277/2009 Sb.
LAW
of 22 March. July 2009
about insurance
Change: 409/2010 Sb.
Change: 188/2011 Sb.
Change: 420/2011 Sb.
Change: 428/2011 Coll., 18/2012 Sb, Sb 399/2012.
Change: 99/2013 Sb.
Change: 228/2013 Sb.
Change: 241/2013 Sb.
Change: 303/2013 Sb.
Parliament has passed the following Act of the Czech Republic:
PART THE FIRST
GENERAL PROVISIONS
§ 1
The scope of the
(1) this law incorporates the relevant provisions of the European
the community of ^ 1) and regulates the conditions for the operation of the insurance and
reinsurance activities, and supervision in the insurance sector.
(2) this Act shall be governed by
and the operation of the insurance and reinsurance) activities of the insurance undertaking is based
on the territory of the Czech Republic and the pursuit of reinsurance the reinsurance undertaking
located on the territory of the Czech Republic,
(b)) the operation of the insurance and reinsurance activities on the territory of the Czech
Republic insurance company established in the territory of a Member State of the European Union
or on the territory of the State, forming the European economic area other than the
Czech Republic (hereinafter referred to as "Member State") and the operation of
reinsurance business in the territory of the Czech Republic by the reinsurance undertaking, based on the
the territory of another Member State,
(c)) the operation of the insurance and reinsurance activities on the territory of the Czech
Republic insurance company with its registered office on the territory of a State other than that which is
listed in points (a) and (b))) (hereinafter referred to as the "third State"), and the operation of
reinsurance business in the territory of the Czech Republic by the reinsurance undertaking, based on the
territory of a third State.
§ 2
(1) unless otherwise provided in other legislation differently, this law does not apply to
on the implementation of sickness insurance, pension insurance, pension
insurance with State contribution, the occupational pension
insurance, accident insurance for staff and public health
insurance ^ 2).
(2) this law shall also apply to the activities of the
and exercising the activity of insurance companies) on the principle of reciprocity
(hereinafter referred to as "mutual insurance company"), for which the benefits vary according to the
of the resources available and which require each of their members paid
the same contribution,
(b) institutions other than insurance companies), consisting in the provision of implementation
employees and self-employed persons belonging to an
business or the business of the group or to one
the economic field or group of fields, and in case of death or
survival to a stipulated age or in case of interruption or restriction
activities, regardless of where they are to the obligations arising from this
activities created the technical provisions,
(c) institutions other than insurance companies), consisting in the conclusion of commitments
provide implementation only in the case of death, if the implementation
does not exceed the average funeral costs or if it is provided
non-cash transactions
(d)) of provident, whose statutes allow the determination of the
exceptional contributions, reducing benefits or financial guarantees to third parties
and whose annual income from contributions paid in connection with their
activities in the area of life insurance does not exceed 3 consecutive
consecutive years of the value corresponding to the amount of 140 0000 0000 CZK; If there is
This exceeded the amount in that period, the activities of the mutual
insurance undertaking this Act, from the beginning of the year following the
the expiry of the three-year period,
(e)) the institutions referred to in the directive of the European Parliament and of the Council
governing life insurance and Council directive governing other than
life insurance ^ 3),
(f) institutions other than insurance companies), consisting in the provision of assistance in
the case of a breakdown or an accident involving a road vehicle which occurs on the territory of the
The Czech Republic, and in the case of
1. the repair on the spot, if the service provider uses to this activity
mostly its own employees and its own equipment,
2. the conveyance of the vehicle to the nearest or the most appropriate location and repair
driver and passengers to the nearest location from which
they may continue their journey by other means,
3. where appropriate, the conveyance of the vehicle, the driver and occupants to their place of
residence, to their place of departure, if different from the location of their
place of residence, or to a destination in the same State of the European Union or
State forming the European economic area (hereinafter referred to as "Member State"),
g) institutions other than insurance companies,
1. operating the only activity which by its nature is responsible
insurance activities according to the sector of insurance referred to in point B
18 of Annex No. 1 to this Act,
2. If this activity is operated exclusively in the territory of the Czech Republic with
the discharge of only the factual and
3. If the total does not exceed the annual income from the activities of the 5 600 0000 CZK
(h)) consisting in the export credit insurance on behalf of the State or
the guarantee of the State, or, if the State insurer, subject to the different legal
otherwise, prescription
I) the deposit insurance fund according to the law governing the activity of the bank ^ 4),
(j)) of the guarantee fund of securities dealers ^ 5).
(3) the condition that the accident or breakdown involving a road vehicle occurs on the territory of the
The Czech Republic, shall not apply in the case referred to in paragraph 2 (a). f) points 1 and
2 If the vehicle repair on site or transport are provided
institutions on the territory of another State without the obligation to pay any
an additional payment a reciprocally against submission of the member institution, card
which is a member of the authorised person, and on the basis of agreements between such
institutions.
§ 3
Definition of terms
(1) for the purposes of this Act, means the
and domestic insurance company, insurance company) an undertaking from another Member State
or an undertaking from a third State,
(b) a domestic insurance company) legal person established on the territory of the Czech
the Republic, which was the Czech National Bank has been granted a permit to
operation of the business of insurance pursuant to this Act,
(c)) the insurance undertaking of another Member State the legal person, based on
territory of another Member State, which has been in the other Member State
granted the authorisation to pursue the activity of insurance,
(d)), the insurance company from a third State legal person established on the territory of the
a third State, which is in accordance with the law of the country of its location shall be entitled to
engage in insurance activities,
captive insurance company insurance company), which controls the person from the financial
sector ^ 6), other than an insurance undertaking or a reinsurance undertaking or a person other than
insurance insurance holding holding the person or person with
the joint activities or controlled by another person who is not a person of
the financial sector, if the activities of the insurance undertaking only limited
on the provision of insurance insurance risks of the person or persons together
forming the group,
f) insurance business repossession insurance risks on the basis of
concluded insurance contracts and the performance of them, and part of the
insurance activities is the management of the insurance settlement of claims
events, provision of assistance services, disposal of assets, the
source are technical provisions of an insurance undertaking insurance contracts
the reinsurance on reinsurance undertakings of an insurance undertaking arising from her
concluded insurance contracts and working towards the prevention of
damage and mitigation of their consequences,
(g)) the reinsurance undertaking domestic reinsurance undertaking, a reinsurance undertaking from another Member State
or reinsurance undertaking from a third State,
h) domestic reinsurance undertaking legal person established on the territory of the Czech
the Republic, which was the Czech National Bank has been granted a permit to
the pursuit of reinsurance business under this Act,
I) reinsurance undertaking from another Member State of the legal person, based on
territory of another Member State, which has been granted in that Member State
the authorisation to operate the locking activity
j) a reinsurance undertaking from a third State legal person established on the territory of the
a third State, which is in accordance with the law of the country of its location shall be entitled to
carry out reinsurance activities,
to the captive reinsurance undertaking, a reinsurance undertaking) which controls the person from the financial
sector ^ 6), other than an insurance undertaking or a reinsurance undertaking or a person other than
insurance insurance holding holding the person or person with
the joint activities or controlled by another person who is not a person of
the financial sector, if the activities of that reinsurance undertaking only limited
to ensure the provision of insurance risks of the person or persons mutually
linked,
l) reinsurance activities, the transposition of the insurance risks on the basis of the
contracts governing the undertaking undertakes to provide the insurance undertaking
within the agreed range of performance, if the incident occurs in the contract
the closer the marked, and the insurer undertakes to pay the reinsurers in the contract
part of insurance premiums (hereinafter referred to as "premiums") from insurance contracts
concluded by the insurer, that are the subject of this contract (hereinafter referred to as
"reinsurance contract"), the implementation of these treaties and contracting locking
contracts between reinsurers, with part of the reinsurance business is the management of
to ensure disposal of assets, which are technical provisions
reinsurance undertaking,
m) financial assets whose location source are technical provisions
insurance or reinsurance undertaking,
n) activities related to the insurance activities of brokerage
the activities undertaken in relation to the insurance or reinsurance
activities consultancy related to the insurance of physical and
legal persons, the investigation of insurance events, educational activities in the
the field of insurance and other financial services, mediation
other financial services, and other activities associated with the performance of
authorized insurance activities
about activities related to reinsurance) activities of brokerage
activities carried out in the context of the reinsurance activities, Advisory
activities related to hedging activities and other financial
services, educational activities in the field of insurance and other
financial services and other activities associated with the performance of the allowed
reinsurance activities,
p) the home Member State the Member State in which the registered office is situated
insurance or reinsurance undertaking,
r) the host Member State, the Member State in which an insurance undertaking has
or the reinsurance undertaking has a branch or in which it provides services temporarily,
with) any permanent presence of a branch of insurance or reinsurance undertakings on the territory of the
other than the home Member State, regardless of whether this
the presence of a form of business insurance or reinsurance undertaking, or
This is a representation of the insurance or reinsurance undertaking of the third person
has a permanent mandate to act for an insurance or reinsurance undertaking, which should
her organizational folder
t) freedom to temporarily provide services the right to operate an insurance or
reinsurance business in the territory of the host Member State, in
the scope of the authorisation granted by the competent supervisory authority of the home
Member State, if this activity does not have the character of a permanent
the presence on the territory of the host Member State,
the supervisory authority of the competent authority) exercising supervision over insurance
or reinsurance activities of the insurance undertaking or of reinsurance activities
reinsurance undertaking,
in an indication of the person's name), where appropriate, the name, surname, date of birth and
the address of the place of residence of a natural person, in the case of a natural person-entrepreneur also
place of business, or the business name or the name and address of the
legal persons.
(2) for the purposes of this Act, means
and) life insurance branches of insurance referred to in part A of Annex No. 1
to this Act,
(b) non-life insurance, the insurance industry), referred to in part B of the annex No.
1 to this Act,
(c)) the provision taking risks arising from insurance contracts
life insurance,
(d) non-life reinsurance) the risks arising from the transposition of the insurance
non-life insurance contracts,
e) earned premiums or premiums written premiums
or premiums under the insurance or reinsurance contracts, which
time is related to the current accounting period, regardless of whether the
insurance or reinsurance premiums have been paid,
(f) the premiums or premiums), nezaslouženým part of the written premium
or premiums under the insurance or reinsurance contracts, which
time is related to the following accounting period, regardless of whether the
insurance or reinsurance premiums have been paid,
(g)) the technical interest rate guaranteed a share of the revenue from the financial
the location in the life insurance,
h) the ability of the solvency of the insurance or reinsurance undertaking to secure
own resources permanent satisfiability liabilities from insurance or
reinsurance activities,
I) splnitelností the proven ability to insurance undertakings or commitments
the reinsurance undertaking to fulfil the obligations arising out of insurance operated by or
reinsurance business, including liabilities due in the following accounting
periods,
j) administration of insurance or reinsurance activities to security
duration and update the status of insurance or reinsurance contracts,
locking the file to) the tribe concluded insurance contracts,
l) accessories portfolio the rights and obligations arising
of the concluded insurance contracts and investments corresponding to this
the tribe,
m) the strain reinsurance contracts concluded reinsurance contracts, file
n) accessories the strain reinsurance contracts, rights and obligations
resulting from the concluded reinsurance contracts, and financial investments
corresponding to this tribe,
the insurance terms and conditions terms and conditions) processed by the insurance company for
the conclusion of insurance contracts for individual classes for groups
these sectors or for the individual types of insurance agreed in the framework of the
the insurance industry, in particular the General insurance conditions, special or
additional terms and conditions,
p) assistive services, the assistance provided for persons who fall into
difficulties during travel or while away from their place of residence,
that lies in the commitment of the insurance company, which runs the insurance activity
According to the class of insurance referred to in part B, point 18 of Annex No. 1 to the
This law, on the basis of prior payment of insurance premiums
immediately available to help a person authorised under the insurance contract, if
This person gets into trouble as a result of the insured event, and
assistance may take the form of monetary or in kind benefits in kind and can
be provided on the basis of the contractual relationship by a person different from the
the insurance undertaking; for the assistance activity does not constitute service or maintenance
of the vehicle or the provision of information or its
mediation,
q) by the Member State in which the insurance risk insured
insurance policy relating to non-life insurance, the Member State
1. on whose territory are insured the buildings, their components,
accessories and things that are in them, if they are insured
the same insurance policy,
2. where the insured person is registered means of transport, irrespective of its
type,
3. where the policy holder has entered into an insurance contract for a period of 4 months or less,
which concerns the insurance risks associated with travel, regardless of the
the insurance industry, or
4. in which the policy-holder as a natural person resident or registered office, or
as a legal person, its registered office or its subsidiary, if it is about
cases that are not listed in points 1 to 3,
r) Member State of the commitment of the Member State in which the policy-holder, which
He concluded the insurance contract relating to life insurance, residence,
or, if the policy-holder is a legal person, the Member State in which the
Headquarters or a branch of the legal person, to which the Treaty
applies.
(3) For the purposes of this Act is the controlling person means a person who
and a majority of the voting rights) has members or members in other
Business Corporation; If it is not proved that the other person has the same
or more of the voting rights, it is considered that a person who
It has at least 40% of the voting rights in the particular person, is the controlling
person, and the persons acting in concert with at least 40%
voting rights in the particular person, is the controlling entities,
(b)) has the right to appoint or remove a majority the members vote for a statutory or
the inspection authority other business corporations, and is also a companion
or a member of such corporation,
(c)) has the right to exercise a dominant influence in any other business
the Corporation, which is a partner or member, on the basis of the Treaty, which
It has concluded, or by its articles of Association, articles of association or social
the contract, if the law applicable to such corporations governed by these
the treaties or statutes or contracts a provision
complied with,
(d)) is a member or a member of any other Corporation and
1. most of the members of the statutory or control body of the Corporation
She was appointed exclusively by the use of its voting rights, unless the
However, the other person with respect to that controlled by the person, the rights referred to in (a)),
(b)), or (c)), or
2. carries out on the basis of an agreement concluded with other shareholders or
the members of this Corporation, a majority of the voting rights of the shareholders or members in the
This Corporation, or
e) otherwise than under letters) to (d)), effectively exercises a dominant influence
in the other person.
(4) for the purposes of paragraph 3,
and (b)). and), b) and (d)) shall be for voting, nominating and Board
the rights attributed to the controlling company the rights of any other controlled persons
and rights belonging to any person acting in his own name, but on the
account of the controlling person or other controlled entity,
(b)) (a). and), b) and (d)), from the rights referred to in paragraph 3 shall be deducted
the rights of the
1. attaching to shares held on behalf of the person
other than the controlling person or some of the controlled person, or
2. attaching to the shares held as collateral, if this
rights are exercised in accordance with the instructions received, or if the possession of these
the shares for holding the business race part of normal business
activities in connection with the granting of loans, provided that the voting
rights are exercised in the interests of the person providing the guarantee,
(c)) (a). ) and (d)) must be from the total voting rights of the shareholders
the controlled person deducted the voting rights attaching to the shares or
shares, which are in the possession of that person, the person or persons controlled
acting in his own name but on behalf of those persons.
(5) in the assessment of a direct or indirect share account
voting rights or shares held by banks, spořitelními and úvěrními
cooperatives or traders in securities as a result of the subscription or
the location of the financial instruments based on a firm commitment basis ^ 7),
If the rights associated with the shares are not exercised or otherwise
used to interfere with the management of the issuer and, if within one year from the date of
the date of their acquisition to change their owner.
(6) for the purposes of this Act, means
and) controlled person the person against which the other person in a position
the controlling persons; all of the controlled entity controlled by individuals are also
considered to be the controlled persons controlling person, which is at the forefront of these
persons,
(b) the associated person person) in which the other person has significant influence
on the management or operation of the business of the race of the person, who is not
relationship between the controlling and controlled persons and not only temporary; direct or
indirect share of the project separately, or their sum representing
at least 20% of the capital or of the voting rights is always
considered a significant influence, unless it's about the relationship of the controlling and controlled
of the person,
(c) participation of the relationship between the person) and the other person, which is against it in
the status of controlled or associated persons,
(d)) a qualified interest direct or indirect share capital
the voting rights of a legal person, or their sum, which
represents at least 10% or allows you to exercise a significant influence on the
the management of the legal person,
e) indirect stake through the share held by any other person or
a group of persons acting in concert, including the share of voting rights
of securities and the conditions for their addition according to the law governing the
business capital market ^ 8),
(f) insurance holding the controlling person), a person who is not mixed
financial holding person according to the law governing the supplementary supervision
financial conglomerates ^ 9) and whose principal activity is to acquire and
to hold shares in controlled entities, which are exclusively or mainly
insurance or reinsurance undertakings, at least one of the following
the controlled persons is an insurance undertaking or a reinsurance undertaking domestic domestic,
g) insurance the person mixed-activity holding the controlling person
other than an insurance undertaking or a reinsurance undertaking, an insurance undertaking or a reinsurance undertaking from
a third State, an insurance person or a mixed financial holding
holding a person, at least one person is controlled by domestic
an insurance undertaking or a reinsurance undertaking, domestic
(h)), a group of 2 or more persons between whom there is a close link,
I) close links the relationship, when 2 or more persons are linked in such a
in a way, that the
1. one person is associated with the person the other person, directly or
through another person or persons,
2. one of the persons is the controlled person and other persons, either directly or
through another person or persons,
3.2 people are controlled by persons of the same controlling person, and it directly
or through another person or persons, or
4. the majority of the members of the statutory, management or supervisory bodies of the one
people make up most of the accounting period of the person that are in
statutory or control bodies of the other person or persons that are
with another person in close links in accordance with points 1 to 3, except in respect of persons,
carrying out such function within your business
professional basis, and if it is not the purpose of the exercise of their functions for the mutual
linking the activities of persons, which is a member of the statutory, management
or supervisory authority exercised,
(j)) with the participation of the person on the management of the insurance or reinsurance undertaking, the person who
It is not a statutory body or a member, Member of the supervisory body
insurance or reinsurance undertaking, by its authorized signatory or representative of its
branches and that, on the basis of the agreement, the participation of the insurance or reinsurance undertaking
or on the basis of other fact manages her activity or is entrusted with the
the control of this activity.
PART THE SECOND
PURSUIT OF THE ACTIVITIES OF INSURANCE
TITLE I OF THE
BASIC PROVISIONS
§ 4
The basic conditions for the pursuit of the activities of insurance
(1) Operate on the territory of the Czech Republic insurance activities can only
domestic insurance company and the insurance company from a third State, which has been the Czech
the National Bank has been granted a permit to operate this business, or
an undertaking from another Member State, on the basis of the right to establish
a branch or under the freedom to temporarily provide services.
(2) Operate on the territory of the Czech Republic reinsurance activities can only
domestic reinsurance undertaking and, unless otherwise provided in this Act, the undertaking of the
a third State, which has been the Czech National Bank has been granted a permit to
the pursuit of this activity, or a reinsurance undertaking from another Member State, and
on the basis of the right to establish branches or under the freedom to temporarily
to provide the services.
(3) Operate on the territory of the Czech Republic reinsurance activities can also
domestic insurance company, and, except as provided in this Act, the undertaking of the
a third State, which has been the Czech National Bank has been granted a permit to
the pursuit of this activity, or an undertaking from another Member State, and
on the basis of the right to establish branches or under the freedom to temporarily
to provide the services.
(4) an application for the grant of authorisations for the activities or of the acquisition of the participation of the adjusted
This Act of the Czech National Bank must be assessed with regard to the
the economic needs of the market. The Czech National Bank authorisation shall be granted if the
compliance with the conditions laid down in this law.
§ 5
Protection of business
(1) Domestic insurance undertaking shall indicate in its commercial business the word "undertaking".
Domestic reinsurance company in its business the word "undertaking".
(2) the word "undertaking", its translation or words in the
the following words or their shapes occur, is entitled to enjoy in the business
the company only the legal person who is authorized to carry on insurance
activities, with the exception of insurance undertakings whose activity is regulated by other legal
Regulation, and with the exception of the insurance provider and a separate
the liquidator of insurance events. The word "undertaking", its translation or
words in the word or its shape, is the
authorised to use in business the company only the legal person who is the
authorised to carry out reinsurance activities, with the exception of the insurance
provider authorized to engage in reinsurance mediation.
§ 6
Additional requirements for the operation of the activities in the insurance industry
(1) an insurance undertaking or reinsurance undertaking is authorised to carry out only
insurance or reinsurance activities and activities related
allowed her to the competent supervisory authority is required to act with the support
care and exercise caution, especially not to perform these activities in a manner
that damages the assets entrusted to it by third parties or endangers her
Security and stability or the security and stability of the people with her
linked. For this purpose, is the domestic insurance company, the insurance company of the
a third State, the domestic reinsurance and reinsurance undertaking from a third State shall be obliged to
create and throughout its activities to maintain a functional and effective
the management and control system, regularly evaluate the information and
in time to take appropriate measures.
(2) the Domestic insurance and reinsurance undertaking must not be unlimited domestic
liable partner companies, including corporations, based on
the territory of another State than the Czech Republic.
(3) an insurance undertaking or a reinsurance undertaking may on the territory of the Czech Republic in
insurance or reinsurance mediation and insurance
events use the services only to the insurance provider or
separate the liquidator's claims that its activities
exercised in accordance with the terms of the law governing the activity of the
insurance brokers and independent insurance surveyors
event ^ 10).
(4) Domestic insurance company, the insurance company from a third State, national
the reinsurance undertaking or the reinsurance undertaking from a third State shall be entitled to conclude
the Treaty whose purpose is the permanent or temporary transfer or distribution
some of the activities, with the exception of the transposition of the insurance risks in the insurance
or taking risks to reinsurance reinsurance, either in its entirety
or in part to another person (hereinafter referred to as the "Treaty of activities"),
If it does not threaten the stability of the distortion of accounting or
its management. This also applies to contracts concluded with another person in
the group, whose subject is the mutual sharing of the costs of the activities of the
common to such persons (hereinafter referred to as the "Treaty on the sharing of the costs") and for the
relocation of activities outside the territory of the Czech Republic (hereinafter referred to as "relocation
activities "). Conclusion of the contract for the activities of the Treaty on the sharing of
costs or relocation activities does not affect the responsibility of the insurance undertaking
or of the reinsurance undertaking in its activities, or its obligations under this
the law against the Czech National Bank.
(5) an insurance undertaking or a reinsurance undertaking Domestic domestic founded as a joint stock
the company is issuing shares, with which it is associated voting rights only in
book-entry form.
(6) Insurance and reinsurance undertaking shall proceed in its activities, so that the
not to hinder or prevent the performance of supervision pursuant to this
the law.
