctions

The FMA is obliged and authorised to enforce laws and ordinances, to issue decrees subject to appeal, and to impose sanctions, which may lead to withdrawal of the licence.