AUSTRIA - The Finance Committee of the Nationalrat, the Austrian parliament,has given the green light to Kollektivversicherung, a collective insurance vehicle, set tosupplement Austria's second pillar system. The introduction opens the way for the insurance industry to compete in a market hitherto dominated by the country's pensionskassen.
New legislation is set to go through parliament sometime in the second quarter, along with legislation required for the new EU Pensions Directive. Austria’s insurance industryhas welcomed the move....
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