(7) the undertaking and the undertaking in the operation of the insurance or
reinsurance business processes personal information including social security numbers;
such processing of personal data is deemed to be necessary for the processing
compliance with the legal obligations of the administrator under the Act relating to the protection of
personal data ^ 11).
section 7 of the
The management and control system
(1) the management and control system includes
and good governance and assumptions) of the management of the insurance or reinsurance undertaking, and
always
1. the principles and procedures for the management of domestic insurance companies or domestic
reinsurance undertaking,
2. the organizational arrangements, with a full, transparent and coherent definition
the scope of and decision-making powers, within which at the same time define
the function whose parallel performance is inconsistent, and procedures for the prevention of
the emergence of a potential conflict of interests,
3. the proper administrative procedures and accounting procedures,
(b)) risk management, which always includes the
1. the rules on access to insurance or reinsurance undertaking, which is
or may be exposed, including risks arising from external
environment and liquidity risks,
2. effective recognition, evaluation, measurement, monitoring, and
reporting of risks,
3. effective procedures for the adoption of measures to reduce the possible
the risks and
(c)) the internal control system, which is always
1. the internal audit and
2. follow-up to the compliance with the legal obligations of the insurance undertaking, or
reinsurance undertakings, including the procedure for dealing with complaints.
(2) the management and control system must be comprehensive and proportionate to the nature,
the scale and complexity of the activities of domestic insurance companies, the insurance companies from third
the State of the reinsurance undertaking, reinsurance undertaking, domestic and from a third State.
(3) the Decree shall lay down the requirements for the management and control system in range
in accordance with paragraph 1.
§ 8
The credibility of individuals
(1) for the purposes of this Act, a natural person shall be considered as trusted
a natural person who meets the
and criminal integrity) the conditions referred to in paragraph 2 and
(b)) other conditions for performance of the functions of the Board of Directors
joint-stock company according to the law governing the legal relations of business
companies and cooperatives.
(2) For its perpetrators must ("integrity"), for the purposes
This law does not consider the natural person has been finally judged
for
and the offence committed intentionally), or
(b) an offence against property) or economic crime of the
negligence,
If it does not look as if he has not been convicted.
(3) trust for the purposes of this Act, a natural person shall be deemed,
the experience, the performance of business activities,
Professional or similar association or the performance of functions give the assumption
sound management of insurance undertakings, reinsurance undertakings or their subsidiaries.
§ 9
The credibility of the legal persons
(1) for the purposes of this law, the trust is a legal person
considers the legal person,
and that has not been sentenced) for a criminal offence,
(b)) if it satisfies the condition of trust every Member of the statutory body and
the supervisory body of the legal person,
(c)) that have not been withdrawn authorisation to pursue the activity for violation of
the conditions laid down in this or any other law,
(d) whose assets could not) regarding a final decision that is
This legal person in bankruptcy.
(2) for the purposes of this law, the trust is a legal person
It also considers the legal person on whose property was declared
the bankruptcy, if the insolvency court annulled the bankrupt otherwise than
and the resolution on the cancellation of bankruptcy) after completion of the rozvrhového resolution, or
(b)), therefore, that the assets of the debtor is totally inadequate.
(3) the trust is not a legal entity, on whose property was
declared bankrupt in the case that the Court dismiss the insolvency
the proposal, therefore, that its assets are not sufficient to cover the costs of the insolvency
the proceedings.
§ 10
Conflict of interest
(1) a statutory body or a member, Member of the supervisory body
domestic insurance undertaking or reinsurance undertaking, the head of domestic and
the person with the participation in its proceedings shall be the natural person who is
and a member of Parliament or Senator) of the Czech Republic, a member of the Government
The Czech Republic or the head of another central authority of State administration,
(b)), a member of the President or Vice-President of the Supreme Audit
Office or by an employee of the State in the Supreme Audit
the Office of a member of the Bank Council of the Czech National Bank or its
the employee,
(c)), a statutory body or a member, Member of the supervisory authority or
the head of other domestic legal entities, which is an insurance undertaking,
reinsurance undertaking, the Pension Fund, the pension company, Bank,
savings and úvěrním cooperative or other financial institution,
insurance agent, liquidator of insurance
event, or by a person authorised to trade in securities; It
does not apply, if the legal person controlled by a person or controlling
person insurance or reinsurance undertakings, in which the natural person
a member of the statutory or supervisory body or their proxy,
or if this is a concern,
(d) the insurance agent, stand-alone) the liquidator of the insurance
the event, an employee of the central depository or organizer
of the regulated market.
(2) a person who in the insurance undertaking or in the reinsurance undertaking, domestic, domestic
actuarial activity responsible, must not be
a statutory body or a member or proxy of the domestic
the insurance undertaking or of the reinsurance undertaking, domestic or person the insurance undertaking, or
reinsurance undertaking governed by itself.
(3) the head of the branch of the insurance undertaking or of the reinsurance undertaking domestic domestic shall not
to be the natural person who is a person referred to in paragraph 1 (b). and)
(c)), in paragraph 2, or an employee of a central depository or
the organizer of the regulated market or the natural person who is in a State
where is located the branch, in a similar position.
(4) the head of a branch of an insurance undertaking or a reinsurance undertaking from the third country of
the third State shall be the natural person who is a person referred to in
paragraph 1 (b). and (c))), in paragraph 2, or by an employee of the Central
the depositary or the organizer of a regulated market, or the natural person
that is in the home state of the insurance or reinsurance undertaking in a similar
position.
§ 11
Proof of good repute and about education and practice
(1) proof of the integrity of the citizen of the Czech Republic and foreign natural
the person who is in the last 3 years before the date on which the
demonstrating integrity, resided continuously for more than 3 months
in the Czech Republic, is an extract from the criminal record, according to the law
adjusting the criminal record ^ 12) (hereinafter referred to as the "extract from the criminal record").
(2) Foreign natural person demonstrates the integrity of relevant documents
issued by the State of which a citizen is a natural person, as well as States, in
in the last 3 years before the date on which the shows
integrity, resided continuously for more than 3 months. Citizen
The Czech Republic, which is in the last 3 years before the date on which the
demonstrated integrity, resided continuously for more than 3
months abroad, evidenced by its integrity also relevant
documents issued by the State, which in that time.
(3) if the State does not issue the document referred to in paragraph 2, a similar statement from the
Criminal records, it is considered equivalent to a proof of the integrity of this
a natural person a document issued by the competent court or administrative authority
the State of which a citizen is a natural person, or the State in which the
the last 3 years before the date on which the shows integrity,
the person resided continuously for more than 3 months. If does not
such a document, the document shall be deemed equivalent to a sworn statement, not
older than 3 months, made by a natural person before the competent court or
administrative authority or a notary in the State of which the natural person
citizen, or the State in which, in the past 3 years before the date on
that shows integrity, a person resided for a continuous period
more than 3 months.
(4) the proof of good repute of domestic and foreign legal persons
a legal person is an extract from the criminal record, if that person is in
the last three years prior to the date on which the proof
integrity, she worked in the Czech Republic, so that here was the seat or
at least she has pursued its activities or their assets here continuously
After a period of more than 3 months.
(5) the Foreign legal person shows integrity whether or not documents
similar statement of criminal records issued by the State in which they operate,
as well as the States, which in the past 3 years before the date on which the
demonstrated integrity, operated continuously for more than 3
months. Domestic legal person who, in the last 3 years before
on the day that shows integrity, operated continuously for a period of
more than 3 months abroad, demonstrates his integrity also documents
similar statement of criminal records issued by the State in which the
referred to the time worked.
(6) if the State does not issue the document referred to in paragraph 5, a similar statement from the
Criminal records, it is considered equivalent to a proof of the integrity of the
legal person, a document issued by the competent court or administrative authority
State in which the legal person, or the State in which the
the last 3 years before the date on which the shows integrity,
the person has worked continuously for more than 3 months. If the Court does not issue
or administrative authority referred to in the first sentence or such a document, it is considered
an equivalent document, affidavit, not older than 3 months, made
a legal person before the competent court or administrative authority, or
a notary in the State in which the legal person, or a State, in the
where in the past 3 years before the date on which the shows
integrity, person worked continuously for more than 3 months.
(7) as proof of education assessed the physical persons
University diploma shall be presented together with a reflection on the State test,
report card on graduation, diploma of graduate in higher vocational school
report card on the graduation test, or other similar document issued by the
the appropriate educational institution or other written handout which
credible way illustrated
and the name and type or) is a type of educational institution,
(b) completion of the training programme),
(c)) the duration of the study program and its content.
(8) as a proof of experience or performance features
investigation of physical persons shall submit an affidavit in particular with the data
of all the jobs to be performed, with a description of the activities to be performed, and
the functions of all the business activities of other separately
for-profit activities, členstvích in the bodies of other legal persons, and
členstvích in professional associations, the Chambers or associations (hereinafter referred to as
"the practice").
(9) in the case of a legal person established on the territory of another Member
State or of a State which is a member of the Organisation for economic
cooperation and development, and this person acts on the financial market and is a person
regulated, is the proof of compliance with the conditions of the trust certificate
supervisory authority of the country of the seat of the legal person, which over this person
exercises supervision.
§ 12
The demise of the trust or for loss of function due to conflict of interest
(1) If a person who is in the insurance or reinsurance undertaking in the function
or in a position which this law unites the condition
the trust no longer meets any of the conditions listed in section 8
paragraph. 1 and 3, § 9 (2). 1 or get into a conflict of interest under section 10,
This fact shall without undue delay notify the insurance undertaking
or the reinsurance undertaking and at the Czech National Bank.
(2) a function that the person referred to in paragraph 1 shall exercise, it expires on the date,
When no longer meets any of the conditions of the trust, or when the
She got into a conflict of interest.
(3) an insurance undertaking or a reinsurance undertaking referred to in paragraph 1 shall submit to the Czech
the National Bank for the approval of another person, which is to replace the person whose
arbitrator in accordance with paragraph 2, within 15 days from the date when the
became aware of the loss of trust of the persons referred to in paragraph 1, or that the
This person has gotten into a conflict of interest.
TITLE II
OPERATION OF THE BUSINESS OF INSURANCE
Part 1
The operation of the insurance activities of domestic insurance company
section 13
Authorisation to pursue the activity of insurance, domestic insurance company
(1) the Czech National Bank granted a permit to operate an insurance
activities according to the life insurance industry, insurance claims
non-life insurance sector, or by groups of non-life insurance
listed in annex No. 1 to this Act. A permit may apply to
the performance of the activities related to the insurance activities, if the applicant
asked if the request referred to in paragraph 5 has demonstrated sufficient
the ability of such activities operationally and financially secure. Czech national
the Bank may limit the scope of the activity, if it is not sufficiently
demonstrated the ability of the applicant financially or operationally secure
pursuit of the activities in the range indicated in the request.
(2) a Domestic insurance company is authorized to carry on insurance business
the basis and the extent of the authorisation granted by the Czech National Bank as
the joint-stock company or cooperative, and if its head office in the territory
Of the Czech Republic.
(3) a permit granted by the Czech National Bank, under the conditions laid down
This Act of domestic insurance undertaking is valid for all the Member States and the
justifies it under conditions laid down by this law to the operation of the
business of insurance or reinsurance business in the territory of another
the Member State, either through a branch or on the basis of the
the freedom to temporarily provide services.
(4) the authorisation of the Czech National Bank is a domestic insurance company's obligation to
request also before changing the scope of the business of insurance, if by
such a change is not subject to this law, only the information obligations.
(5) the Czech National Bank grants permission to a domestic insurance company
the operation of insurance activities on the basis of a written request of the founder
domestic insurance undertakings whose head office and Head Office has to be on the territory of the Czech
of the Republic, before the date of its registration in the commercial register. About
This request, the Czech National Bank will decide no later than 6 months from the
the date on which it was delivered, if the conditions laid down
This law. Permission to engage in insurance activities arises
domestic insurance undertaking on the date of its registration in the commercial register.
(6) the authorisation to engage in insurance activities of domestic insurance company
cannot be granted if the
and) are not met the conditions laid down by this law,
(b)) persons to have a qualified participation in domestic insurance undertaking,
do not give the certainty of the proper management of domestic insurance undertakings
(c)) suggested members of statutory or supervisory bodies of the domestic
insurance companies do not meet the terms of the trust or are in a conflict of interest
or those of the person or persons with the participation in the management of the insurance companies do not give
with regard to their qualifications and past practice, the assurance of its
sound management,
(d)) the close links between domestic insurance undertaking and other natural or
legal persons would impede the effective supervision in the insurance sector
under this Act,
(e)) is not, having regard to the scope and nature of the activities of this
insurance companies, given the certainty of its financial stability, in particular with regard to the
the inadequacy of staffing, technical and organizational assumptions
for the performance of the activities,
(f)) the effective exercise of insurance pursuant to this Act would
prevent the legislation of a third country governing one or more of the
natural or legal persons with which the undertaking has to be domestic
a close link, or difficult the enforceability of these obligations
laws, regulations,
(g)) of assets, whose source is the capital or other assets
domestic insurance companies originate from criminal activities or of
unidentified sources or not demonstrated the origin of capital and
other financial sources,
(h)), the proposed management and control system including risk management system
does not give the certainty of its functionality and effectiveness,
even) of the request referred to in paragraph 5 implies that the insurance business is not to be
carried out on the territory of the Czech Republic, or only to a limited extent, or
(j)), the applicant stated in the request, false information, that are for the assessment
the application is crucial.
(7) the insurance company cannot grant permission for the simultaneous operation of
insurance activities according to the life insurance industry and insurance
non-life insurance, with the exception of insurance undertakings applying for the grant
authorisation to pursue the activity of insurance referred to in the insurance industry
in parallel with the operation of life insurance insurance activities according to the
insurance industry referred to in part B, points 1 and 2 of annex 1 to the
This law.
§ 14
Insurance risk premiums in non-life insurance beyond the granted
the authorisation
(1) Domestic insurance undertaking which has been granted a permit to operate
insurance activities according to one or more classes of insurance
non-life insurance, may conclude an insurance contract for insurance
the risk of falling into the non-life insurance sector, for which it was not
granted, provided that this risk
and is related to the insured risk) within the industry, for which she was
granted,
(b)) refers to the subject which is insured against the risk of the insurance referred to in
(a)), and
(c)) is insured with the same insurance policy insuring
insurance risk under (a)),
(hereinafter referred to as "supplementary insurance in non-life insurance").
(2) the insurance risk falling into the non-life insurance industry
the insurance referred to in part B, point 10 (a). and), points 14, 15 or 17
Annex No 1 to this Act cannot be additional insurance in the
non-life insurance; insurance risk within the sector referred to in
part B, point 17 of this annex may be a complementary insurance to
the insurance sector referred to in point 18 of part B of this annex if they are
compliance with the conditions referred to in paragraph 1 and if the insurance risk
referred to in paragraph 1 (b). and exclusively to the assistance) of the insured
of the person. Additional insurance in the non-life insurance cannot, by their
the insurance amount or limit of indemnity exceed the insurance
amount or limit of indemnity provided for in the insurance risk in accordance with
paragraph 1 (b). and). Additional insurance in the non-life insurance can be
to negotiate only on the basis of an individual request of the policyholder.
§ 15
The application for the grant of authorisation
(1) an application for the grant of authorisation to pursue the activity of insurance
domestic insurance company includes, among the requirements laid down by the administrative
of procedure, the data relating to the insurance-based, and it
and the amount of the share capital of the insurance company) based as a joint-stock company
or the amount of the share capital of an insurance undertaking based enrollee as
cooperative (hereinafter referred to as "core capital"),
(b) the name or names), and last name, date of birth, address of residence
the natural person or the business name or the name and address of the legal person
as the founder of domestic insurance undertakings
(c) the name or names), and last name, date of birth and address of residence
or business name or the name and address of the person, as a statutory authority,
of the Supervisory Board or of the Supervisory Commission, or other body with similar
the control or competence to act as the Chief domestic
the insurance undertaking, or a person to participate in its proceedings,
(d) the name or names), and last name, date of birth and address of residence
the natural person has a domestic insurance company to carry on business
responsible insurance mathematician under section 81,
(e) the name, if applicable), name, surname, date of birth and address of residence
natural persons, or trading name or the name and registered office of the Corporation
the persons proposed to the function of the claims representatives appointed in each
the Member State is to be a domestic insurance company operated insurance
According to the class of insurance referred to in part B, point 10 (a). and annex)
No 1 to this Act.
(2) the application referred to in paragraph 1 shall be accompanied by
and statutes)
(b)) the business plan,
(c) evidence of integrity) natural persons or legal entities of the trust
persons who are the founders of domestic insurance undertakings
(d) a trust) the documents and of the education and the practice of natural
the persons referred to in paragraph 1 (b). (c)),
e) documents proving the origin of the capital and its repayment,
(f)) list persons who have qualifying holdings in the domestic
the insurance company, with information about these persons and the amount of the share in the
capital and voting rights, or any other form of such participation; for each of the
such a person, the applicant shall provide the documents which are required when submitting
application for consent to the acquisition of the participation referred to in section 24, paragraph. 3,
(g)) the list of persons to be closely linked with domestic insurance company,
with the indication of the data on these persons and with the way the link
h) description of the procedures and methods to ensure a functional and efficient management
and control system, including the risk management system and to ensure the
personal, technical and organizational prerequisites for performance
the proposed activities,
I) affidavit the applicant that the information given in the application and in
its annexes is true, current and complete.
(3) in the business plan referred to in paragraph 2 (a). (b)), the applicant shall
and one or more) insurance industry group, as appropriate, for
that authorisation is to be granted, including the activities related to the
insurance activities, are to be operated by these activities,
(b) the method of calculation of insurance premiums); for life insurance, including
the statistical data on which this calculation is based,
(c) the method of calculation of technical provisions),
(d) basic principles of outward reinsurance),
(e)), which comprises the guarantee fund referred to in section 77,
(f) the estimated costs for the establishment of) an operating system and organization
the business network and how to cover these costs; in the case of operation
insurance under the non-life insurance sector referred to in point B
18 of annex 1 to this law or activities related to the
insurance activities, financial and technical resources for
security-assistance services,
the first 3 g) for the accounting period
1. an estimate of the revenues and expenses in the costs associated with the introduction of
activities and on recurrent expenditure, in particular, administrative costs and the cost of
rewards the insurance intermediaries,
2. the detailed estimate of the revenue and expenditure of the operating insurance activities,
3. the estimated balance sheet and profit and loss statement,
4. the estimated calculation of the amount of the solvency margin,
5. assets to cover liabilities from insurance business operated and
the required solvency margin,
h) basic principles of contracts or proposals of activities or of
sharing the costs, if they have to be such a treaty after the grant of authorisation
closed,
I) proposals or the basic principles for the transfer of the activities to be
some of the activities after the grant of authorisation is moved.
(4) the Decree shall determine the form and content of the documents accompanying the application in accordance with
of paragraph 2.
section 16 of the
Granting of an authorisation to an insurance undertaking in the Group
(1) prior to the granting of an authorisation to engage in insurance activities, domestic
the insurance company, which has become
and the controlled person insurance companies) from another Member State or of the reinsurance undertaking
from another Member State, or
(b)) the controlled person the other person, which is the controlling person of an insurance undertaking from the
another Member State or of the reinsurance undertaking from another Member State,
the Czech National Bank's requests the opinion of the competent supervisory authority
of another Member State.
(2) prior to the granting of an authorisation to engage in insurance activities, domestic
the insurance company, which has become
and the controlled person of the Bank) from another Member State or a
securities from another Member State, or
(b)) the controlled person the other person, which is the controlling party of the Bank or
a securities trader from another Member State,
the Czech National Bank's requests the opinion of the competent supervisory authority,
who shall exercise supervision over the activities of such a bank or brokerage
securities.
(3) the Czech National Bank, with the competent supervisory authorities referred to in
paragraphs 1 and 2 shall inform each other, in particular on the trust, conflict of
interests and the education and practice of controlling persons being examined
legal person, natural persons with the participation in the management of a legal person
subject to supervision and with them continuously exchange information important
When the granting of authorizations and when checking the operation of permitted
activity.
(4) Domestic insurance company, which is in a financial conglomerate,
cannot have a participation in the captive insurance or reinsurance undertaking in the captive.
(5) paragraphs 1 to 4 shall, in the case when the domestic insurance company State
the controlled entity of a person residing or established in the territory of a third State,
shall apply mutatis mutandis.
§ 17
Separate management of the activities
(1) Domestic insurance company, which was 1. April 2000 granted
the authorisation for the simultaneous operation of the insurance under the insurance industry
life and non-life insurance is of broader scope than is shown in section
13 (3). 7, is authorised to operate in parallel, these activities provided
their separate management. Domestic insurance undertaking may be one of the following
activities terminate only in the form of the withdrawal of authorisation pursuant to § 118 with
the transfer of the corresponding part of the portfolio under section 103 and 104 or
the Division pursuant to section 122.
(2) Domestic insurance undertaking referred to in paragraph 1 shall ensure that the
and harmed the interests of the participants) were not insurance, in particular, that profits from the
life insurance benefit brought by the persons authorized from the insurance
insurance contracts in life insurance in such a way,
as if a domestic insurance company operated exclusively to life insurance,
(b)) the minimum financial requirements, in particular, the required solvency margin
associated with one or the other of these two activities were not performed on
the expense of other activities,
(c) domestic insurance companies) were all the proceeds, in particular
premium payments from reinsurance, investment returns and costs, in particular
claims, replenishment of the technical reserves, premiums and payments
operating costs related to the insurance activities laid out according to the
the origin of creation.
section 18
The capital of the
(1) the amount of the share capital of domestic insurance companies make in the operation
insurance activities according to the
and) of one or more insurance life insurance as referred to in
part A of annex 1 to this Act at least 90 0000 0000 CZK
(b)) non-life insurance industry the insurance referred to in part (B) of the annex to
No 1 to this Act
1. for the sectors referred to under points 1, 2, 8, 9 and 18 of the total of at least 65 000
USD,
2. for the sectors referred to in points 3, 4, 13, 16 and 17, a total of at least 90 000
USD,
3. for the sectors referred to under points 7, 10, 14 and 15, a total of at least 160 000
USD,
4. for the sectors referred to in points 5, 6, 11 and 12 of the total of at least 200 000
USD.
(2) if it is operated by the insurance activities by 2 or more of the
non-life insurance sector, which are referred to in paragraph 1 (b). (b))
different amount of share capital, the share capital
domestic insurance companies of at least the amount that is specified for the insurance
the sector, which corresponds to the maximum amount.
(3) if it is operated in parallel insurance activities by insured
life and non-life insurance, the basic capital
domestic insurance companies of at least the amount that is equivalent to the sum of the amounts
the share capital of domestic insurance companies established for the operation of the
insurance activities according to the sector of non-life insurance and life
the insurance.
(4) if the insurance agency and concurrently operated locking
activity, is the capital of domestic insurance companies of at least the amount of the
determined in accordance with paragraphs) 1 to 3, if
1. the premiums received is lower or equal to 10% of the premiums received,
2. the premiums received is less than the amount corresponding to 1 350 0000 0000 CZK
3. the amount of the technical provisions created to its commitments of reinsurance
the activity is lower than or equal to 10% of its total gross technical provisions,
(b) 500 0000 0000 Czk), if it is operated in the life reinsurance business
or non-life reinsurance and was exceeded by at least one of the values
referred to in point (a)),
(c) $ 1 0000 0000 0000), if operated simultaneously in the reinsurance business
life and non-life reinsurance and was exceeded by at least one of the
the values referred to in subparagraph (a)).
(5) the capital of domestic insurance companies in an amount set out in this
the law may be formed only a cash deposit. The capital must
to be paid in the amount set by this Act prior to the filing of the application for
the granting of a permit to operate an insurance or concurrent
the operation of the insurance and reinsurance activities.
(6) the decision of the general meeting of a public limited company or member meeting
cooperatives to reduce capital can be taken only with the prior
the approval of the Czech National Bank, otherwise it is invalid. The Czech National Bank
consent with the reduction of the share capital, if this capital
drops below the limit laid down in paragraphs 1 to 4 and at the same time
the available solvency margin will not fall below the required rate
solvency stipulated in § 76 or under the amount of the guarantee
the Fund provided for in § 77; in this case, it is considered that this does not
compromised when a creditor claims. For the reduction of the basic
capital does not apply to section 517 paragraph. 2 and article 518 of the Act governing the legal
the ratios of commercial companies and cooperatives.
Part 2
Changes in the activities and bodies of domestic insurance undertakings
§ 19
Change in the scope of the permitted activities of domestic insurance companies and change the people in the
its authority
(1) a change in the scope of the permitted activities of the domestic insurance companies are subject to
the prior approval of the Czech National Bank. Request for approval
contains an enumeration of the insurance industry and the amount of share capital or
activity or activities related to insurance activities, about which
activity should be extended to insurance companies. The application shall be accompanied by documents
referred to in section 15, paragraph. 2 (a). (e)), h) and (i)), a modified business plan referred to in
§ 15 paragraph. 3, in which the insurance company reflected the changes requested. Document
referred to in section 15, paragraph. 2 (a). (e)), be retained if it is exclusively about the request
on the approval of the activities related to the insurance activities. Czech national
the Bank will decide on this request within the time limit and under the conditions laid down in section 13
paragraph. 5 and 6.
(2) a change in the person of a member of the statutory or supervisory body of the domestic
the insurance company, and in the person of authorized this insurance is subject to prior
the consent of the Czech National Bank on the basis of a written application submitted by the person,
that suggests this change. The application shall be accompanied by documentary evidence of the integrity of the
relationships and information on her progress to the kind of education and practice, the Honorable
the Declaration assessed the person, that no other of its activities shall not prevent the
the proper performance of the duties and that it satisfies the condition set out in section 8 (2). 1 (a).
b). Czech National Bank shall reject the application if they are given reasons for
referred to in section 13 (3). 6 (a). (c)).
(3) a change referred to in paragraph 2 shall not be considered if the person that
The Czech National Bank has granted consent in the immediately following
term of performance of the same resume function; of its sequel
in the performance of this function will send the same person of the Czech National Bank not later than
30 days before the date on which it is to be elected again, the Honorable
a statement that continues to satisfy the conditions under which it was
The Czech National Bank previously granted consent to the performance of the function.
section 20
Establishment of a branch in the territory of another Member State
(1) Domestic insurance undertaking that proposes to establish a branch within the territory of their
another Member State, shall before the beginning of this activity
inform the Czech National Bank on the
and Member State), in whose territory it intends to establish a branch,
(b) the business plan of the branch) in the range, under section 15, paragraph. 3, enumeration
the insurance industry the insurance operations, which are to be operated on
the territory of another Member State, the organisational structure of the branch, the procedures
and methods to ensure the functionality and effectiveness of the management and
control system including risk management system and the calculation from which
It will be obvious that the insurance company will continue to have the required degree of
solvency and meet the requirements of the guarantee fund,
(c)) at the territory of another Member State,
(d) the name or names), and the last name of the person proposed to function
the head of the branch responsible for representing the insurance companies when dealing with
third parties, the authorities and the courts of another Member State, where the
Branch, and
(e)) how to secure the exclusion of conflicts of interest in the case of operation
legal expenses insurance according to the law governing insurance
contract ^ 13).
(2) the Czech National Bank information referred to in paragraph 1 shall examine with the
regard to the adequacy of the organizational structure, the financial situation of the domestic
the insurance companies, the credibility, the exclusion of the conflict of interest and on education and practice
individuals proposed to the head of the branch. Within 3 months from the date
date of receipt of all the information referred to in paragraph 1, the Czech National Bank
shall inform the competent supervisory authority of another Member State, where the
the branch will reside, information on the extent of the insurance business under the
the insurance industry, which has to be operated on the territory of the host
Member State, the business plan of the branch, its address, and organizational
the structure and the information referred to in paragraph 1 (b). (d)), or (e)).
At the same time confirms that the insurance company has the required level of
solvency. To send information to the Czech National Bank, domestic
the insurance company shall inform in writing.
(3) If, having regard to the adequacy of the organizational structure, financial
the situation of domestic insurance companies, trust, conflict of interests and on exclusion
education and practice of the physical person proposed to the head of the branch
conditions for the establishment of a branch of an insurance undertaking in the territory of another
Member State, the Czech National Bank within the time limit referred to in paragraph 2
decide on the refusal to disclose the information to the competent supervisory authority
referred to in paragraph 1 and shall notify its decision to the domestic insurance company
the expiry of this period. Submission of degradation against this decision does not
suspensory effect.
(4) if the competent supervisory authority of the host Member State
notify ^ 14) within 2 months from the date of receipt of the information of the Czech
According to paragraph 2, the National Bank of the Czech National Bank on the conditions
adopted for reasons of public interest, which may be in the Member
State in which the insurance undertaking or the reinsurance undertaking from the Member State acts on the
the basis of rights establish branches (hereinafter referred to as "the Member State of the branch"),
the insurance activity carried out, shall transmit to the Czech National Bank
information domestic insurance undertaking that proposes to establish in a Member State
Branch, and without undue delay. Domestic insurance undertaking may, in
the host Member State to initiate its activities on the basis of law
to set up its branch office on the date of receipt of this information or the expiry of the 2
months from the day when the Czech National Bank has received the information referred to in
of paragraph 2.
section 21
The establishment of branches of domestic insurance companies on the territory of a third State
(1) Domestic insurance undertaking that proposes to establish a branch within the territory of their
the third State is required before the start of its activities to inform
The Czech National Bank on the
and the third State) whose territory it intends to establish a branch,
(b) the activities of the branch and plan) the changes to the business plan under section 15(2).
3, including the enumeration of classes of insurance business, to be
operated on the territory of a third State, the organisational structure of the branch
Description and methods applied to ensure functionality and efficiency
the management and control of the system, including risk management, and for the calculation of
which it will be clear that the insurance company will continue to have the
the solvency margin, and meet the requirements for the guarantee fund,
(c)) at the territory of the third State branch,
(d) the name or names), and the last name of the person proposed to function
the head of the branch responsible for representing the insurance companies when dealing with
third parties, the authorities and courts of the third State where the branch is located.
(2) the Czech National Bank information referred to in paragraph 1 shall examine with the
regard to the adequacy of the organizational structure, the financial situation of the domestic
insurance companies, ensuring a functional and effective management and control
system, the credibility, the exclusion of the conflict of interest and on education and practice
individuals proposed to the head of the branch. If The Czech
the National Bank has no objections to the anticipated establishment of a branch in the territory of
a third State, shall notify, in writing, within 3 months from the date of the receipt of all
the information referred to in paragraph 1, the applicant undertaking its affirmative
the opinion. Fails to the Czech National Bank in this period, it is considered
that amendment.
(3) If, having regard to the adequacy of the organizational structure, financial
the situation of domestic insurance companies, ensure its functional and effective
management and control system, the credibility, the exclusion of the conflict of interest and
on the education and the practice of natural persons proposed to the head of the
the conditions for the establishment of branch offices, domestic insurance companies to
territory of a third State or, if it is to be established on the territory of the third branch of the
State whose legislation or difficulties involved in their
enforcement, prevent the effective exercise of supervision, the Czech National Bank within the time limit
referred to in paragraph 2, the establishment of a branch will be rejected.
(4) in the case of domestic insurance undertaking which intends to operate or
operates on the territory of the Swiss Confederation of insurance activities according to the
one or more of the non-life insurance sector, the Czech
the National Bank and the insurance company governed by this law if the agreement between the
The European Economic Community and the Swiss Confederation concerning direct
insurance other than life otherwise ^ 15).
section 22
The freedom to temporarily provide services
(1) the activity to be extended to domestic insurance companies outside the territory of the Czech
Republic on the territory of one or more other Member States on the basis of the
the freedom to temporarily provide services, this insurance shall
inform the Czech National Bank for this purpose and to communicate the extent of her
insurance business, which is to be operated in this form.
(2) the Czech National Bank within 1 month from the date of delivery of the information
the extent of the insurance, which is to be operated in this form, the appropriate
supervisory authority in another Member State on whose territory the activity should be
domestic insurance companies extended on the basis of the freedom to temporarily provide
services,
and) confirms that the undertaking which intends to expand its activities within the meaning of
paragraph 1, has the required solvency margin,
(b) the scope of the insurance activities) by the insurance industry, which
This insurance company is authorized to carry out,
(c)) shall communicate to the extent of the insurance activities according to the insurance industry, which
an undertaking intends to carry on in the territory of another Member State.
(3) an insurance undertaking shall inform the Czech National Bank on the date of dispatch information
within the meaning of paragraph 2, and without undue delay. This undertaking may
initiate their activity on the territory of the host Member State on the date of
the receipt of this information.
(4) If the undertaking does not have the required solvency margin, Czech
the National Bank will decide on the refusal to disclose to the competent supervisory authority
the information referred to in paragraph 2 and shall notify its decision to the insurance undertaking in
the time limit referred to in paragraph 2. Submission of degradation against this decision
does not have suspensory effect.
section 23
Information obligations of domestic insurance companies in connection with the changes in the
its activities
(1) Domestic insurance company shall submit to the Czech National Bank, without undue
delay
and the list of persons whose) qualified to participate in this undertaking exceeds the
or falls below 10%, an overview of changes in holdings in this undertaking
referred to in section 24, paragraph. 1 and section 27. 1 and not later than 31 December 2006. December
calendar year report on persons with such holdings including its amount,
(b) information on changes in) data, which were the contents of the request for the grant of
the authorisation and its annexes in accordance with section 15; change the articles of Association shall be submitted in the full
the text with the changes,
c) proof that the domestic insurance company became a member of the national
Bureau and the national guarantee fund of another Member State, in
which has a convenient branch if it has to be in that other Member State
operated by insurance class of insurance referred to in point B
10 (a). and) Annex No. 1 to this Act,
(d) information on changes in) their activities, other than that which is set out in section 19,
and the change in its legal position, in particular on the conclusion of the Treaty on
spin-off activities, is a major character, the Treaty on the sharing of
the costs of relocation of activities and other changes that prevent or
may impede the proper performance of the supervision of insurance under this
the law; for the activity of an important character for the purposes of this Act,
It considers the activity to which the performance is necessary to prove compliance with the conditions
another body than the Czech National Bank, or, when the failure of this activity
can the capability of an insurance undertaking to meet its commitments arising from her
operating activities, or activities which may have a significant impact on the
the functionality and efficiency of its management and control system,
(e) information on changes in) the data referred to in section 20 (2). 1 (a). (b)), (c))
and (d)), § 21. 1 (a). b), c) and (d)) and in section 22, paragraph. 1,
(f)) information related to its activities under this Act, the requested
The Czech National Bank.
(2) the Czech National Bank after receipt of the information referred to in paragraph 1 (b). (e))
shall proceed pursuant to section 20 (2). 2 and 3, or according to § 21. 2 and 3. Domestic
the undertaking shall notify the change to the information referred to in section 20 (2). 1 (a). b), c) and (d))
also to the competent supervisory authority of another Member State of the branch, and it
no later than 30 days before the date on which the change is to be made.
(3) If any of the changes referred to in paragraph 1 has not been made in the
accordance with the conditions laid down by this law, Czech National Bank
saves the domestic insurance undertaking to delete without undue delay detected
the shortcomings. Submission of degradation against this decision does not have suspensory
effect.
Changes in holdings
section 24
(1) the person or persons acting in concert before the qualified
participation in domestic insurance undertaking or an increase in, or the
their share of the capital or of the proportion of voting rights
reach or exceed 20%, 30% or 50% or so that the domestic
the insurance undertaking becomes a controlled company thereof, are required to the Czech national
the Bank, in writing, request the prior approval of the acquisition or increase this
participation. The Czech National Bank, without undue delay, but not later than
2 working days from the date of receipt of the request, in writing, to the applicant
shall acknowledge receipt thereof and shall inform it of the date on the end of the run
the time limit for the examination of the application provided for in § 25 paragraph. 2. About this
at the same time inform the applicant in writing of the insurance undertaking in which the
intends to acquire or increase their participation.
(2) if the applicant referred to in paragraph 1 by another undertaking, a reinsurance undertaking,
Bank, securities dealer or investment company, that
It was granted permission to operate in another Member State, or
foreign controlling person such insurance, reinsurance, banks,
securities trader or investment company and has to be
as a result of such acquisition, the applicant becomes the controlling
person domestic insurance companies, the Czech National Bank without undue delay
After receipt of the request, shall consult with the competent authority's intention to this sight
or other authority exercising supervision over such Bank, the merchant
securities or investment companies.
(3) the request referred to in paragraph 1 shall include the business name and seat of the domestic
insurance companies, which is to be acquired, the amount of the qualified participation
the current market share or other forms of participation in this undertaking and
the amount of the share or other forms of participation, which the applicant intends to in this
the insurance company to get. To the application, the applicant, depending on whether it is
a natural or legal person and entrepreneurs,
and an extract from the commercial register), or other equivalent evidence not older than 3
months, including copies of the proposals on entry in the commercial register,
that have not yet been completed at the date of submission of the application,
(b)) data on persons, that are closely linked, with the description of the relationship
between closely related persons and him,
(c)) on the persons with whom it is in conformity
(d)), the proof of good repute,
e) overview of their financial and other obligations, which exceeds 5
% of its equity, or they can have an effect in this amount, and with it the
indication of the counterparties, the commitment, the date of the commitment, time
the duration of the undertaking and the due date of the commitment, including information about the delay with the
the fulfilment of such an undertaking,
(f) evidence of the origin of the funds) on the acquisition of a qualifying holding; If they are
on the acquisition of a qualifying holding other than own resources, it shall be accompanied by
the application also proofs of origin means a provider of these resources,
(g)), information about your membership in professional associations, the Chambers or
associations, including the foreign,
h) its accounts and the accounts of the persons that are closely
linked together, and that for the last 3 financial years verified by the auditor; in
If that is part of the consolidated entity, shall be accompanied by the application also
the consolidated financial statements certified by an auditor,
I) justification the intended acquisitions or changes in qualifying holdings in the
domestic insurance undertaking, including the anticipated changes in its business
politics,
(j)) of the documents referred to in section 19, paragraph. 2 If the applicant is a natural person,
to) that affidavit does not exercise the rights associated with a qualified
participation in domestic insurance undertaking in the interest of the other person,
l) documents and affidavits on other facts which may have a
influence on the assessment of its suitability in terms of sound management of the domestic
the insurance company, if such facts are known,
m) proof that its decision to acquire or improve their
the participation of informed the insurance undertaking, and
n) affidavit stating that the information contained in the application and its
the annexes are true, current and complete.
§ 25
(1) the Czech National Bank approves the request, if the
and the applicant meets the conditions of the trust),
(b)) the structure of the group, which includes the domestic State of the insurance undertaking,
does not exercise effective supervision, effectively exchange information between the
the competent supervisory authorities and delimitation of competence between these authorities,
(c) the applicant has failed to demonstrate its ability to), financially secure and performed
planned activities in domestic insurance undertaking in which the acquisition is proposed
or to increase the participation, or
(d)), there is reason to suspect that, in connection with the proposed acquisition of
occurs or might occur to the legalization of the proceeds of crime, or
to the financing of terrorism or attempted, or that the proposed
the acquisition could increase the risk of such conduct.
(2) on an application under section 24, paragraph. 1 the Czech National Bank will decide within a period of
within 60 working days from the date of dispatch of the written confirmation of the
receipt. The Czech National Bank is entitled to this decision to determine the
the deadline for the acquisition or increase of the participation in the national insurance company,
which shall not be shorter than 30 days from the date of the entry into force of this
decision and which can be extended on the written request of the purchaser. If
in the following designated or extended deadline does not acquire or increase
the participation, the approval of the Czech National Bank terminates on the date
expiry of this period.
(3) If a request pursuant to section 24, paragraph. 1 incomplete or suffer if other
as the Czech National Bank, without undue delay, but not later than 50.
the day of the time limit laid down in paragraph 2, shall in writing ask the applicant to
the removal of shortcomings of the application, where appropriate, for the submission of additional information
necessary for appraisal of the request. The date of dispatch of the invitation to the period
laid down in paragraph 2 shall be discontinued, and for a maximum period of 20 working
days. The interruption period can extend up to the Czech National Bank for a period of 30
working days, provided the applicant
and) has its registered office or residence in a third State,
(b) is subject to the supervision of the competent authority) or other authority
supervision of executing supervision of bank or securities dealer
papers of the third State or
(c)) is not subject to any supervision of the financial market.
(4) the interruption of time limits when a claim cannot be repeated. This is not a
without prejudice to the right of the Czech National Bank to request at any time during run time
the time limit referred to in paragraph 2 for the assessment of the application for
clarification and information. Receipt of the information requested by the Czech National Bank
shall confirm in writing to the applicant within the time limit referred to in section 24, paragraph. 1.
(5) if the Czech National Bank on the request referred to in paragraph 1
Decides, within the deadlines set for the examination of the application in paragraph 2
or 3, the application for the acquisition or increase of the participation in an approved
the expiry of the last day of the period. If the Czech National Bank referred to
rejects the request, shall send a copy of the decision in writing to the applicant within 2
working days from the date of its copy, before the expiry of the period for the
a decision on the request referred to in paragraph 2 or 3. The reasons for the
the refusal of the consent of the Czech National Bank at the request of the applicant,
shall publish, in a manner enabling remote access.
(6) if received by the Czech National Bank, 2 or more applications for consent
the acquisition or increase of qualifying holdings within the meaning of section 24, paragraph. 1 in the
the same domestic insurance company, accesses these applications
non-discriminatory manner.
(7) the Decree shall determine the form and content of the documents accompanying the application
referred to in section 24, paragraph. 3.
section 26
(1) the person or persons acting in concert who have acquired a qualified
participation or increase their participation in the manner referred to in section 24, paragraph. 1 without
the consent of the Czech National Bank, they can not exercise the voting rights attaching
with this newfound participation, and that the grant of this consent.
(2) the Czech National Bank shall submit a proposal to the annulment of the resolution
the general meeting of domestic insurance companies, if it is in conflict with the law,
threatens the financial stability of the local insurance companies or otherwise harms
the participants of the insurance, employee insurance, its domestic creditors
or a minority shareholder, and within 30 days from the date of its venue.
The Czech National Bank is not obliged to submit a proposal on the annulment
the resolution of the general meeting of domestic insurance companies, if the vote of the people
referred to in paragraph 1 could not affect the adoption of a resolution of the general meeting
or the following resolution is adopted in violation of the law, does not endanger
the financial stability of the local insurance companies or otherwise harm the participants
insurance, employee insurance, its domestic creditors or
minority shareholders.
section 27 of the
(1) the person or persons acting in concert, that they are going to lose their
qualified participation in national insurance or reduce its
qualified participation so that drops below 20%, 30% or 50% or so,
that domestic insurance undertaking ceases to be controlled by the person, are
obliged to notify this fact to the Czech National Bank,
no later than 30 days before the date on which this participation is to be reduced.
Domestic insurance undertaking shall inform the Czech National Bank on these
the facts, as soon as it becomes aware of them.
(2) the notification referred to in paragraph 1 containing the information about the person or persons,
that they are going to lose, or to reduce their participation, information on the domestic
the insurance undertaking in which a participation is held and the level of participation of this person or persons
in the domestic insurance undertaking after its reduction. In the notice, the person shall also
or the person to be transferred to a qualified participation.
Part 3
The operation of the insurance activities of the insurance undertaking from another Member State
section 28
The activities of the insurance undertaking of another Member State on the territory of the Czech Republic
(1) an insurance undertaking of another Member State shall be entitled to operate on
the territory of the Czech Republic on the basis of the insurance business law to establish their
a branch or under the freedom to temporarily provide services, and in
the extent to which it has been granted a permit to operate an insurance
activities in the country of its registered office and after fulfilment of the reporting obligations under
of this law.
(2) an insurance undertaking of another Member State, on the territory of which it proposes to the Czech
Republic operate insurance liability for injury caused by operation
the vehicle according to the class of insurance referred to in part B, point 10 (a). and)
Annex No 1 to this Act, it shall, without undue delay, the Czech
a copy of the communication to the National Bank of the Czech Office of insurers (hereinafter referred to as
"The Office"), which in accordance with the law governing insurance
liability for damage caused by operation of vehicle ^ 16) announces the
and the anticipated launch of the day) in liability insurance
the injury caused by the operation of the vehicle on the territory of the Czech Republic
through a branch established in the territory of the Czech Republic and the name,
where appropriate, the name, surname, date of birth and the address for service of the person
authorized to act on behalf of the insurer with the Office, in the case of physical
the person and the business name or name and address, in the case of a legal person,
(b) the anticipated date of commencement of activities) in liability insurance
the injury caused by the operation of the vehicle on the territory of the Czech Republic on the basis of the
the freedom to temporarily provide services and name, or name, last name,
date of birth and the address for service of the person authorized to act on behalf of the
the insurer with the Office, in the case of a natural person, company or business, and
the name and registered office, in the case of a legal person,
(c)), the actual start date, the day of their activities in the insurance
liability for damage caused by operation of the vehicle on the territory of the Czech
of the Republic, or
(d)) change in person with jednatelským permission to the Office.
section 29
The duties of an insurance undertaking of another Member State engaged in insurance
activity on the territory of the Czech Republic on the basis of law, establish a branch
(1) before the establishment of a branch of an insurance undertaking of another Member State on the territory of the
Czech Republic the Czech National Bank must be in accordance with the law
The European Community informed the competent supervisory authority
the home Member State of the
and the business plan, scope) of the insurance activities by insured
the industry, which has to be operated on the territory of the Czech Republic, and
the organisational structure of the branch
(b)) at the branch on the territory of the Czech Republic,
(c) the name or names), and the last name of the person appointed to Office
the head of the branch responsible for the representation of insurance companies when dealing with
third parties, the authorities and the courts in the Czech Republic and
(d)), that the insurance company has the required solvency margin.
(2) before starting the activities of the branch of an insurance undertaking of another Member State
The Czech National Bank informs within 2 months from the date of receipt of the
the information referred to in paragraph 1, the competent supervisory authority of the home
the Member State of the conditions adopted for reasons of public interest, for
that may be the activity of the branch on the territory of the Czech Republic.
(3) a branch of an insurance undertaking of another Member State may be established and
start their activities as soon as the undertaking from another Member State,
wishing to establish on the territory of the Czech Republic, its subsidiary, received
through the competent authority of the home Member State supervision
the Czech National Bank information on the conditions of activity of the branch on the territory of the
The Czech Republic, or a waste of the expiry of 2 months from the date of delivery of the
the information referred to in paragraph 1 of the Czech National Bank. This is without prejudice to
the obligation of registration in the commercial register.
(4) Has to be a change in the information referred to in paragraph 1 (b). and (b))) or
(c)), from another Member State of an insurance undertaking shall notify the change to the competent
supervisory authority of the home Member State and the Czech National Bank,
no later than 30 days before the date on which the change is made.
Failure to comply with the requirement referred to in paragraph 1 (b). (d)) shall notify the
the insurance company of the Czech National Bank, without undue delay, as soon as such
the fact occurs.
section 30
The duties of an insurance undertaking of another Member State, relating to the operation of the
insurance business in the territory of the Czech Republic on the basis of the freedom of
to temporarily provide services
(1) an undertaking from another Member State is entitled to operate his
activity on the territory of the Czech Republic on the basis of the freedom to temporarily provide
the service, provided that:
and before the start of this activity) shall inform the competent supervisory authority
the home Member State and shall communicate to him the extent of the insurance business under the
the insurance industry, which it intends to operate on the territory of the Czech Republic,
(b)), the Czech National Bank shall, in accordance with the law of the European
community information referred to in paragraph 2.
(2) before the commencement of the activities of the insurance undertaking in the territory of the Czech Republic from
another Member State on the basis of the freedom to temporarily provide services
must be in accordance with the law of the European communities of the Czech National Bank
disclosed or submitted to the competent supervisory authority of the home Member
State the following information or documents:
and confirmation that the insurance company) from another Member State has
the required solvency margin provided for in § 76,
(b) the scope of the insurance activities by) the insurance industry, which is
an insurance undertaking of another Member State shall be entitled to offer in accordance with the
the authorization granted by the competent supervisory authority to her home Member
the State,
(c) insurance activities by) the scope of the insurance industry, which intends to
an undertaking from another Member State to offer on the territory of the Czech Republic,
(d) the name, if applicable) name, surname, date of birth and address of the place of residence,
in the case of a natural person, or the business name or name and address,
in the case of a legal person, the claims representative in the Czech Republic
appointed for the settlement of the claims of the insurance, if it is to be operated
insurance under the insurance industry referred to in part B, point 10 (a). and)
Annex No 1 to this Act.
section 31
Other obligations of an insurance undertaking of another Member State engaged in
insurance business in the territory of the Czech Republic
(1) an insurance undertaking of another Member State, which operates on the territory of the Czech
the Republic of its insurance activities on the basis of the right to establish branches
or on the basis of the freedom to provide services, it collects information about your
activities on the territory of the Czech Republic relating to a summary of the prescribed
insurance premiums and claims summary for the calendar year, and in
the breakdown provided for in annex 2 to this Act. This information provides
The Czech National Bank through a competent supervisory authority
the home Member State.
(2) an insurance undertaking of another Member State, which runs the insurance
activity on the territory of the Czech Republic on the basis of the right to establish branches or
on the basis of the freedom to temporarily provide services, on a written request
the Czech National Bank shall submit to the insurance conditions, concludes the insurance
the Treaty according to the law governing insurance contract ^ 17).
(3) for the purposes of the production of statistics and analyses the development of the insurance market
an undertaking from another Member State, which operates on the territory of the Czech
the Republic of its insurance activities on the basis of the right to establish branches,
the Czech National Bank shall submit data on the amount of the insurance premiums and the cost of
claims, ensure unimpaired for a share of her operated
insurance business in the territory of the Czech Republic, if the relevant
the supervisory authority of the home Member State, unless otherwise agreed in
the breakdown provided for in annex 2 to this Act. The form, terms and method
the submission of such information, the Decree.
Part 4
The operation of the insurance activities of the insurance undertaking from a third State
§ 32
Authorisation to pursue the activity of insurance the insurance undertaking from a third State
on the territory of the Czech Republic
(1) an undertaking from a third State is entitled, on the territory of the Czech Republic
operate the insurance business only through subsidiaries such as its
organizational folder, and on the basis of authorisation granted by the Czech national
by the Bank. This is without prejudice to the obligation of registration in the commercial register.
Enabling the Czech National Bank is undertaking from a third State shall be obliged to you
request also before changing the scope of the business of insurance, if by
such a change is not subject to this law, only the information obligations.
(2) if it is a branch of an insurance undertaking with a head office in the Swiss
the Confederation, which it intends to operate on the territory of the Czech Republic
insurance activities according to one or more classes of insurance
non-life insurance is governed by the Czech National Bank and the branch
insurance undertaking this Act, if the agreement between the European economic
community and the Swiss Confederation on direct insurance other than
the otherwise ^ 15).
(3) the authorisation to operate insurance activities granted by the Czech national
Bank insurance company from a third State according to the life insurance industry
insurance, non-life insurance industry by insurance or by
non-life insurance groups listed in part C of annex 1 to this
the law. A permit may apply to the performance of the activities related to the
insurance activities, if the applicant so requests and if, after the assessment of the
the request referred to in paragraph 4, the Czech National Bank finds that the undertaking
from a third country is capable of such activities operationally and financially
secure. The Czech National Bank may operate the desired range
the activities of the limit, if it finds that an undertaking from a third State is not
able to safely operate in the range indicated in the request.
(4) the authorization referred to in paragraph 1 shall be on the Czech National Bank
the basis of a written application of an insurance undertaking from a third State, which contains
conditions laid down in this law. About this request decides to Czech
the National Bank not later than 6 months from the date on which it was delivered.
(5) in deciding to grant a permit for the operation of the insurance
the activities of the insurance undertaking from a third State may require, Czech National Bank
the necessary information directly from the competent supervisory authority of the country of registered office of the
insurance companies, and at the request of the supervisory authority by providing information about the
the activities of its affiliates on the territory of the Czech Republic. Unless the Exchange
information between the competent supervisory authorities of the renowned international
contracts, is an insurance company from a third State shall, at the request of the Czech national
of the Bank to secure the acquisition of the necessary information from the competent authority of the
supervision of their country of residence.
(6) the authorisation to engage in insurance activities on the territory of the Czech
of the Republic shall be granted if an undertaking from a third State
and) is entitled to under the legislation applicable in the country of its registered office
operate insurance activities according to the insurance industry, living or
non-life insurance,
(b)) shall establish on the territory of the Czech Republic of its branch office,
(c) appoint to the position of the head) of its branches established in the Czech Republic
the physical person meeting the conditions of the trust, that has a corresponding
education and practice, which is expelled by the conflict of interest and which must be
approved before the start of the performance of its activities, the Czech National Bank,
(d)) on the territory of the Czech Republic has assets, whose value is equal to at least
one half of the minimum guarantee fund provided for in § 77
paragraph. 1 (a). and), and insert at least one-quarter of these assets as
the principal on the account specifically established for banks based on the territory of the Czech
the Republic or at the branches of foreign banks located on the territory of the Czech
Republic, which cannot be disposed of without the consent of the Czech National Bank,
e) undertakes to maintain the required solvency margin provided for in § 76,
and in the calculation of the required solvency margin shall take into account only
the activities carried out in the territory of the Czech Republic,
f) shall submit the business plan related to its activities, to be
operated on the territory of the Czech Republic,
(g)) has a functional and efficient management and control system, including a system of
risk management,
h) called the claims representative in the Czech Republic and the other Member
States responsible for handling claims from the insurance, if it is to be
operated by insurance class of insurance referred to in point B
10 (a). and) Annex No. 1 to this Act,
I) proves the origin of the assets referred to in subparagraph (d)).
section 33
The conditions for the operation of the insurance activities of the insurance undertaking from a third State
on the territory of the Czech Republic
(1) if the insurance undertaking from a third State in the country of its registered office is granted
authorization for the simultaneous operation of the insurance activities by insured
the life and non-life insurance, the insurance company cannot
through its one branch on the territory of the Czech Republic to offer
at the same time the life and non-life insurance. At the same time, the life insurance
However, it can also offer accident and health insurance by insurance industry
referred to in part B, points 1 and 2 of annex 1 to this Act, if
It was such a tracking authorization by the competent supervisory authority
the State of its registered office.
(2) the authorisation to operate the insurance business under section 32, paragraph. 1
cannot be granted if the
and) are not met the conditions laid down by this law,
(b) the natural person) in the function of the head of the branch does not meet the conditions
integrity or it makes with regard to the qualifications and
the practice of the certainty of the proper management of the branch of the insurance undertaking from a third State, or
It is a conflict of interest,
(c)) the effective exercise of supervision of insurance pursuant to this Act prevents the
the legislation of a third State, which is governed by the insurance company from a third
State or one or more natural or legal persons with which the
an undertaking from a third State has close links, or difficult the enforceability of
the obligations of the law,
(d) the assets of the insurance undertaking) from a third State originate from criminal activities or
they come from unidentified sources or is not proved their
the origin,
(e)) is not, having regard to the scope and nature of the activities of this
insurance companies, given the certainty of its financial stability, in particular with regard to the
the inadequacy of staffing, technical and organizational assumptions
for the performance of the activities,
(f) the granting of a permit would be) contrary to the stated international
treaties, or
(g)), the applicant stated in the request, false information, that are for the assessment
the application is crucial.
(3) an undertaking from a third State, which has been granted a permit to
the operation of insurance business by one or more of the
non-life insurance sector, may conclude an insurance contract for
insurance risk within the sector for which it is not granted the
authorisation, subject to the conditions referred to in section 14.
§ 34
The application for the grant of authorisation
(1) an application for the grant of authorisation to pursue the activity of insurance
the insurance company from a third State has, outside the formalities established by the
the administrative procedure, the data relating to the insurance undertaking, and
and) legal form,
(b)) address of branches established in the Czech Republic,
(c) the name or names), and last name, date of birth and address of residence
on the territory of the Czech Republic by natural persons in the position of the head of the branch
established in the Czech Republic,
(d) the name or names), and last name, date of birth, address of residence
the physical person who is to carry out the activities of the responsible insurance
Mathematics under section 81,
(e) the name, if applicable), name, surname, date of birth and address of residence
natural persons proposed in function of the claims representatives appointed in
Member States, if it is to be operated according to insurance premiums
the industry referred to in part B, point 10 (a). and no. 1) of the annex to this
the law,
(f)) and the State seat of the competent supervisory authority of the Member State, if the
or benefit to be approved under section 35.
(2) the application referred to in paragraph 1 shall be accompanied by
and the articles of association or other similar) zakladatelský document
(b)) a copy of the official authorisation to pursue the business of the country
the headquarters of the insurance company from a third State,
(c)) evidence of good character and about the education and the practice of natural persons
referred to in paragraph 1 (b). (c)),
(d)) business plan related to the activities that should be operated on
the territory of the Czech Republic,
e) records demonstrating the assets on the territory of the Czech Republic according to § 32 paragraph.
6 (a). (d)) and the documents proving their origin,
(f)) the list of persons to be closely linked with the applicant, indicating the
information about these persons and with the way the link
g) description of procedures and methods to ensure functionality and efficiency
the management and control system, including the risk management system and to ensure the
personal, technical and organizational prerequisites for performance
the proposed activities,
h) affidavit the applicant that the information given in the application and
its annexes is true, current and complete.
(3) in the business plan of the branch of the insurance undertaking of a third State in accordance with
paragraph 2 (a). (d)), the applicant shall
and one or more) insurance industry group, as appropriate, for
that authorisation is to be granted, including the scope of activities related to the
insurance activities, are to be operated by these activities,
(b) the method of calculation of insurance premiums); for life insurance, including
the statistical data on which this calculation is based,
(c) the method of calculation of technical provisions),
(d) basic principles of outward reinsurance),
(e)) the status of the available and required solvency margin referred to in section 76 and
items, of which consists the guarantee fund referred to in section 77,
(f) the estimated costs for the establishment of) an operating system and organization
the business network and how to cover these costs; in the case of operation
insurance under the non-life insurance sector referred to in point B
18 of annex 1 to this law or activities related to the
insurance activities, financial and technical resources for
security-assistance services,
the first 3 g) for the accounting period
1. an estimate of the revenues and expenses in the costs associated with the introduction of
activities and on recurrent expenditure, in particular, administrative costs and the cost of
rewards the insurance intermediaries,
2. the detailed estimate of the revenue and expenditure of the operating insurance activities,
3. the estimated balance sheet and profit and loss statement,
4. the estimated calculation of the amount of the solvency margin,
5. assets to cover liabilities from insurance business operated and
the required solvency margin,
h) basic principles of contracts or proposals of activities or of
sharing the costs, if they have to be such a treaty after the grant of authorisation
closed,
I) proposals or the basic principles for the transfer of the activities to be
some of the activities after the grant of authorisation is moved.
(4) the Decree shall determine the form and content of the documents accompanying the application in accordance with
of paragraph 2.
(5) Changes in the data, which were the contents of the application for the grant of authorisation and
its annexes referred to in paragraphs 1 and 2, with the exception of the changes to the extent permitted
the activities referred to in paragraph 6, is an undertaking from a third State shall be without
undue delay, notify the Czech National Bank; Amendment of the statutes or
another similar document shall be presented in the full text of the designating
the changes. Change in the person of the head of a branch of an insurance undertaking from a third
the State is subject to the prior agreement of the Czech National Bank on the basis of the
a written request, which contains the data of the person to the functions of the newly proposed
the head of the branch. The Czech National Bank, this request shall be assessed in accordance with § 33
paragraph. 2 (a). (b)).
(6) Change in scope of the insurance activities of the insurance undertaking authorised from third
the State is subject to the prior approval of the Czech National Bank. The request for
the approval includes an enumeration of the insurance industry or activity, or
activities related to insurance activities, of which the activity should be
insurance companies extended. The application shall be accompanied by the documents referred to in paragraph 2
(a). (b)), e), (g) and (h))), a modified business plan referred to in paragraph 3, in
which insurance company reflected the changes requested. The document referred to in paragraph
2 (a). (e)), be retained if it is exclusively about the request for approval of activities
insurance-related activities. The Czech National Bank on this application
shall decide within the time limit and under the conditions provided for in § 32 paragraph. 4 and 6 and § 33
paragraph. 2.
section 35
Advantage
(1) an undertaking from a third State, which requested in more than one
Member State for authorisation to engage in insurance activity
through its subsidiaries, or this permit already obtained from more
than one Member State may request the competent supervisory authorities
Member States in which it is to be or is insurance activity
operated by advantage consisting in the fact that
and) the required solvency margin provided for in § 76 shall be calculated in relation to the
the entire range of operating activities within the Member States; in this
If, for the purposes of this calculation shall take into account only to the activities
implemented by all branches established within the Member States,
(b)) in the amount of the assets referred to in § 32 paragraph. 6 (a). (d)) as the principal will be
be located only in the Member State whose competent authority supervision will
to supervise the compliance with the conditions of solvency,
c) assets which are designed to cover the requirements of the guarantee fund,
can be in any Member State in which the insurance undertaking from the
third State operates its insurance activities.
(2) the Benefit referred to in paragraph 1 may be granted only all at the same time.
The application for the grant of the benefit of a third country shall submit to the competent
supervisory authorities of the Member States, in which the insurance activity
operated. The application must be given by the competent supervisory authority
the Member State which will oversee compliance with the conditions
solvency of insurance companies from a third State through its affiliates
established within the Member States. The choice of the supervisory authority must
This insurance company to justify.
(3) the Benefit may be granted only if the competent authorities of the
surveillance of all Member States in which the application was lodged,
agrees. Benefits paid from the date of sending the information to the other
the competent supervisory authorities of the competent supervisory authority chosen in
the meaning of paragraph 2 will be to supervise the State of solvency of the
operated insurance activities through branches of the insurance undertaking from the
third State, established in the Member States.
(4) the competent supervisory authority selected within the meaning of paragraph 2 shall receive from the
the other Member States the information necessary for the performance of supervisory
the activities of the overall solvency of branches of the insurance undertaking from a third State
established on their territory. At the request of one or more of the affected
the competent authorities of the Member States will benefit granted to all
the Member States concerned are withdrawn ^ 18).
TITLE III
THE PURSUIT OF REINSURANCE BUSINESS
Part 1
The pursuit of reinsurance business domestic reinsurance undertaking
section 36
The authorisation to operate the domestic reinsurance the reinsurance undertaking
(1) the Czech National Bank grants permission to operate the locking
for non-life reinsurance activities, life reassurance activities or for both types of
reinsurance activities. A permit may apply to the activities of
related to reinsurance activities, if the applicant so requests and
If the request referred to in paragraph 5 has demonstrated sufficient ability of these
the activities of operationally and financially secure. The Czech National Bank may
the range of activities to limit, if not sufficiently proven
applicant's ability to financially and operationally secure reinsurance activities in the
the scope specified in the request.
(2) Domestic reinsurance undertaking is authorised to conduct reinsurance activities on
the basis and the extent of the authorisation granted by the Czech National Bank as
joint-stock company and is its registered office on the territory of the Czech Republic.
(3) a permit granted by the Czech National Bank, under the conditions laid down
This Act of domestic reinsurance undertaking is valid for all the Member States and the
justifies it under conditions laid down by this law to the operation of the
reinsurance business in the territory of another Member State, either
through a branch or under the freedom to temporarily provide
the service.
(4) the authorisation of the Czech National Bank is a domestic reinsurance undertaking shall take
request also before changing the range of reinsurance activities, pursuant to the
such a change is not subject to this law, only the information obligations.
(5) the Czech National Bank gives domestic authorisation to a reinsurance undertaking
the pursuit of reinsurance activities on the basis of a written request of the founder
domestic reinsurance undertakings whose head office and Head Office has to be on the territory of the Czech
of the Republic, before the date of its registration in the commercial register. About
This request, the Czech National Bank will decide no later than 6 months from the
the date on which it was delivered, if the conditions laid down
This law. Permission to operate the locking action occurs
domestic reinsurance undertaking on the date of its registration in the commercial register.
(6) the authorisation to operate the domestic reinsurance the reinsurance undertaking
cannot be granted if the
and) are not met the conditions laid down by this law,
(b)) the persons to be qualified to participate in the domestic reinsurance undertaking,
do not give the certainty of the proper management of domestic reinsurance undertaking,
(c) the members of the statutory) suggested or supervisory body of the domestic
reinsurance undertakings do not fulfil the conditions of the trust or are in a conflict of interest
or those of the person or persons with the participation in the management of the reinsurance undertaking do not give
with regard to their qualifications and past practice, the assurance of its
sound management,
(d)) the close links between domestic reinsurance undertaking and other natural or
legal persons would impede the effective supervision in the insurance sector
under this Act,
(e)) is not, having regard to the scope and nature of the activities of this
reinsurance undertaking, given the certainty of its financial stability, in particular with regard to the
the inadequacy of staffing, technical and organizational assumptions
for the performance of the activities,
(f)) the effective exercise of insurance pursuant to this Act would
prevent the legislation of a third country governing one or more of the
natural or legal persons with which the reinsurance undertaking should have the domestic
a close link, or difficult the enforceability of these obligations
laws, regulations,
(g)) of assets, whose source is the capital or other assets
domestic reinsurance undertakings originate from criminal activities or of
unidentified sources or is not proved, the origin of these assets,
(h)), the proposed management and control system including risk management system
does not give the certainty of its functionality and effectiveness, or
I said in the application, the applicant) false data, which are for the assessment
the application is crucial.
§ 37
The application for the grant of authorisation
(1) an application for the grant of authorizations for the conduct of reinsurance business
domestic reinsurance undertaking contains, among the requirements laid down by the administrative
regulations, the type of reinsurance activities, according to § 36 odst. 1, which is to be
operated, and the data concerning the reinsurance undertaking, based
and the amount of the share capital)
(b) the name or names), and last name, date of birth and address of residence
the natural person or the business name or the name and address of the founder
domestic reinsurance undertaking,
(c) the name or names), and last name, date of birth and address of residence
or business name or the name and address of the person, as a statutory authority,
of the Supervisory Board or of the Supervisory Commission, or other body with similar
the control or competence to act as the Chief domestic
reinsurance undertaking, or as persons participating in its proceedings,
(d) the name or names), and last name, date of birth and address of residence
the physical person who is to carry out activities in the domestic reinsurance
responsible insurance mathematician under section 81.
(2) the application referred to in paragraph 1 shall be accompanied by
and statutes)
(b)) the business plan,
(c) evidence of integrity) natural persons or legal entities of the trust
persons who are the founders of domestic reinsurance undertaking,
(d) a trust) the documents and of the education and the practice of natural
the persons referred to in paragraph 1 (b). (c)),
e) documents proving the origin of the capital and its repayment,
(f)) list persons who have qualifying holdings in the domestic
the insurance company, with information about these persons and the amount of the share in the
capital and voting rights, or any other form of such participation; for each of the
the applicant shall provide such person documents that are required when submitting
application for consent to the acquisition of a participation in the domestic reinsurance undertaking under section 42
paragraph. 3,
(g)) the list of persons to be closely linked with domestic insurance company,
with the indication of the data on these persons and with the way the link
h) description of the procedures and methods to ensure a functional and efficient management
and control system, including the risk management system and to ensure the
personal, technical and organizational prerequisites for performance
the proposed activities,
I) affidavit the applicant that the information given in the application and in
its annexes is true, current and complete.
(3) in the business plan referred to in paragraph 2 (a). (b)), the applicant shall
and the nature of the claims or description) of reinsurance risks, for which it is to be
authorisation has been granted,
(b)) types of reinsurance contracts, which the reinsurance undertaking proposes to conclude in the context of the
the transposition of the insurance or reinsurance of risks in its reinsurance business,
(c) a description of the creation and use of) the technical provisions, including methods of calculation
their amount, and a description of the basic principles of securing its own reinsurance
activities,
d) items, of which consists the guarantee fund referred to in section 77,
(e) the estimated costs for the establishment of) an operating system and organization
the business network and how to cover these costs,
(f)) for the first 3 accounting periods
1. an estimate of the revenues and expenses in the costs associated with the introduction of
activities and on recurrent expenditure, in particular, administrative costs and the cost of
remuneration of intermediaries, hedge
2. an estimate of the amount of the prescribed premiums and the cost of execution of the collateral,
3. the estimated balance sheet,
4. the estimated calculation of the amount of the solvency margin,
5. assets to cover liabilities from reinsurance activities and operated by
the required solvency margin,
g) suggestions or the basic principles of the treaties on the exclusion of the activity or the
sharing the costs, if they have to be such a treaty after the grant of authorisation
closed,
(h)) or the basic principles of the proposals for the relocation of the activities to be
some of the activities after the grant of authorisation is moved.
(4) the Decree shall determine the form and content of the documents accompanying the application in accordance with
of paragraph 2.
section 38
Granting of an authorisation to a reinsurance undertaking in the group, both domestic
(1) prior to the granting of an authorisation to operate the domestic reinsurance activities
reinsurance undertaking, which is to be
and) controlled person insurance or reinsurance undertakings from another Member
the State, or
(b)) the controlled person the other person, which is the controlling person of an insurance undertaking
or reinsurance undertaking from another Member State,
the Czech National Bank's requests the opinion of the competent supervisory authority
of another Member State.
(2) prior to the granting of an authorisation to operate the domestic reinsurance activities
reinsurance undertaking, which is to be
and controlled by a person or Bank) Merchant securities from another
Member State, or
(b)) the controlled person the other person, which is the controlling party of the Bank or
a securities trader from another Member State,
the Czech National Bank's requests the opinion of the competent supervisory authority,
who shall exercise supervision over the activities of such a bank or brokerage
securities.
(3) the Czech National Bank, with the competent supervisory authorities referred to in
paragraphs 1 and 2 shall inform each other, in particular on the trust, conflict of
interests and the education and practice of controlling persons being examined
a legal person, the persons participating in the proceedings of the legal person subject to
supervision and ongoing exchanges information with them important in granting
authorizations and when checking the operation of the approved activities.
(4) Domestic reinsurance undertaking, which is in a financial conglomerate,
cannot have a participation in the captive insurance or reinsurance undertaking in the captive.
(5) paragraphs 1 to 4 shall, in the case where the domestic reinsurance undertaking has become
the controlled entity of a person residing or established in the territory of a third State,
shall apply mutatis mutandis.
(6) Domestic captive reinsurance undertaking cannot provide the insurance or
reinsurance risks insured by the insurance company, or who took over the
reinsurance reinsurance undertaking belonging to the same group of people as this captive
reinsurance undertaking.
section 39
The capital of the
(1) the amount of the share capital of domestic reinsurance undertaking shall be in operation
reinsurance activities
and only in the collateral) of at least 500 0000 0000 CZK
(b)) only in non-life reinsurance of at least 500 0000 0000 CZK
(c)) in the life and non-life reinsurance at least 1 0000 0000 0000 CZK
(d)) in the case of domestic captive reinsurance undertakings, at least half of the amounts
referred to in points (a) to (c))), depending on the character of the operating
reinsurance activities.
(2) the share capital in the amount of domestic reinsurance undertakings referred to in paragraph 1
can be formed only a cash deposit. The capital must be
paid in the amount referred to in paragraph 1 prior to submitting an application for the grant of
the authorisation to operate the reinsurance activities.
(3) for the decision of the general meeting of a public limited company on the reduction
the share capital shall apply section 18 paragraph. 6 similarly.
section 40
Changes in the activity of domestic reinsurance
(1) a change in the scope of the permitted activities of the domestic reinsurance undertaking shall be subject to
the prior approval of the Czech National Bank. Request for approval
contains the type of reinsurance activities in the sense of § 36 odst. 1 or activity,
where appropriate, activities related to hedging activities, which should be
the activities of the domestic reinsurance. The application shall be accompanied by documents
referred to in section 37, paragraph. 2 (a). (e)), h) and (i)) and the adjusted business plan
containing the information referred to in section 37, paragraph. 3, to which the reinsurance undertaking will be reflected
the changes you want. The document referred to in section 37, paragraph. 2 (a). (e))
be retained if it is exclusively about the request for approval of activities related
the reinsurance activities. The Czech National Bank will decide on this request in
the time limit and under the conditions laid down in § 36 odst. 5 and 6.
(2) in the case of extension activities on the territory of other Member States
through a branch established in another Member State, national
a reinsurance undertaking first to inform the Czech National Bank on the
and Member State), in whose territory it intends to establish a branch,
(b) the business plan of the branch) in the range, under section 37, paragraph. 3, reinsurance
the risks that have to be on the territory of another Member State, passed on to the
ensure the organisational structure of the branch, the procedures and methods for the
to ensure the functionality and effectiveness of the management and control system,
including the risk management system and the calculation from which it will be clear that the
domestic reinsurance undertaking will continue to possess the required level of
solvency and meet the requirements of the guarantee fund,
(c)) at the territory of another Member State,
(d) the name or names), and the last name of the person proposed to function
the head of the branch responsible for representation of this when dealing with the reinsurance undertaking
third parties, the authorities and the courts of another Member State, where the
branch.
(3) if it is to be extended to domestic reinsurance activities outside the territory of the Czech
Republic on the territory of one or more other Member States on the basis of the
the freedom to temporarily provide services, this undertaking is obliged to
inform the Czech National Bank for this purpose and to communicate the type of reinsurance
activities within the meaning of § 36 odst. 1, which is to be operated in this form,
and the relevant business plan changes induced by the change in her
activity.
(4) If the Czech National Bank has, with regard to the organizational structure,
the financial situation of the reinsurance undertaking, ensure domestic functional and effective
management and control system, credibility, and the practice of physical education
the person proposed to the head of the local branch of a reinsurance undertaking, or
the reality of the changes to the business plan, relating to the extension of activities
domestic reinsurance undertakings, the opposition, shall communicate to the domestic reinsurance undertaking within 3 months from the date
date of receipt of all the information referred to in paragraph 2 or 3 of your
a favourable opinion. Fails to the Czech National Bank in this
the time limit, it shall be deemed that the amendment.
(5) on the extension of domestic reinsurance reinsurance activities on the territory of the
third States, paragraphs 2 to 4 shall apply mutatis mutandis with regard to the
international agreements related to this activity.
(6) Domestic reinsurance undertaking shall submit to the Czech National Bank, without undue
delay
and the list of persons whose) qualified participation in this undertaking exceeds the
or falls below 10%, and the amendments referred to in § 42 paragraph. 1 and in section 45, paragraph. 1,
and no later than 31 December 2006. December of the calendar year, a report on persons with this
participation, including the amount of the
(b) information on changes in) data, which were the contents of the request for the grant of
the authorisation and its annexes in accordance with § 37; change the articles of association or other similar
the document shall be presented in full, with an indication of the changes made,
(c) information on the change in) its activities other than that which is listed in the
paragraphs 1, 2, 5, and about changes in its legal position, in particular on the
the conclusion of the contract of activity, is a significant character,
the Treaty on the sharing of the costs of relocation of activities and other changes that
prevents or may prevent the proper performance of the supervision in the insurance sector by
This law,
d) information on changes the data referred to in paragraph 2 (a). b) to (d)),
(e)) information related to its activities under this Act, the requested
The Czech National Bank.
(7) If any of the changes referred to in paragraphs 1 to 3 and 5 was not
carried out in accordance with the conditions laid down by this law, Czech
National Bank saves domestic insurance undertaking to delete without undue
the delay identified deficiencies. Submission of degradation against this decision
does not have suspensory effect.
§ 41
The change of the person in authority domestic reinsurance
(1) a change in the person of a member of the statutory or supervisory body of the domestic
reinsurance undertakings and in the person of authorized this reinsurance undertaking shall be subject to prior
the consent of the Czech National Bank on the basis of a written application submitted by the person,
that suggests this change. The application shall be accompanied by documentary evidence of the integrity of the
relationships and information on her progress to the kind of education and practice, the Honorable
the Declaration assessed the person, that no other of its activities shall not prevent the
the proper performance of the duties and that it satisfies the condition pursuant to section 8 (2). 1 (a). (b)).
(2) the Czech National Bank shall reject the application if they are given reasons for
referred to in § 36 odst. 6 (a). (c)).
(3) a change referred to in paragraph 1 shall, if the person
The Czech National Bank has granted consent in the immediately following
term of performance of the same resume function; of its sequel
in the performance of the same function shall send to that person of the Czech National Bank not later than
30 days before the date on which it is to be elected again, the Honorable
a statement that continues to satisfy the conditions under which it was
The Czech National Bank previously issued consent to the performance of the function.
Changes in holdings
section 42
(1) the person or persons acting in concert before the qualified
participation in the domestic reinsurance undertaking or an increase in, or the
their share of the capital or of the proportion of voting rights
reach or exceed 20%, 30% or 50% or so that the domestic
the reinsurance undertaking becomes a controlled company thereof, are required to the Czech national
the Bank, in writing, request the prior approval of the acquisition or increase this
participation. The Czech National Bank, without undue delay, but not later than
2 working days from the date of receipt of the request, in writing, to the applicant
shall acknowledge receipt thereof and shall inform it of the date on the end of the run
the time limit for the examination of the application provided for in section 43, paragraph. 2. About this
at the same time inform the applicant in writing of the reinsurance undertaking in which the
intends to acquire or increase their participation.
(2) if the applicant referred to in paragraph 1 is an insurance undertaking, a reinsurance undertaking, other
Bank, securities dealer or investment company, that
It was granted permission to operate in another Member State, or
foreign controlling person such insurance, reinsurance, banks,
securities trader or investment company and has to be
as a result of such acquisition, the applicant becomes the controlling
person domestic reinsurance undertakings, the Czech National Bank shall consult without
undue delay after receipt of the request, this intention with the competent authority
supervision or other authority exercising supervision over such Bank,
a dealer in securities or investment companies.
(3) the request referred to in paragraph 1 shall include the business name and seat of the domestic
the reinsurance undertaking in which a participation agreement has to be qualified, the amount of
the current market share or other forms of participation in this undertaking and
the amount of the share or other forms of participation, which the applicant intends to in this
the reinsurance undertaking to obtain. To the application, the applicant, depending on whether it is
a natural or legal person or entrepreneur, accompanied by the
and an extract from the commercial register), or other equivalent evidence not older than 3
months, including copies of the proposals on entry in the commercial register,
that have not yet been completed at the date of submission of the application,
(b)) data on persons, that are closely linked, with the description of the relationship
between closely related persons and him,
(c)) on the persons with whom it is in conformity
d) overview of their financial and other obligations, which exceeds 5
% of the equity capital of the applicant, or may have the effect in this amount, and with it the
indication of the counterparties, the commitment, the date of the commitment, time
the duration of the undertaking and the due date of the commitment, including information about the delay with the
the fulfilment of such an undertaking,
(e)) the proof of origin of the funds to the acquisition of a qualifying holding; If they are
on the acquisition of a qualifying holding other than own resources, it shall be accompanied by
the applicant and the evidence of the origin of the resources of the provider of these resources,
(f)), information about your membership in professional associations, the Chambers or
associations, including the foreign,
(g)) of their accounts and the accounts of the persons that are closely
linked together, and that for the last 3 financial years verified by the auditor; in
If that is part of the consolidated entity, shall be accompanied by the application also
the consolidated financial statements certified by an auditor,
(h)) justification the intended acquisitions or changes in qualifying holdings in the
domestic reinsurance undertaking, including the anticipated changes in its business
politics,
I) the documents referred to in section 19, paragraph. 2 If the applicant is a natural person,
j) affidavit, that does not exercise the rights associated with a qualified
participation in the domestic reinsurance undertaking in the interest of the other person,
k) documents and affidavits on other facts which may have a
influence on the assessment of its suitability in terms of sound management of the domestic
reinsurance undertaking, if such facts are known,
l) proof that its decision to acquire or improve their
the participation of the applicant informed the reinsurance undertaking, and
m) affidavit stating that the information contained in the application and its
the annexes are true, current and complete.
§ 43
(1) the Czech National Bank approves the request, if the
and the applicant meets the conditions of the trust),
(b)) the structure of the group, a part of which the reinsurance undertaking the domestic State
does not exercise effective supervision, effectively exchange information between the
the competent supervisory authorities and delimitation of competence between these authorities,
(c) the applicant has failed to demonstrate its ability to), financially secure and performed
planned activities in the domestic reinsurance undertaking in which the acquisition is proposed
or to increase the participation, or
(d)), there is reason to suspect that, in connection with the proposed acquisition of
occurs or might occur to the legalization of the proceeds of crime, or
to the financing of terrorism or attempted, or that the proposed
the acquisition could increase the risk of such conduct.
(2) the application referred to in section 42, paragraph. 1 the Czech National Bank will decide in
the time limit within 60 working days from the date of delivery of the written confirmation of the
receipt. The Czech National Bank is entitled to this decision to determine the
the deadline for the acquisition or increase of the participation in the domestic reinsurance undertaking,
which shall not be shorter than 30 days from the date of the entry into force of this
decision and which can be extended on the written request of the purchaser. If
in the following designated or extended deadline does not acquire or increase
the participation, the approval of the Czech National Bank terminates on the date
expiry of this period.
(3) If a request pursuant to § 42 paragraph. 1 incomplete or suffer if other
as the Czech National Bank, without undue delay, but not later than 50.
the day of the time limit laid down in paragraph 2, shall in writing ask the applicant to
the removal of shortcomings of the application, where appropriate, for the submission of additional information
necessary for appraisal of the request. The date of dispatch of the invitation to the period
laid down in paragraph 2 shall be discontinued, and for a maximum period of 20 working
days. The interruption period can extend up to the Czech National Bank for a period of 30
working days, provided the applicant
and) has its registered office or residence in a third State,
(b) is subject to the supervision of the competent authority) or other authority
supervision of executing supervision of bank or securities dealer
papers of the third State or
(c)) is not subject to any supervision of the financial market.
(4) the interruption of time limits when a claim cannot be repeated. This is not a
without prejudice to the right of the Czech National Bank to request at any time during run time
the time limit referred to in paragraph 2 for the assessment of the application for
clarification and information. Receipt of the information requested by the Czech National Bank
shall confirm in writing to the applicant within the time limit referred to in § 42 paragraph. 1.
(5) if the Czech National Bank to the request referred to in paragraph 1
acted within the period laid down for the assessment of the request in paragraph 2, or
3, the application for the acquisition or increase of the participation in an approved
the expiry of the last day of the period. If the Czech National Bank referred to
rejects the request, shall send a copy of the decision in writing to the applicant within 2
working days from the date of its copy, before the expiry of the period for the
a decision on the request referred to in paragraph 2 or 3. The reasons for the
the refusal of the consent of the Czech National Bank at the request of the applicant,
shall publish, in a manner enabling remote access.
(6) if received by the Czech National Bank, 2 or more applications for consent
the acquisition or increase of qualifying holdings within the meaning of § 42 paragraph. 1 in the
the same domestic reinsurance undertaking accesses these applications
non-discriminatory manner.
(7) the Decree shall determine the form and content of the documents accompanying the application
referred to in § 42 paragraph. 3.
§ 44
(1) the person or persons acting in concert who have acquired a qualified
participation or increase their participation in the manner specified in § 42 paragraph. 1 without
the consent of the Czech National Bank, they can not exercise the voting rights attaching
with this newfound participation, and that the grant of this consent.
(2) the Czech National Bank shall submit a proposal to the annulment of the resolution
the general meeting of domestic reinsurance undertaking, if it is in conflict with the law,
threatens the financial stability of the domestic reinsurance or otherwise harms
the participants ensure employee domestic reinsurance undertaking, its lender
or a minority shareholder, and within 30 days from the date of its venue.
The Czech National Bank is not obliged to submit a proposal on the annulment
the resolution of the general meeting of domestic reinsurance undertaking, if people vote
referred to in paragraph 1 could not affect the adoption of a resolution of the general meeting
or the following resolution is adopted in violation of the law, does not endanger
the financial stability of domestic reinsurance or otherwise harm the participants
ensuring employee domestic reinsurance undertaking, its creditors or
minority shareholders.
section 45
(1) the person or persons acting in concert, that they are going to lose their
qualified participation in domestic reinsurance undertaking or reduce its
qualified participation so that drops below 20%, 30% or 50% or so,
the domestic reinsurance undertaking ceases to be their controlled person, are
obliged to notify this fact to the Czech National Bank,
no later than 30 days before the date on which this participation is to be reduced.
Domestic reinsurance undertaking shall inform the Czech National Bank on these
the facts, as soon as it becomes aware of them.
(2) the notification referred to in paragraph 1 containing the information about the person or persons,
that they are going to lose, or to reduce their participation, information on the domestic
the reinsurance undertaking in which a participation is held, and the level of participation of that person or
persons on the domestic reinsurance undertaking after its reduction. The notification shall also indicate
the person or persons to be qualified participation by the converted.
Part 2
The pursuit of reinsurance the reinsurance undertaking from another Member State
or from a third State
section 46
Activities of a reinsurance undertaking from another Member State in the territory of the Czech Republic
Reinsurance undertaking from another Member State is authorised to operate on the territory of the
The Czech Republic, its reinsurance business and related activities by,
on the basis of the right to establish branches or on the basis of the freedom of
to temporarily provide services, and to the extent in which it is
the authorisation to operate in the country of its reinsurance activities.
section 47
Activities of a reinsurance undertaking from a third State on the territory of the Czech Republic
(1) unless otherwise provided by this law or international treaty, famous
reinsurance undertaking from a third State is authorized to conduct reinsurance activities
on the territory of the Czech Republic through a branch established in the territory of the Czech
of the Republic. This may take the form of only this organizational folder
the reinsurance undertaking.
(2) the authorisation to operate the reinsurance activities or to change this
the activities of a reinsurance undertaking from a third State grants to the Czech National Bank on the
the basis of a written application, if under this Act, such a change
only not subject to reporting obligations. About this request decides to Czech
the National Bank not later than 6 months from the date on which it was delivered.
(3) the request of the reinsurance undertaking from the third country referred to in paragraph 2 includes,
outside the formalities established by administrative regulations,
and) its legal form,
(b) the address of the branch of a reinsurance undertaking) from a third country on the territory of the Czech Republic,
(c) the name or names), and last name, date of birth and address of residence
on the territory of the Czech Republic by natural persons in the position of the head of the branch
established in the Czech Republic,
(d) the name or names), and last name, date of birth, address of residence
the physical person who is to carry out the activities of the responsible insurance
Mathematics under section 81.
(4) the application referred to in paragraph 3 shall be accompanied by
and the articles of association or other similar) zakladatelský document
(b) a copy of the official authorization to) the pursuit of reinsurance business country
the headquarters of the reinsurance undertaking from a third State,
(c)) evidence of good character and an indication of the kind of education and the practice of physical
the persons referred to in paragraph 3 (b). (c)),
(d)) business plan related to the activities that should be a reinsurance undertaking from
third State operated on the territory of the Czech Republic; its content shall be governed by the
section 37, paragraph. 3 Similarly,
e) records demonstrating the assets of the reinsurance undertaking from a third State on the territory of the Czech
Republic and their origin, whose value is equal to at least one
half of the minimum of the guarantee fund referred to in section 77, and documents proving the
Insert at least one quarter of the minimum as a principal on the account
specifically set up for banks based on the territory of the Czech Republic or in
branches of foreign banks, which cannot be disposed of without the consent of the Czech
the National Bank,
(f) the list of persons), to be closely related to the reinsurance undertaking from a third
the State, with an indication of the information about these people and how to link
g) description of procedures and methods to ensure functionality and efficiency
the management and control system, including the risk management system and to ensure the
personal, technical and organizational prerequisites for performance
the proposed activities.
section 48
Granting of an authorisation to a reinsurance undertaking from a third State
(1) the authorisation pursuant to § 47 odst. 2 cannot be granted if the
and) are not met the conditions laid down by this law,
(b) the natural person) in the function of the head of the branch does not meet the conditions
integrity or it makes with regard to the qualifications and
practice assurance of sound management branch of a reinsurance undertaking from a third State, or
It is a conflict of interest,
(c)) the close links between the reinsurance undertaking and other natural or legal
persons preventing the effective supervision of insurance under this
the law,
d) is not, having regard to the scope and nature of activities
reinsurance undertaking, given the guarantee of financial stability of the reinsurance undertaking from a third State,
(e)) the effective exercise of supervision of insurance pursuant to this Act prevents the
the legislation of a third State, which is governed by the reinsurance undertaking from a third
State or one or more natural or legal persons with which the
reinsurance undertaking from a third State has close links, or difficult the enforceability of
the obligations of the law,
(f)) from a third State of the reinsurance undertaking's assets come from criminal activities or
from unidentified sources or is not proved their origin,
(g)) would be granting the permit contrary to the stated international
treaties, or
(h)), the applicant stated in the request, false information, that are for the assessment
the application is crucial.
(2) the permit to operate is granted for reinsurance activities
non-life reinsurance activities, life reassurance or for both types of reinsurance
activity. The Czech National Bank may limit the scope of activities,
If it is not sufficiently demonstrated the ability of the applicant to operate the
safely lock activity in the range indicated in the request. In the case of
captive reinsurance undertakings applies to section 38, paragraph. 6 similarly.
(3) the Czech National Bank is authorised to conclude an agreement with the supervisory authority
country of residence of the reinsurance undertaking from a third State, on the basis of the activity
This reinsurance undertaking subject to the supervision authority of the country of its registered office,
If the supervision exercised at least to the extent provided for in this
the law for the exercise of supervision over the activities of domestic reinsurance. A similar
the agreement is the Czech National Bank authorised to conclude with the competent authority of the
supervision of another Member State, in whose territory the undertaking operates from
the third State of its activities through its subsidiaries. For these
the conditions of the reinsurance undertaking such activity is assessed as well as the activities of the
reinsurance undertaking from another Member State.
(4) the Decree shall determine the form and content of the documents accompanying the application in accordance with
§ 47 odst. 4.
(5) Changes in the data, which were the contents of the application for the grant of authorisation and
its annexes, with the exception of the changes to the scope of activities allowed under the
paragraph 6, it is a reinsurance undertaking from a third State shall, without undue
delay notify the Czech National Bank; change the articles of association or other similar
the document shall be presented in full, with an indication of the changes made.
Change in the person of the head of a branch of a reinsurance undertaking from a third State shall be subject to
the prior agreement of the Czech National Bank on the basis of a written request,
that contains data about the person of the head of the newly proposed
the branch. The Czech National Bank shall examine the request referred to in paragraph 1
(a). (b)).
(6) Change in the scope of the permitted activities of a reinsurance undertaking from a third State
subject to prior approval by the Czech National Bank. Request for approval
contains the type of reinsurance activities within the meaning of paragraph 2 or activity,
where appropriate, activities related to hedging activities, which should be
activities of a reinsurance undertaking from a third State. The application shall be accompanied by
the documents referred to in § 47 odst. 4 (b). (b)), e) and (g)) and the adjusted business
a plan containing the information specified in § 47 odst. 4 (b). (d)), in which
reinsurance undertaking to reflect the changes you want. The document referred to in § 47 odst. 4
(a). (e)), be retained if it is exclusively about the request for approval of activities
related to hedging activities. The Czech National Bank on this application
shall decide within the time limit pursuant to § 47 odst. 2 and under the conditions laid down in
paragraph 1.
Part 3
The operation of the insurance undertaking or of reinsurance reinsurance task force
by a person
section 49
The pursuit of reinsurance business insurance company
(1) Domestic insurance company is authorized to conduct reinsurance activities on
authorized by the Czech National Bank. For the content of the request, and for
the granting of authorisation to § 36 odst. 5 and 6, § 37 and 40 shall apply mutatis mutandis. If it is to
reinsurance activities of that undertaking, be extended to the territory of another
the Member State of the insurance undertaking, the procedure under section 20 and 22. If it is to
reinsurance activities of that undertaking, be extended to the territory of a third
the State of the insurance undertaking, the procedure provided for in § 21, mutatis mutandis.
(2) an undertaking from another Member State is entitled to carry out
reinsurance activities and activities related to the territory of the Czech
of the Republic on the basis of authorisation granted by the home Member State, and
According to the law establish branches or under the freedom to temporarily provide
the service.
(3) unless otherwise provided by the renowned international treaty, is the undertaking of the
the third State shall be entitled to conduct reinsurance business in the territory of the Czech
of the Republic on the basis of authorisation of the Czech National Bank, where her for this
activity authorization in the home State. For the content of the request, and for
the conditions for granting the authorisation section 47 and 48 shall apply mutatis mutandis.
(4) an undertaking referred to in paragraph 1 or 3, which exceeds at least
one of the values listed in section 18, paragraph. 4 (b). and)
separate financial management) location in relation to its insurance
activity from financial placements relating to its reinsurance business,
(b) have not been fulfilled) so that the minimum financial requirements, in particular the required
the solvency margin associated with one or the other of these 2 activities
at the expense of other activities; The Czech National Bank may, on the request of the
insurance companies allow the use of the items in the available solvency margin,
that are freely available, for one or the other activity,
(c)) to the accounts of insurance undertakings were all the proceeds, in particular insurance premiums,
payments from reinsurance and investment income, and the cost, in particular the insurance
or outstanding performance, completion of technical reserves, premiums and payments
operating costs related to the insurance and reinsurance activities
laid out according to the origin of creation.
(5) if one of the values of the available solvency margin
pursuant to section 76, calculated separately for insurance and reinsurance activities
insufficient, the Czech National Bank saves the corrective action regardless of
the results in the other activity. These measures may include the authorization
available solvency margin to transfer items from one activity to the
the second.
(6) an undertaking referred to in paragraph 1 or 3, your lock
exit only in the form of the withdrawal of authorisation for the operation of the locking
the activities under section 116 or 117 with the transfer of the strain reinsurance contracts
under section 106 and 107 or Division pursuant to section 122.
section 50
Locking the targeted person
(1) the person is the person Securing dedicated different from insurance companies or
reinsurance undertakings, insurance undertakings or reinsurance undertakings which takes the insurance or
reinsurance risks and this activity fully financed through resources
obtained from the issued bonds or other financing,
While the rights of creditors of those bonds or other methods
financing commitments are subordinated to this activity, and that it was
authorization for this activity abroad under the law
the State of its registered office or place of business.
(2) Domestic insurance company, the insurance company from a third State, national
the reinsurance undertaking or the reinsurance undertaking from a third State, which in its activities
hedging a dedicated person, shall inform the Czech National Bank on the
any contract concluded with a person referred to in paragraph 1, no later than
within 30 days from the date of its conclusion.
(3) the Czech National Bank is authorised to prohibit the insurance or reinsurance undertaking
referred to in paragraph 2 include claims against retaining the special person
in a general location or specify a value in that it can be used to
financial placements include,
and if such does not give) the Treaty of guarantee its fulfilment,
(b)) if not secured full funding of the reinsurance activities of this person
through the resources referred to in paragraph 1,
(c)) if that person is part of the same group as the insurance undertaking, or
reinsurance undertaking, from which the insurance or reinsurance of risks takes over, or
(d)) if the actual transfer of premiums or premiums
the risks.
(4) if the person securing dedicated within the meaning of paragraph 2, the person that
a permit was granted for the operation of reinsurance activities referred to in paragraph
1 the competent supervisory authority of another Member State, the Czech
National Bank referred to in paragraph 3, in conjunction with the competent authority of the
supervision, unless otherwise provided by the renowned international treaty.
TITLE IV
THE TECHNICAL RESERVES, THE FINANCIAL SOLVENCY OF AN INSURANCE UNDERTAKING AND THE LOCATION AND
The REINSURANCE UNDERTAKING
Part 1
The technical reserves
section 51
The technical reserves of domestic insurance undertakings
(1) Domestic insurance company creates for the fulfilment of the obligations of her operated
insurance or reinsurance activities, which are likely or
sure, but doubt is their amount or timing that will arise,
the technical reserves. This obligation applies to all operating
insurance or reinsurance activities.
(2) if the insurance business operated by one or more
insurance life insurance industry, creates these technical reserves:
and) provision for unearned premiums,
(b)) a reserve for insurance claims,
c) reserve in life insurance,
d) reserve for bonuses and discounts
e) life assurance provision where the investment risk is
the policyholder,
f) provision to meet obligations from the used technical interest rate and
other quantitative parameters,
(g)), non-life insurance premiums reserve
h) other reserve.
(3) if the insurance business operated by one or more
non-life insurance, insurance industry creates a domestic insurance company
These technical provisions:
and) provision for unearned premiums,
(b)) a reserve for insurance claims,
(c)) the provision for bonuses and rebates,
d) equalization reserve
(e) non-life insurance premiums reserve),
f) provision to meet the commitments of the liability for the obligations of the Office in accordance with
the law governing liability insurance of motor vehicle ^ 19),
(g)) the other reserve.
(4) Domestic insurance company, which at the same time with the insurance activities
also operates reinsurance activities, creates the technical provisions corresponding to the
its obligations arising out of reinsurance contracts concluded her;
the technical provisions referred to in paragraphs 2 and 3 produces depending on the
the nature of the obligations arising from these treaties and on the basis of the methods
the calculation referred to in the business plan referred to in section 37, paragraph. 3.
section 52
The technical provisions of an insurance undertaking of another Member State and insurance companies from
a third State
(1) an insurance undertaking of another Member State, which runs the insurance
or reinsurance business in the territory of the Czech Republic, creating a technical
reserves to the fulfilment of the obligations of this activity, in accordance with the law
the home Member State.
(2) an undertaking from a third State creates technical reserves to fulfil
liabilities from insurance or reinsurance business operated on the territory of the
The Czech Republic as domestic insurance company, unless otherwise provided in
the renowned international treaty.
section 53
The technical reserves of domestic reinsurance
(1) Domestic reinsurance creates obligations of her operated
hedging activities, which are likely or certain, but uncertain
their amount or timing that will arise, the technical provisions in
the amount of its liabilities from reinsurance contracts it concluded. This obligation
applies to all operating reinsurance activities.
(2) Domestic reinsurance creates technical reserves pursuant to section 51, paragraph. 2 and
3 depending on the nature of the obligations arising from her closed
reinsurance contracts and on the basis of their calculation methods referred to in
the business plan referred to in section 37, paragraph. 3.
§ 54
Technical provisions in reinsurance undertakings from another Member State of the reinsurance undertaking, and
a third State
(1) a reinsurance undertaking from another Member State, which operates the locking
activity on the territory of the Czech Republic, creates technical reserves for the implementation of the
the obligations of this activity, in accordance with the legislation of the home Member
State.
(2) a reinsurance undertaking from a third State creates technical reserves to fulfil
liabilities from reinsurance business operated on the territory of the Czech Republic, and
on the basis of their method of calculation set out in the business plan of the branch
established on the territory of the Czech Republic pursuant to section 47, except as provided in this law
or the renowned international treaty.
section 55
Provisions common to the technical reserves
(1) on each of the technical reserve posts for domestic insurance company, domestic
reinsurance undertaking, an undertaking from a third State and the undertaking of a third State
separately from its other commitments. This insurance and reinsurance undertaking
the Czech National Bank shall submit a statement of work and the amount of the technical provisions.
The Decree shall determine the method of submission, form and particulars of the statement of
the formation and the amount of the technical reserves, including the period for which this
the statement is processed, and the time limits within which the Czech National Bank
submitted.
(2) the Domestic insurance and reinsurance undertaking is obliged to have a domestic technical
reserve created with regard to the whole range of its activities and in sufficient
the amount of the insurance undertaking or the reinsurance undertaking has been able to in any
time to meet its obligations resulting from her insurance
or reinsurance contracts. It shall apply mutatis mutandis in the case of insurance undertakings
the third State in relation to its activities on the territory of the Czech Republic and,
If the Czech National Bank supervision by the competent authority in accordance with section 35, also to
its activities on the territory of other Member States.
(3) at the conclusion of the reinsurance contracts of domestic insurance proceeds
or domestic reinsurance undertaking, an insurance undertaking or a reinsurance undertaking from the third country of
third State so as not to put at risk the feasibility of its liabilities.
The Czech National Bank is authorised to prohibit such insurance undertakings or
reinsurance undertakings include receivables arising from reinsurance contracts concluded in her
the financial position or specify the value that you can claim for
financial placements include, if this does not give the hedge contract
the certainty of completion or if the actual transmission
insurance or risk premiums.
The determination of the amount of the premiums and premiums
section 56
(1) Domestic insurance company and the insurance company from a third State shall determine the amount of
insurance premiums on the basis of realistic actuarial assumptions,
in order to ensure permanent satisfiability of all its liabilities from
operated by the insurance activities. It shall apply mutatis mutandis to the determination of the amount of the
domestic insurance premiums, the insurance company from a third State,
domestic reinsurance company and the reinsurance undertaking from a third State.
(2) in calculating the rates of premiums in life insurance insurance company
It shall apply in the case of insurance contracts concluded in the currency of the Czech Republic,
which guarantees the technical interest rate yield, as laid down in
accordance with section 65 paragraph. 4.
(3) Domestic insurance company, which runs the insurance activities by
insurance life insurance industry in the territory of another Member State,
in the calculation of rates of insurance shall proceed in accordance with paragraph 2 of that
applied technical interest rate laid down by the Member State in whose currency
It is a commitment. This applies mutatis mutandis to insurance activities by insured
the life insurance industry operating on the territory of a third State.
(4) in determining the amount of the premium and for the calculation of the indemnity is
prohibited use point of view contrary to the principle of equal treatment. This is not a
without prejudice to the application of pojistněmatematických methods, taking into account the point of view
sex for guest of the insured risk, whose purpose is to secure
satisfiability of the operated insurance or reinsurance, unless
It does not lead to the differentiation of the amount of the premium and indemnity under
sex at the individual level. Similarly, does not affect the use of the age
or health status as a determinative factor in determining the amount
insurance premiums and to calculate the indemnity insurance for the insurance
the risk that the insurance risk assessment is based on the
relevant and accurate statistical data and pojistněmatematických and
If the difference is in the amount of insurance or indemnity.
§ 57
cancelled
section 58
The undertaking shall publish, in a manner enabling remote access, what supporting documents
used for the calculation of technical provisions to the obligations to be created from
insurance life assurance contracts, and General characteristics of the methods
used in this calculation.
Part 2
The creation and use of technical provisions
section 59
The basic conditions for the creation of technical reserves in life insurance
(1) in determining the amount of the technical reserves in life insurance proceeds
domestic insurance undertaking or an undertaking from a third State, so that the
and the calculation of the amount of the technical reserves) was performed using sufficiently
prudent actuarial valuation of prospektivního, when
which take account of all future liabilities, which are set out
insurance terms and conditions for each individual insurance contract, including
1. all transactions including the performance related to the purchase of insurance
guaranteed insurance contract,
2. the premium, which was a collective or individual shall be entitled, without
regardless of how they are characterized by premium,
3. all the options that are made available to the policyholder in accordance with the conditions
the insurance contract,
4. costs, including commissions, taking into account the future
the premium payable,
(b)) when using the retrospective method has not been the result of technical
reserves lower than would have amounted to a sufficiently prudent prospective
the calculation; retrospective method shall apply, if the content of the insurance
the Treaty cannot be applied to the prospective method,
(c) the method of calculating the amount of) technical reserves were prudent and to method
the valuation of assets, whose source is the provision, in particular in the
as a result of its use be an overestimation of assets,
(d) the amount of the technical reserves) was calculated for each insurance contract
specifically, with the use of appropriate approximations or generalizations is
only allowed in cases where it is likely to provide
approximately the same result as individual calculations. the principle of the
a separate calculation shall not prevent the creation of additional technical provisions for
the General risks which are not individualizována,
(e)) in cases where the guarantee related to the purchase of insurance,
This was at no time filling higher, than it is at any given time
the amount of life insurance reserves for the insurance
the Treaty.
(2) the part of the technical reserves to cover its costs of domestic
an insurance undertaking or of a third country provides for the prudent
basis with regard to a Member State of the commitment, the nature of the insured risks
and the expected administrative costs, including commissions. The Member State of the commitment is
the Member State in which the policy-holder, that concluded the insurance contract
concerning life insurance, residence or, if the policy holder
a legal person, the Member State in which the registered office is situated or
a branch of the legal person, to which the contract relates.
(3) when calculating the amount of the technical provisions for the obligations of the
insurance contracts with an additional profit is a domestic insurance company
or an undertaking from a third State shall be entitled to use the method taking into account the
the future of the premium, and the manner, taking into account the current allocation method
of those, premiums and expected future development.
(4) the method of calculating the amount of the technical provisions can only be changed for reasons of
independent of the will of the local insurance companies or insurance companies from third
State.
section 60
Provision for unearned premiums or premiums
(1) provision for unearned premiums shall comprise both for living and for
non-life insurance, with the exception of life insurance with reusable
locking. The amount of this reserve corresponds to the part of the premiums,
that time is related to the following or subsequent financial years, and
determined as the sum of these parts of the insurance premium calculated in accordance with
individual insurance contracts.
(2) If you cannot determine the provision for unearned premiums referred to in paragraph
1, will apply to the determination of the amount of the reserves of the mathematical-statistical
method.
(3) for those insurance, where the insured risk throughout the year
repeatedly changing, for fixing the amount of the reserve shall be used
mathematical-statistical methods that the insurance risk
take into account.
(4) the provisions of paragraphs 1 to 3 shall apply mutatis mutandis in the case of nezaslouženého
premiums in the life and non-life reinsurance.
section 61
The provision for outstanding claims
(1) provision for outstanding claims for the life and non-life insurance
intended to cover liabilities from insurance events
and before) in the period incurred by the balance sheet date, the reported, but in this
period not yet settled,
(b)) in the period incurred prior to the balance sheet date, but in this period
undocumented.
(2) a reserve for insurance claims includes also the value of estimated
the costs associated with the liquidation of insurance events.
(3) the amount of the provision for claims referred to in paragraph 1 (b). and)
provides, as a summary of the claims costs calculated for the
individual claims. If you cannot determine the amount of the reserves referred to
in a way, the mathematical-statistical methods.
(4) the amount of the provision for claims referred to in paragraph 1 (b). (b))
provides mathematical-statistical method, if it is not from an objective
the reason may be, the method of a qualified estimate.
(5) provision for outstanding claims is reduced to an estimate of the projected amount of
repayable amounts to which an insurance undertaking has a claim in connection with the
insurance transactions.
(6) if the individual types of insurance indemnity
in the form of a pension, the reserve for outstanding claims on the basis of actuarial
mathematical methods.
(7) the obligations of the insured events occurring and reported in the current
the accounting period, including the costs of the destruction of these events, which have been
included in the life insurance provision or to reserve
premiums non-life insurance shall not be included in the provisions on the
insurance claims.
(8) the provisions of paragraphs 1 to 7 shall apply mutatis mutandis in the case of environmental and
non-life reinsurance.
section 62
Reserve for obligations of the Office
(1) provision to meet the commitments of the liability for the obligations of the Office of the under
the law governing liability insurance of motor vehicle ^ 19) make up
an insurance undertaking engaged in non-life insurance industry referred to in part (B)
point 10 (a). and no. 1) of the annex to this Act.
(2) this provision is intended to fulfil the commitments of the Office, which does not have
Office created the corresponding assets. The insurance company make up this reserve in
the extent to which participates in the total commitments to the Office, the amount of the
establishes the mathematical-statistical methods.
section 63
Reserve for bonuses and discounts
(1) provision for bonuses and rebates are formed in accordance with the insurance contracts
and is used to cover the cost of premiums and discounts provided in accordance with
insurance contracts.
(2) If a part of the agreed insurance benefits from life insurance
and the share of revenue or profit from financial investments, includes creation of
reserve for bonuses and discounts on the costs and the amount of the proceeds or profit
designed for this purpose, which are not included in the set-aside premium
life insurance.
(3) provision for bonuses and rebates in the pursuit of reinsurance business
form only if there is a lock for her on the basis of the Treaty
the reason.
(4) the premium represents the amount that the person involved in the
the profit or surplus premiums. The discount is the amount by which
reduces premiums, or returns to the policyholder.
section 64
Equalization reserve
(1) the Equalization reserve shall be formed to settle the technical losses or
above-average claims ratio in a given accounting period, and it's in the industry
non-life insurance as referred to in part B, points 14 and 15 of annex 1 to the
This law arising in an accounting period. Methods, which shall be
calculation of the amount of the Equalization reserve and the conditions for its drawing, provides
the Decree.
(2) the equalisation reserve referred to in paragraph 1 shall form only if the
the total amount of the premiums for the financial year in
the non-life insurance industry referred to in paragraph 1
) is equal to or higher than the 4% of the total volume of the prescribed
premiums in non-life insurance in this accounting period, or
(b)) is higher than the 67 500 0000 Czk.
(3) Domestic insurance company and the insurance company from a third State for the calculation of the
the amount of the Equalization reserve shall choose one of the methods laid down by Decree.
The choice of this method cannot be arbitrarily changed.
(4) Domestic insurance company or an insurance undertaking from a third State, which is
authorised to operate even in non-life reinsurance activities to ensure and
which exceed at least one of the values referred to in section 18, paragraph. 4 (b). and)
the amount of the Equalization reserve is calculated separately for each of these activities.
(5) if the domestic insurance undertaking or insurance from a third State runs
in parallel, the insurance activities by non-life insurance industry
referred to in part B, points 14 and 15 of annex 1 to this Act,
the amount of the Equalization reserve shall be calculated separately for the non-life sector
the insurance referred to in part B, point 14 of annex 1 to this Act, and
especially for non-life insurance industry referred to in part B, point 15
Annex No 1 to this Act. The Equalization reserve national insurance company
or from a third State is equal to the sum of the compensatory provisions,
which were calculated separately for each of the non-life sector
the insurance referred to in part B, points 14 and 15 of annex 1 to this
the law.
(6) paragraphs 1 to 3 and 5 shall apply mutatis mutandis in the case of non-life reinsurance.
section 65
Life insurance reserve
(1) the life insurance Reserve is calculated according to the
individual life assurance contracts and is intended to cover future
liabilities from life insurance. When the calculation is used the same
the statistical data and the same technical interest rate, which was used in the
calculating scales of premiums.
(2) the life insurance Reserve represents the value of the liabilities
insurance Actuaries calculated mathematical methods, including already
allocated profit shares and reserves the costs associated with the administration of
insurance, and after deducting the value of future premiums.
(3) the negative values of individual life insurance reserves
emerging as a result of the use of actuarial methods are replaced
zero values.
(4) the technical interest rate must not be Used on the date of conclusion of the insurance
the contract shall not exceed the maximum amount of the technical interest rate. Maximum
the amount of the technical interest rate specifies the procedure, Czech National Bank, which
provides for the Ordinance. Maximum technical interest rate Czech national
the Bank publishes, including its amendments in the form of official communication in the Journal
The Czech National Bank.
(5) Domestic insurance company and the insurance company from a third State shall state its
the technical interest rate in accordance with the published maximum technical
interest rate or change within 6 months from the date of its
the publication.
section 66
The provision for the fulfilment of the obligations from the used technical interest rate and other
the quantitative parameters
(1) Domestic insurance company or an insurance undertaking from a third State creates
the technical reserve intended for the fulfilment of its obligations from the used
technical interest rates and other quantitative parameters, if it
should the amount of the life insurance provision calculated using the
the original parameters of the postačitelné of the above found in the use of current
estimates of the value of technical interest rates and other quantitative parameters
used in the evaluation of the above commitments.
(2) the method of calculating the amount of the technical provisions on the fulfilment of the obligations of the
the used technical interest rates and other quantitative parameters, or
changes to the method of calculation of the insurance company shall, without delay, inform the
The Czech National Bank, and as soon as it detects a fact referred to in paragraph 1.
The Czech National Bank shall order the amendment of the method of calculating the amount of the technical
the reserves if its creation was insufficient.
§ 67
The life assurance provision where the investment risk is
the policyholder
(1) reserve for life insurance, if investment risk
the policy holder, is intended to cover insurance liabilities to policyholder ^ 21)
for those life insurance industry, when, on the basis of the insurance contract
the investment risk is borne by the policyholders.
(2) the amount of the reserve shall be determined as the sum of liabilities towards policyholders in
the amount of the value of their shares in the invested premiums from
individual life assurance contracts, and in accordance with the principles contained in the
the insurance contracts.
(3) If a life insurance policy when the risk of investment
the location shall be borne by the policyholder, also contains the implementation of the agreed amount, the form
This at the same time, the reserve life insurance under section
65.
section 68
Non-life insurance provision
(1) non-life insurance provision is created for those insured
the industry, which is used in the calculation of the amount of the premiums of the input
the age and sex of the insured person ^ 22) or only input the age of the insured person.
The entrance age for the purposes of this Act, means the difference between the
the calendar year and the beginning of the calendar year of birth insurance
of the insured person.
(2) non-life insurance provision represents the value of the
insurance actuarial liabilities calculated mathematical methods, including already
allocated profit shares or contractual claims for premium refunds
and reserves the costs associated with the administration of insurance after deducting
the value of future premiums.
(3) the amount of the reserves non-life insurance premiums are calculated
insured-mathematical methods for using the same statistical data and
the same technical parameters as when determining insurance premiums.
(4) negative reserves arising from non-life insurance premiums
as a result of the use of actuarial methods are replaced with zero
values.
(5) paragraphs 1 to 4 shall apply mutatis mutandis in the case of non-life reinsurance.
§ 69
Other technical provision
(1) the Different technical reserve of domestic insurance company, the insurance company from a third
the State of the reinsurance undertaking or the reinsurance undertaking, national of a third State to
those commitments it operated an insurance or reinsurance activities,
that cannot be included in technical provisions under section 61 to 68.
(2) the reasons for the creation and the method of calculating the amount of other technical provisions
an insurance undertaking or a reinsurance undertaking referred to in paragraph 1 without undue delay
inform the Czech National Bank.
(3) the Czech National Bank is authorized to order a change in the method of calculating the amount of the
other technical provisions, if her work was insufficient.
Part 3
Financial investments
section 70
Structure of the financial placement
(1) investments in the Member States, shall include the
and) bonds issued by a Member State or the Central Bank,
(b)) bonds issued by banks and similar institutions of the Member States,
c) bonds issued by the companies admitted to trading on the
^ 38 regulated European market) or the foreign market similar
regulated market,
d) Treasury bills,
e) municipal bonds admitted to trading on a regulated European
^ market 38) or the foreign market similar to the regulated market,
(f)) loan, loans and other receivables,
g) bills of Exchange,
h) immovable things acquired in the territory of the Member States as directly, so
through
1. shares of real estate companies or
2. securities issued by investment fund or foreign
Investment Fund, whose home State is a Member State, and which is
authorised to offer investment in the territory of a Member State, subject to the
the conditions of paragraph 6,
I) mortgage bonds,
j) shares admitted to trading on a regulated European market ^ 38) or
foreign market similar to the regulated market,
to) deposits and deposits certified by the certificate of deposit, the party holding a sheet or
other similar document at the banks, which are authorized to act on the territory of the
the Member States as a Bank,
l) objects and works of art of cultural values of the award-winning at least 2 experts
m) in bonds issued by the European Investment Bank, the European Central
Bank, the European Bank for reconstruction and development or the International Bank
for reconstruction and development,
n) securities issued by a standard or comparable foreign Fund
Investment Fund,
about) securities issued by investment fund or foreign investment
the Fund, whose home State is a Member State, and that is not listed in the
point n),
p) unquoted shares, debentures and other securities of a similar
to shares and debt securities which are not admitted to trading on a
^ 38 regulated European market) or the foreign market similar
regulated market,
r) receivables from policyholders and insurance intermediaries
arising from insurance, not more than 1 month after the due date,
with the return of taxes,)
t) claim against the guarantee fund ^ 23).
(2) Financial position further includes
and) foreign securities, which are traded on a foreign market
similar to a regulated market in the Member States of the Organization for
economic cooperation and development,
(b)), who made a loan insured with an insurance company contract on the
insurance,
c) hedging derivatives,
(d) receivables and reinsurance) the persons referred to in section 50, including share
on technical provisions after deduction of liabilities to
reinsurers.
(3) the hedging derivative for the purposes of this Act, means the option,
futures trade or swap contributing to a reduction of investment risks
or facilitate efficient portfolio management.
(4) real estate companies for the purposes of this Act, means the stock
the company, a limited liability company or similar legal entity
According to the foreign law, which is the subject of the business or activity
exclusively to the acquisition of immovable property, including their accessories,
operation of immovable property ownership and transfer for
ownership of immovable things, and it's for profit.
The real estate company can be one of the only real things on the territory of the
of the Member States.
(5) the inclusion of the participation in the real estate company in the general location of the
referred to in paragraph 1 (b). (h)) is permissible, if the undertaking is a
the companion, which has voting rights that enable you to change the
social contract, articles of Association, articles of association or other similar
documents, and has a corresponding share of the registered capital, or
participating securities of real estate companies, and if real estate
the company meets the following conditions
and cash only) allows the shareholders or members,
(b)), its shareholders or members to fully repay its deposits,
c) invests only in existing immovable property, which is their
the sole owner,
(d)) shall, for the purpose of construction of real and estimated time
the duration of the investment into the real stuff is at least 3 years,
e) real property real estate company
are fully insured, and insurance is taken out with an insurance company, which
does not belong to the same group that exposes the required a consolidated
the financial statements, as a real estate investment company, or insurance company,
(f)) does not have participation in another company or cooperative,
(g)), which funds only into stores
1. deposits, with which it is possible to dispose freely, or term
deposits with maturity not more than 1 year, if the deposits with
banks, branches of foreign banks or foreign banks that comply with the
the prudential rules under the law or the rules of the European Union, which
The Czech National Bank considered equivalent,
2. Treasury bills and other foreign securities,
securities issued by a Member State,
3. bonds issued by a Member State or of the international financial
institutions with initial maturities of not more than 3 years,
(h)) does not close derivatives, unless it is a hedging derivatives.
(6) the classification of securities investment fund or foreign
Investment Fund ^ 39) to financial investments referred to in paragraph 1 (b). (h))
It is permissible, if the following conditions are met
and the Fund invests its assets) solely to immovable property on the territory of the
Member States or the real estate companies, which meet the conditions
paragraph 5,
(b) meets the conditions, mutatis mutandis) the Fund referred to in paragraph 5 (a). and) to e), and (g))
and (h)),
(c) the insurance company is a member of the Fund), which has voting rights,
that allow you to change the social contract, articles of Association, or other similar
the founding documents of the Fund, and has the appropriate share of the
capital or securities of the Fund concerned. By condition
the first sentence shall not apply if the investment or share is represented by
a valuable paper open investment fund or foreign
an investment fund or the fund adopted a security to trading on a
the European regulated market or in a multilateral trading system,
established in a Member State.
section 71
The currency of the financial position
(1) if the insurance undertaking of the insurance undertaking, or a domestic contract
the insurance undertaking from a third State is expressed in a particular currency, it is considered
be payable in that currency, if not otherwise specified.
(2) if the domestic insurance company or an insurance undertaking from a third State
committed to the fulfillment of foreign currency, holding assets whose source
technical reserves in that currency, if the amount of all the following compulsory
held assets in all currencies exceeds 7% of all assets, which
the source of the technical reserves.
(3) If the insurance undertaking of the insurance undertaking or national of a third State arises
the obligation referred to in paragraph 2, it may not hold the specific assets in foreign currency
to cover liabilities denominated in that currency, if the
and assets expressed in) a particular foreign currency do not exceed 7% of the assets
expressed in other foreign currencies,
(b) the currency of a third country) is not appropriate for financial investments, in particular from the
because the regulation of investments in the foreign currency or because it is subject to the
by limiting the transfer, or
(c)) the amount of the level of which they are not in a specific foreign currency covers
assets in that currency, shall not exceed 20% of all liabilities expressed in this
foreign currency.
(4) if the obligations of domestic insurance undertaking or the insurance undertaking from a third State
expressed in more foreign currency, the total value of assets in foreign
the currencies of equal at least the total amount of liabilities denominated in foreign currencies.
This is without prejudice to paragraphs 2 and 3.
(5) if there is no commitment to domestic insurance companies or companies of a third country
from the non-life insurance is expressed in a particular currency, it shall be deemed to
the purposes of determining the currency of the financial placement for the payable in the currency of the State in
where is placed the insurance risk. The insurance company may, however, choose the currency
in which it is established, if there are reasonable grounds for
such a choice, especially in the case where at the time of conclusion of the insurance
likely that the indemnity to be paid in the currency in which the
provided for insurance, and not in the currency of the State in which it is located
the insurance risk.
(6) Domestic insurance company or an insurance undertaking from a third State is not obliged to
proceed in accordance with paragraph 5, in the case
and insurance included in insurance) sector of non-life insurance
referred to in part B, points 4 to 7 and 11, 12 and 13 (a). (c)) of the annex to
No 1 to this Act, and
(b)) insurance included in other non-life insurance industry
If the nature of the insured risk is obvious, that the insurance will be
provided in a currency other than the currency where it is placed the insurance risk,
or in the currency in which the insurance is determined on the basis of its
the experience would have been such a currency because of its instability or from other
the reasons for inappropriate; in this case, used to cover the liabilities of the
non-life insurance, currency, which shall be considered in accordance with their acquired
experience in an appropriate, or in the absence of such experience, the Czech
the currency.
(7) if the payment of the insurance indemnity to
the insurance sector of non-life insurance payable in a currency different from the currency of the
in accordance with paragraph 5, it shall be the obligation of domestic insurance undertaking or
the insurance undertaking from a third State for the payable in that currency, in particular in the case of
When a particular currency was determined by judicial decision or agreement
the insurance company with the authorised person.
(8) if the insurance undertaking after the occurrence of the insured event, informed that the above
the indemnity will be determined in a currency that is different from the currency specified by the
paragraphs 1, 5 to 7, the insurance undertaking is authorised to consider such a commitment from the
insurance included in the insurance sector of non-life insurance for
be payable in that currency.
(9) it has to be a commitment from insurance cover assets, which are expressed in the
the currency of the Member State is obliged to hold assets in the corresponding currency
true even if these assets are expressed in euro.
section 72
Special provisions for financial investments in the
insurance
(1) if the obligation of insurance included in the insurance industry
life insurance, a direct link to the value of investment certificates issued
the standard Fund or to the value of the assets of the internal Fund, usually
divided into shares, which is in the ownership of domestic insurance undertaking or
the insurance undertaking from a third State, make up the composition of the financial position of these
the liabilities of these shares or, in the case where they are not established, the shares
the assets of the internal Fund. Internal Fund, for the purposes of this financial
the tracks means the asset portfolio specifically earmarked to cover these
commitments.
(2) if the obligation of insurance included in the insurance industry
life insurance directly bound to the index of shares or some other value,
than are the values referred to in paragraph 1, form the composition of the financial
location obligations related to these shares corresponding to this
the value of, or, in the case where units are not established, by assets with
the relevant provision and tradability, in the maximum possible
extent correspond to those from which the specified value is based.
(3) the provisions of § 56 paragraph. 2 and 3, § 61 and 70 shall not apply to assets
corresponding to the obligations referred to in paragraphs 1 and 2. This does not apply in the event that the
These commitments include a guarantee of investment income or certain other
guaranteed performance.
Common provisions for schedules of the financial position
section 73
(1) the Domestic insurance and reinsurance undertaking is obliged to have the national its
financial position at any time in accordance with section 70 to 72, depending
on the nature of its business, at least in the amount of the technical reserves
created under this Act. It shall apply mutatis mutandis in the case of insurance companies
from the third State in relation to its activities on the territory of the Czech Republic and,
If the Czech National Bank supervision by the competent authority in accordance with section 35, to its
activities on the territory of other Member States, and the reinsurance undertaking from a third
State in relation to its activities on the territory of the Czech Republic.
(2) if the activities of the insurance undertaking or of the reinsurance undertaking, domestic, domestic
operated on the territory of other Member States, the assets whose
the source of the technical reserves established by the commitments of this activity,
located on their territory or on the territory of any of them. In the case of
the activity of insurance or reinsurance undertakings on the territory of a third State, the
assets, which are the technical reserves established by the commitments of the
This activity, to be located on the territory of the third State or territory
any Member State or States. If this is about the activity
the insurance undertaking or of the reinsurance undertaking from a third State from a third State on the territory of the
The Czech Republic, the assets of which are technical provisions
created by the commitments of this activity, to be located on the territory of the Czech Republic
or on the territory of one or more other Member States. The assets shall be
located on the territory of the State in which the register is kept, if it is about
book-entry securities, or where it is physically located.
(3) in its mix of financial investments the insurance undertaking or the reinsurance undertaking in accordance with
paragraphs 1 and 2 shall proceed depending on the character of the operating
activities, so that the
and individual components of financial placements) provide assurance
embedded resources
(b)) the individual components of financial placements ensure the yield from their
possession of or profit from their sale,
(c)), depending on the character of the operating insurance or reinsurance
the activity was part of the financial position readily available to pay
claims within the time limit laid down by law governing the insurance
^ Treaty of 24)
(d) individual components of financial placements) have been distributed among the larger
the number of legal persons between whom there is a close link, or of persons,
acting in conformity in accordance with the law governing the legal relations
commercial companies and cooperatives.
(4) Domestic reinsurance and reinsurance undertaking from a third State, in its financial
the location of the
and takes into account the character of her) operating activities, in particular the nature, amount and
the duration of the expected claims payments, in order to ensure
sufficiency, liquidity, quality, viability and profitability of investments,
(b) diversification and layout) of the assets, which are
technical provisions, in particular the timely response of the risk of the development of the financial
markets, markets with nemovitými things or on the disaster risk of significant
the range; to this end, the undertaking constantly evaluates the impact of the
risky circumstances on their financial position,
(c)) maintains a prudent level of investment in assets which are not
traded on a regulated European market ^ 38) or the foreign market
similar to the regulated market,
(d) in the case of) the pursuit of reinsurance business in the
insurance in accordance with section 59.
(5) the portion of the average financial position must be saved so that the
ensure the feasibility of operating the insurance or
reinsurance activities within the time limits laid down by law governing the
the insurance contract or the law governing the liability of the
^ 25) operating a vehicle or agreed in the insurance contract or
reinsurance treaty. Above this section and the way financial placement
be determined depending on the character of the operating insurance or
reinsurance activities and must be confirmed by the responsible insurance
actuary in accordance with § 81 paragraph. 3.
(6) the average State referred to in paragraph 5 shall mean the quantity calculated always
on the last day of the calendar month as the sum of the financial status
the location of the first day of the calendar month for which the average State
detects, and the status of the financial position on the last day of this month
divided by two.
(7) For the composition of the financial position, in the case of the reserve of the
insurance, if investment risk, the policyholder pays
paragraphs 1 and 2 apply mutatis mutandis, with the domestic insurance undertaking or
an undertaking from a third State, subject to the provisions of the insurance contract,
unless otherwise provided in this Act.
§ 74
(1) Insurance and reinsurance undertaking under section 73, paragraph. 1 is required to maintain
the above financial investments to comply with the limits for individual items
tracks the financial position and the conditions under which these items may
include in the composition of financial investments, laid down by Decree.
(2) the assets that fulfil the conditions of nature 2 or more items
financial tracks under section 70, paragraph. 1 and 2, you can include only one
her items, and not more than the amount not exceeding the amount of the limit of
the Decree provided for in this item referred to in paragraph 1.
(3) for the purposes of the location of the property on the territory of a Member State is not
crucial requirements for the emergence of property or provides other
the rights to this property the legislation of the Member State where the assets are
located. The claim shall be regarded as situated in the Member State in
which can be fulfilled or their implementation enforced.
(4) on the basis of a written request from the Czech National Bank may grant
insurance or reinsurance undertaking in accordance with section 73, paragraph. 1 limited consent
by increasing the limits for each item the financial tracks laid down by the
the decree referred to in paragraph 1, if the structure of the financial placement in accordance
with section 70 and section 73, paragraph. 5 and if it is not a policy violation
laid down in section 73, paragraph. 3 and 4. The fulfilment of these conditions this insurance company
or the reinsurance undertaking shall demonstrate in the application.
(5) an insurance undertaking and the undertaking referred to in section 73, paragraph. 1 presents the Czech national
the bank statement of the composition of the financial position. The method of submission, form and
the particulars of this statement, including the period for which this statement is to be
processed, and of the time limits to which is to be submitted to the Czech National Bank,
provides for the Ordinance.
§ 75
Evidence of financial investments
(1) Domestic insurance company, the insurance company from a third State and domestic
reinsurance and reinsurance undertaking from a third State keeps records of the financial
the location, at the time of her operated insurance
or reinsurance activities, to which the payment is intended financial location
and the continuously updated. If such an undertaking
as in non-life insurance business and the life insurance leads
separate registers for both types of activities, with the exception of the insurance undertaking,
which runs insurance activities according to the life insurance industry
insurance and at the same time, according to the insurance sector non-life insurance
referred to in part B, points 1 and 2 of annex 1 to this Act; in
this case leads for all the activities of one record. This is true
Similarly for the reinsurance undertaking, which operates in the life reinsurance business
at the same time in non-life reinsurance and reinsurance of risks falling within the
non-life insurance sector, the insurance referred to in part B, points 1 and
2 of annex 1 to this Act. If the insurance company whether or not locking
activity exceeds the limits according to § 18 paragraph. 4 (b). and)
separate registration for both types of activities.
(2) is binding on the property, which would be in accordance with section 70 to 74 could be written
or is registered in the register of financial investments, a right in rem in favour of a
a creditor or a third party and as a result, the property or its part
cannot be used to cover the liabilities from insurance or reinsurance activities,
This property cannot be regarded as a financial location of data to which
the right came into force.
(3) in cases where the registered in the register of financial assets location
right in rem in favour of a creditor or of a third person, without the
compliance with the conditions referred to in paragraph 2, or the assets subject to
only the ownership of the creditor or of a third person, or if the
the lender the right to require clearing of their claims against the
the claims of the insurance or reinsurance undertakings referred to in paragraph 1 shall be decided by the
the management of such assets in the event of the bankruptcy of such insurance undertaking or
reinsurance undertaking in accordance with the legislation of the Czech Republic, unless otherwise provided by law
governing bankruptcy and ways of its solution otherwise ^ 26).
(4) the composition of the assets entered in the register of the financial position at the time of
the opening of the insolvency proceedings shall not be altered, and in the register
financial placements must not without the consent of the Czech National Bank to carry out
No repair except for repairs of clerical errors.
(5) Notwithstanding the provisions of paragraph 4 shall be added to the said assets also
the yield therefrom and the value of the pure premiums received in respect of the
the relevant insurance classes for the period between the commencement of the insolvency
management and time of payment of the insurance claims or to convert
portfolio.
(6) if the result of the sale of assets entered in the register of the financial
the location is less than their estimated value in the register,
the official receiver or liquidator shall communicate the reasons for the Czech National Bank
This difference.
Part 4
Solvency of insurance and reinsurance undertakings
§ 76
The available and required solvency margin
(1) to secure the ability to pay obligations arising from closed
insurance and reinsurance contracts to domestic insurance and domestic
reinsurance undertaking maintains throughout its activities available to peace
the solvency of at least equal to the required solvency margin, and with it the
regard to the whole range of its activities. An undertaking from a third State and
reinsurance undertaking from a third State has maintained throughout the period of its activities
the available solvency margin at least equal to the required extent
solvency, and that with regard to the scope of its activities on the territory of the Czech
of the Republic, in the event of an insurance undertaking from a third State, where the Czech national
bank supervision by the competent authority in accordance with section 35, including its activities in the
the territory of the other Member States.
(2) the available solvency margin shall mean the adjusted amount of own
sources of insurance or reinsurance undertakings. The required solvency margin shall be
means the minimum value of the solvency margin.
(3) the available solvency margin and the required solvency margin
domestic insurance undertaking, a reinsurance undertaking of the insurance undertaking, domestic, from a third State
or reinsurance undertaking from a third State is calculated from the entries, and in a manner
laid down by Decree, including the items that can be included in the calculation
or subtract only when compliance with the conditions laid down by Decree.
(4) Domestic insurance company, which operates at the same time the activities referred to in
life and non-life insurance sector, insurance,
and the Czech National Bank) not later than 30 June 2005. November calendar
of apportioning capital between life and non-life
insurance in the following calendar year, for the purposes of the calculation of the
the available solvency margin and the allocation of items of the lesser of the
solvency, which cannot be assigned according to origin of their creation under section
17 paragraph. 2 (a). (c)), in accordance with the information on the ratio for apportionment of
of share capital,
(b)) maintains the ratio reported in accordance with subparagraph (a)) in the course of a calendar
the year on which this proportional distribution of capital applies;
The Czech National Bank on the basis of the insurance undertaking may request issue
the consent to the change in the proportional allocation of own resources between sectors
life and non-life insurance during the calendar year, and
only in exceptional cases on the basis of a written request from the insurance company, in
which shall give reasons for these changes.
(5) Domestic insurance company and the insurance company from a third State, which operates the
at the same time the insurance and reinsurance activity shows his disposable
and the required solvency margin for insurance individually and separately for
reinsurance activities if its reinsurance activities exceeds either of the
the values referred to in section 18, paragraph. 4 (b). and). paragraph 4 applies in this case
Similarly.
(6) if one of the values of the available solvency margin, domestic
insurance companies, which operates at the same time the activities referred to in the insurance industry
life and non-life insurance, calculated separately for the activities
operated by the insurance industry, the living and the non-life insurance
inadequate, saves the Czech National Bank measures to rectify regardless of
the results of other activities. These measures may include the authorization
available solvency margin to transfer items from one activity to the
the second. This applies, mutatis mutandis, in the case of domestic insurance companies in accordance with paragraph
5.
(7) the content of the communication Form, the proportional distribution of the share capital by
paragraph 4 (b). ) and the formalities of the application referred to in paragraph 4 (b). (b))
provides for the Ordinance.
§ 77
The guarantee fund
(1) one third of the required solvency margin shall constitute the guarantee
the Fund, with the guarantee fund may not be less than
and 120 0000 0000 Czk), if it is operated in accordance with the insurance activity
one or more of the life insurance industry,
(b) 120 0000 0000 Czk), if it is operated in accordance with the insurance activity
one or more of the non-life insurance industry referred to in
part B, points 10 to 15 of annex 1 to this Act,
(c) 90 0000 0000 Czk), if it is operated in accordance with the insurance activity
one or more of the non-life insurance industry other than
referred to in part B, points 10 to 15 of annex 1 to this Act,
d) 120 0000 0000 Czk, if it is operated in the reinsurance business
life reinsurance
e) 120 0000 0000 Czk, if it is operated in the reinsurance business
non-life reinsurance
(f) Eur 40 0000 0000), if it is operated according to the reinsurance business
(d)) or e) captive reinsurance undertaking.
(2) if it is operated by the insurance activities by 2 or more of the
non-life insurance sector, which are referred to in paragraph 1 (b). (b))
and (c)) different guarantee fund, the amount of the guarantee
the Fund for at least the amount that is fixed for that class of insurance,
which corresponds to the maximum amount.
(3) if it is operated by the insurance activities in parallel for the insurance industry
life and non-life insurance, the amount of the guarantee fund is equivalent to
the sum of the amounts laid down for the operation of the business of insurance in accordance with
life and non-life insurance sector, insurance.
(4) if it is operated in parallel in the reinsurance business and
non-life reinsurance, the amount of the guarantee fund is the sum of the amounts
set for life and non-life reinsurance in accordance with paragraph 1 (b). (d))
and (e)).
(5) of the Ordinance provides for the enumeration of items that can be included in the guarantee
the Fund.
§ 78
Amount of the guarantee fund at the overlapping of insurance and reinsurance
If it is concurrently operated an insurance business and reinsurance activities,
the amount of the guarantee fund, domestic insurance companies or insurance undertaking from the
the third State for at least the amount of the
and according to § 77) laid down paragraph. 1 (a). and (c))) and section 77, paragraph. 2 and 3,
If
1. the premiums received is lower or equal to 10% of the premiums received,
2. the premiums received is less than the amount corresponding to 1 350 0000 0000 CZK
3. the amount of the technical provisions created to its commitments of reinsurance
the activity is lower than or equal to 10% of its total gross technical provisions,
(b) the sum of the amounts provided for) under section 77, paragraph. 1 (a). and) and
(d)), if it is operated by the insurance and reinsurance business in the
insurance and reinsurance and was exceeded by at least one of the
the values referred to in subparagraph (a)),
(c) the sum of the amounts provided for) under section 77, paragraph. 1 (a). (b))
or (c)) or under section 77, paragraph. 2 and the amounts provided for under section 77, paragraph. 1
(a). (e)), if it is operated by the insurance and reinsurance activities in the
non-life insurance and life assurance and if it has been exceeded
at least one of the values referred to in subparagraph (a)),
(d) the sum of the amounts provided for) in accordance with subparagraphs (b) and (c))), if the
operated by the insurance and reinsurance activity both in life and in
non-life insurance and reinsurance in both types of activities and
at least one of the values is exceeded in accordance with subparagraph (a)).
section 79
Special provisions relating to the solvency of the insurance and reinsurance undertakings
(1) the Domestic insurance and reinsurance undertaking which is subject to domestic performance
supervision under section 87, paragraph. 1 (a). and (b))), shows the Czech National Bank
calculation of the adjusted solvency margin. The method of calculation of the adjusted rate
the solvency of the Decree lays down. In this calculation must be included
all controlled by or associated with the person of the insurance or reinsurance undertaking,
all persons who participate in the insurance or reinsurance undertaking and all
controlled and associated persons persons to participate in this undertaking
or in the reinsurance undertaking, unless it is a person from exercising supervision, excluded.
(2) if the amount of adjusted solvency margin has a negative result,
The Czech National Bank saves the corrective measures.
(3) an undertaking from a third State, which operates on the territory of the Czech
Republic insurance activities, where appropriate, at the same time retaining
activity, and the reinsurance undertaking from a third State, which operates on the territory of the Czech
Republic of reinsurance activity is obliged to have the available rate
the total value of solvency corresponding to that part of the
solvency, which applies to the volume of the insurance, or
the lock, activities in the territory of the Czech Republic, in the case of insurance undertakings
a third State, if the competent authority of the Czech National Bank supervision
under section 35, the activity on the territory of other Member States, but at least
half of the guarantee fund referred to in section 77, paragraph. 1. assets at least equal to
guarantee fund of the insurance undertaking or reinsurance undertaking shall be placed in the Czech
Republic, other assets up to the amount of the required solvency margin shall
be located in another Member State or in more than one other Member
States. This is without prejudice to § 35 paragraph. 1.
(4) Domestic insurance company, domestic reinsurance from the third
the State and the undertaking of a third State, the Czech National Bank has its
solvency and adjusted solvency margin within 15 days from the date of the drafting
audit reports, or at any time at the request of the Czech National Bank, within 30
days from the date of its delivery, within 30 working days from the date of
that has to be reported to solvency. The method of submission, form
This statement and the Decree shall lay down the requirements.
(5) the Czech National Bank will not allow a reduction of the required solvency margin
domestic reinsurance undertaking or the reinsurance undertaking from a third State on the related entries
with the transfer of her taken premiums or premiums to risks
ensure that the reinsurance undertaking so requests, or the amount of these items
significantly reduced, particularly if the
and) from the last financial year has deteriorated substantially the nature or
the quality of reinsurance contracts relating to the transfer of insurance taken
or premiums to ensure risks, or
(b)), taken the risk is transferred to the collateral or its transfer
irrelevant.
It shall apply mutatis mutandis in the case of the calculation of the required solvency margin
domestic insurance undertaking or the insurance undertaking from a third State, which operates the
reinsurance activities.
(6) the Czech National Bank can reduce the value of the items available rates
the solvency of the insurance or reinsurance undertakings referred to in paragraph 4, if
last financial year there has been a significant change in the values of these
items or if you otherwise would have occurred to a distortion of the actual amount of
the available solvency margin of such insurance or reinsurance undertakings.
THE HEAD OF THE
RESPONSIBLE ACTUARY AND ACCOUNTING, INSURANCE AND REINSURANCE UNDERTAKINGS
§ 80
Responsible actuary
(1) the Domestic insurance and reinsurance undertaking is obliged to establish domestic and after
the entire period of its activities have the responsibility of insurance mathematics, which
only a natural person may be entered in the
a list of responsible insurance mathematicians
maintained by the Czech National Bank. This obligation shall also apply to the
insurance and reinsurance undertaking from a third State from a third State, and that all the
for the operation of the insurance or reinsurance business in the territory of
Of the Czech Republic.
(2) the Czech National Bank entered in a list of responsible insurance
mathematicians, physical person, which proves that the conditions of integrity
pursuant to section 8 (2). 2 and shall submit to the
and the proof of course) higher education in the field of mathematics and
at least three years experience in the field of actuarial mathematics and
(b) a certificate of competency) to exercise the features of the responsible insurance
Mathematics published by the Organization of Actuaries accredited by the
The international actuarial association, based in Canada,
or a natural person who is a citizen of another Member State, and which is
permission to carry out the activity proves to be responsible insurance mathematics
issued by the competent authority of another Member State.
(3) Foreign physical person, with the exception of natural persons, that is
a citizen of a Member State, showing also the permanent residence permit or to
temporary residence on the territory of the Czech Republic on the basis of fixed
Visa.
(4) in case of doubt about the scope of a certificate issued by a foreign
actuarial organisations decide on the registration of the Czech National Bank
to the list of responsible insurance Actuaries, after consultation with the organizations of
of Actuaries based in the Czech Republic accredited for
The international actuarial association, based in Canada.
(5) the Czech National Bank out of the responsible insurance mathematics of
a list of responsible insurance Actuaries, if this person dies
or no longer meets the conditions laid down for the operation of this law
or seriously or repeatedly violates the obligations laid down in this
by law or on request. A person who has been removed from the list
responsible of Actuaries for violation of obligations
provided for in this law may be registered to this list after
a period of 10 years from the date on which the Czech National Bank
a person from the list got so screwed up. Your decision on removal from the list of
the Czech National Bank shall notify, in writing, within 5 days from the date of entry into force
the decision of the competent insurance or reinsurance undertaking concerned for which
This person operates a responsible insurance mathematics.
(6) the list referred to in paragraph 2 and its amendments to the Czech National Bank shall publish
in a manner enabling remote access.
(7) the responsible actuary shall notify of the Czech National Bank without
undue delay, any change in the facts referred to in paragraphs 2 and
3.
§ 81
The rights and obligations associated with the performance of the activities of the responsible insurance
Mathematics
(1) the responsible actuary domestic insurance companies and insurance companies from
third State assesses the accuracy of the
and distribution) income from financial placements in life insurance between
the insured and the insurance company,
(b) the method of calculating the scales of premiums) and their adequacy,
(c) the amount of the technical reserves) and of the financial position,
(d)) the calculation of the available and required solvency margin
e) actuarial methods used when operated by the insurance,
where appropriate, the reinsurance business.
(2) the responsible actuary domestic reinsurance and reinsurance undertakings from
third State assesses the accuracy of the
and the method of calculating the rates of premiums),
(b) the amount of the technical reserves) and of the financial position,
(c)) the calculation of the available and required solvency margin
d) actuarial methods used when operating the lock
activity.
(3) the responsible actuary accuracy of the data in the statement,
by an insurance undertaking or a reinsurance undertaking in accordance with paragraph 1 by
paragraph 2 of the Czech National Bank in connection with the formation of the technical
reserves and the composition of the financial solvency of the location, or on the basis of
the written request, the Czech National Bank. Responsible actuary
shall, at the request of the Czech National Bank for an explanation to the reports, the
accuracy checked.
(4) an insurance undertaking or a reinsurance undertaking in accordance with paragraph 1, in accordance with paragraph 2 is
be required to have throughout the period of its activity the responsible insurance
Mathematics, to secure his permanent access to information about its activities,
that's the responsible actuary in connection with implementation
obligations under this Act, and to require him to sign statements
in accordance with paragraph 3. If the insurance undertaking or the reinsurance undertaking this this
insurance or reinsurance business simultaneously for non-life and life
insurance can have for each of these activities to other responsible
insurance mathematics.
(5) the Responsible Actuary in the event of the detection of deficiencies in
the management of the insurance undertaking or of the reinsurance undertaking in accordance with paragraph 1, in accordance with paragraph
2, that are related to the performance of its activities under this Act,
proposes, the authority of the insurance undertaking or of the reinsurance undertaking this this
measures to eliminate the deficiencies. If the proposed measures are not
implemented and further development of the management of such insurance or such
reinsurance undertaking threatens the feasibility of its liabilities, insurance
mathematician shall inform without delay the Czech national
the pot.
(6) the responsible actuary of an insurance undertaking referred to in paragraph 1 and
reinsurance undertakings referred to in paragraph 2 shall draw up, not later than 30 June 2005. April
the following calendar year, a report on its activities for the preceding
calendar year and submit it to the insurance or reinsurance undertaking.
The insurance undertaking or the reinsurance undertaking shall submit a report to the responsible insurance
Mathematics of the Czech National Bank, without undue delay after the
receipt. The form and the elements of the message of responsible insurance mathematics
provides for the Ordinance.
section 82
Accounting, audit and public disclosure of information on the activities of
(1) an insurance undertaking, a reinsurance undertaking Domestic domestic and the insurance company from another
Member State from a third State, the insurance undertaking, a reinsurance undertaking from another
the Member State and the undertaking of a third State, that its activity on
the territory of the Czech Republic operates through a branch, leads
the accounts under the law governing accounting ^ 27).
(2) a Domestic insurance company, a domestic reinsurance from the third
State or the undertaking from a third State shall notify of the Czech National Bank selection
auditor or audit firm (hereinafter "the auditor"), which has
to audit the annual accounts or consolidated accounts referred to in
of paragraph 1.
(3) the verification of the accounts of insurance or reinsurance undertakings and the consolidated
the financial statements of the insurance undertaking or of the reinsurance undertaking domestic domestic can
perform only the auditor, where the Czech National Bank accepted within 30 days
from the date of the notice of the selection of the auditor referred to in paragraph 2.
(4) the Czech National Bank Auditor refuses, if
and in the past) or 2 years was staffed or financially connected
with a domestic insurance company, a reinsurance undertaking, by the insurance undertaking of the domestic third
State or of the reinsurance undertaking from a third State, in which the audit or
If for other reasons does not warrant an independent activity
Auditor ^ 28),
(b)) its experience in the area of accounting and auditing insurance companies or
reinsurance undertakings or his current practice doesn't make sure the proper performance
the audit, and that with regard to the scope and complexity of the activities carried out by
the insurance undertaking or the reinsurance undertaking in which the audit or
(c)), duly and on time warn in the audit reports on the serious
shortcomings in the financial statements or the non-observance of the obligations
resulting from the legislation.
(5) the general meeting or meeting that approves the annual financial
accounts of insurance or reinsurance undertakings, domestic, domestic, must be convened
not later than 4 months after the last day of the accounting period for which the
These financial statements are drawn up. If the general meeting or meeting of members
domestic insurance undertaking or reinsurance undertaking domestic accounts or
consolidated financial statements of the insurance undertaking or reinsurance undertaking does not approve, without
undue delay shall send to the Czech National Bank how to resolve comments
General meeting or meetings.
(6) an insurance undertaking or a reinsurance undertaking will enable everyone to look into their financial
accounts or the consolidated accounts and the annual report and publish
is a way of enabling remote access.
(7) the National insurance company, a domestic reinsurance from the third
the State and the undertaking of the third State is required to publish in the range,
in the manner and within the deadlines laid down by Decree of the information about themselves, about the composition of the
shareholders, on the structure of the group, which is part of the, and of its activities and
the financial situation.
(8) the notice of the selection of the auditor's domestic insurance companies, domestic
reinsurance undertaking, insurance undertaking or reinsurance undertaking from a third State from a third State
referred to in paragraph 2 includes
and, where applicable, names) the name, surname and date of birth, or business
name, registered office and identification number of the auditor's report,
(b) the time and content of the existing) activities in the area of accounting auditor
insurance companies,
(c) a description of the activities carried out so far) in the areas of auditing insurance companies or
reinsurance, or other financial institutions,
(d) disciplinary measures taken) the Chamber of Auditors of the Czech Republic or other
similar institutions abroad against the Auditor, if such was adopted,
and
(e) information on personnel or) proprietorship link with an insurance company or
the reinsurance undertaking in which the audit, if such a link.
section 83
An extraordinary audit
(1) the Czech National Bank may decide to perform extraordinary audit
in the case where it finds weaknesses in auditor's report submitted her
pursuant to section 85, paragraph. 2 (a). and the Czech National Bank). The auditor and person
the conditions for the implementation of the extraordinary audit determines the Czech National Bank.
(2) the costs of the extraordinary audit shall be borne by the Czech National Bank. If
special audit shall confirm the reasons for the Czech National Bank
questioned the accuracy of the original audit, the auditor who performed the
the original audit, the Czech National Bank, the costs incurred for the implementation of her
special audit.
PART THE THIRD
SUPERVISION IN THE INSURANCE SECTOR
TITLE I OF THE
SURVEILLANCE ACTIVITIES OF THE CZECH NATIONAL BANK
Part 1
Basic provisions
§ 84
The scope of the insurance
(1) Supervision of the insurance industry, in particular, shall be exercised by the Czech National Bank in
the interest of the protection of the policyholders, insured and authorised persons, and in the interest of
maintaining the financial stability of the insurance and reinsurance undertakings. An integral part of the
supervision is supervision of the activities of insurance or reinsurance undertakings in a group
pursuant to section 87 to 91.
(2) Supervision in the insurance sector are subject to the insurance and reinsurance undertakings, which
on the territory of the Czech Republic run by an insurance or reinsurance
activities, and to the extent provided for in this Act, the person
exercise for an insurance or reinsurance undertaking activities other than work
(hereinafter referred to as "the person responsible for an insurance or reinsurance undertaking"), and other
natural and legal persons, unless so provided by this law or other
legal prescription.
(3) in the performance of supervision in the insurance sector works by the Czech national
a bank with international organisations, with the competent authorities of other
States, with the central administrative authorities and organisations operating in the
the field of insurance.
§ 85
The subject of the supervision in the insurance sector
(1) subject to the supervision of the Czech National Bank against persons under section 84, paragraph.
2 is the compliance with this Act and other legislation, in
they relate to the operation of insurance and reinsurance, and
the activities related to them, in particular
and the compliance of the operating activities) granted the permission or the law
establish branches or the freedom to temporarily provide services,
(b) the management of the insurance undertaking or national) domestic reinsurance undertakings in terms of
security of its liabilities and insurance companies satisfiability of the third State
or reinsurance undertaking from a third State in terms of security of satisfiability
its liabilities from its activities in the territory of the Czech Republic; in the case of
the insurance undertaking from a third State, also in terms of security of satisfiability
its liabilities from its activity on the territory of other Member States,
If the Czech National Bank is the supervisory authority under section 35,
(c)) and the use of the method of creating the technical provisions, financial position and
the solvency of the domestic insurance companies, insurance companies, from a third State, domestic
reinsurance undertaking or of the reinsurance undertaking from a third State,
(d) the fulfilment of the obligations imposed by decision), Czech National Bank,
(e)), the accounting
(f)) the management and control system,
(g)) the supplementary supervision of insurance undertakings in the Group's activities.
(2) Domestic insurance company, the insurance company from a third State, national
the reinsurance undertaking or the reinsurance undertaking from a third State shall submit to the Czech national
Bank
and) financial statements and annual report, where appropriate, the consolidated annual
the report, certified by the auditor under section 82, paragraph. 2 and the auditor's report, and
not later than 15 days from the date of its publication,
(b) invitation to the general meeting) or notification of its venue and registration of
the general meeting without undue delay after they are extracted,
(c)) the interim reports on its activities,
d) documents and other materials, information and explanations necessary for the performance of
surveillance, which the Czech National Bank's requests.
(3) Domestic insurance undertaking shall submit to the Czech National Bank information on the amount of
the annual volume of premiums, without deduction of reinsurance, and
the costs of insurance claims and commissions to intermediaries,
the previous calendar year, concerning its activities operated by
on the basis of the right to establish branches and activities operated on the basis of
the freedom to temporarily provide services, separately for each of these
activities according to the Member State in which this activity is operated.
The Czech National Bank shall send this information in summary form in the structure
According to annex No 2 to the competent supervisory authorities of the Member States of the
upon request, and under the agreed period. It shall apply mutatis mutandis to the operation of
domestic reinsurance.
(4) an insurance undertaking or a reinsurance undertaking Domestic domestic informs Czech
National Bank of any contract relating to finite reinsurance, and
immediately after its conclusion, including the submission of a copy of such contract.
The insurance undertaking from a third State, such an obligation arises only in the case when the
such contract secured liabilities arising on the territory of the Czech
of the Republic.
(5) the Finite reinsurance for the purposes of this Act, means the collateral for
the case, which clearly defined the maximum possible loss from the insurance,
expressed as the maximum economic risk transferred, arising
as from the transfer of significant insurance-technical risk, and transfer
the risk of timing exceeds the contract during the period of the lock
premiums for a limited but significant amount for the insurance,
conditions, the contract contains provisions relating to the
and straightforward and substantial consideration) of the time value of money, or
(b) the balance of the economic consequences of management) between the Contracting Parties in
the agreed period of time, aimed at achieving the conversion of the secured
the risks.
(6) the method of submission of the information referred to in paragraph 2 (a). and (b)),)
elements, form, structure, terms, the method and time limits for the submission of
Interim statements on the activities referred to in paragraph 2 (a). (c)) and other
the information referred to in paragraph 3 lays down the Decree.
§ 86
The performance of the financial supervision
(1) the performance of the financial supervision over the activities of domestic insurance undertaking or
domestic reinsurance including its activities through
the branch or in the form of a temporary provision of services falls within the exclusive
the scope of the Czech National Bank. If the competent supervisory authorities
a Member State informed the Czech National Bank on the facts that
indicative of the severe financial situation development of domestic insurance undertaking or
domestic reinsurance undertaking or may adversely affect the situation, Czech
National Bank verifies that the management of the undertaking and, in the case of the findings
measures to remedy the shortcomings of saves.
(2) in the case where an insurance undertaking or a reinsurance undertaking domestic features
insurance activities through a branch located in another Member
State, the Czech National Bank, after having first informed the competent authority of the
the Member State on whose territory it is located the Branch performs alone
or by persons appointed for this purpose,
the spot. This supervision can participate and the persons authorised by the competent
supervisory authority of the Member State in whose territory is situated the
branch.
(3) the performance of the financial supervision over the activities of an insurance undertaking of another Member
the State and over the activities of a reinsurance undertaking from another Member State, that
features of the insurance or reinsurance business in the territory of the Czech
Republic, falls within the exclusive competence of the competent supervisory authority
the home Member State of the insurance undertaking or of the reinsurance undertaking such such.
This does not affect the permissions of the Czech National Bank according to the law
adjusting certain measures against the legalization of proceeds from crime
the activities and the financing of terrorism on 29 ^ ^).
(4) the performance of the financial supervision over the activities of the insurance undertaking from a third State and
over the activities of a reinsurance undertaking from a third State to the extent operated on the territory of the
The Czech Republic falls within the scope of the Czech National Bank, if this
the law or the renowned international agreement provides otherwise. In the case of
the insurance undertaking from a third State, when the competent Czech National Bank
supervisory authority under section 35, it falls within the scope of the supervision of
the activities of the insurance undertaking from a third State in the whole range of its activities
operated on the territory of the Member States through its branches; in
such a case, paragraph 2 shall apply mutatis mutandis.
(5) the financial supervision over the activity of insurance or reinsurance undertakings,
means compliance with the authorization of the activity, its
solvency, the establishment of technical provisions and of the financial position, and in the
accordance with this Act in the case of insurance or reinsurance undertakings referred to in
paragraphs 1, 2 and 4, or in accordance with the home Member State legislation
in the case of insurance or reinsurance undertakings referred to in paragraph 3.
(6) the Czech National Bank exercises supervision pursuant to paragraphs 1, 2 and 4 on the
the basis of the data supplied in accordance with this law or its
the implementing regulation or information obtained from other sources, or on
the basis of the data obtained by checking carried out directly with the person subject to the
under this Act, the supervision of the insurance industry.
(7) the Czech National Bank's supervision by the competent authorities mutually
Exchange of information and documents, which are necessary for the purposes of the performance of
supervision. It shall apply mutatis mutandis in the case of the information to the competent authority of the
supervision of the third State in which national insurance company or domestic
the undertaking operates its activities.
Part 2
Supervision of the activities of the insurance undertaking or of the reinsurance undertaking domestic domestic in
Group
§ 87
Basic provisions
(1) the Czech National Bank shall exercise supervision over the activities of domestic
the insurance undertaking or of the reinsurance undertaking, domestic
and that has a participation of at least) in one insurance or reinsurance undertaking,
(b)) that is controlled by a person holding an insurance person or
the insurance undertaking or of the reinsurance undertaking from a third State from a third State, or
(c)) that is controlled by a person holding an insurance person mixed
activities or mixed financial holding of the person,
(hereinafter referred to as "Oversight Group").
(2) subject to supervision in the group is
and supervision of compliance with the required) amount of adjusted solvency margin
under section 79,
(b)) the supervision of operations within the group under section 89,
(c) the approval of people in leadership) insurance holding persons under section 92;
without prejudice to the provisions on supervision over the activities of the insurance undertaking, and
reinsurance undertaking on an individual basis under section 84 to 86.
(3) in the performance of supervision in the group, taking into account all of the Czech National Bank
the fact that affect or may affect the financial situation of the
domestic insurance undertaking or the reinsurance undertaking and domestic relating
and controlled or associated persons) domestic insurance companies or domestic
reinsurance undertaking,
(b)) of persons to participate in a domestic insurance company or domestic
reinsurance undertaking, and
(c) controlled or affiliated persons) of a person who holds a participation in the domestic
the insurance undertaking or in the reinsurance undertaking domestic.
section 88
Exceptions to the surveillance activities
(1) the Czech National Bank may, ex officio or at the request of the
domestic insurance undertakings or reinsurance undertakings in the domestic surveillance group
exclude the person,
and that has its registered office in) a third State, where there are legal impediments to the
transfer of the necessary information; This fact into account in the revised rate
solvency according to § 79 paragraph. 1,
(b)) that has to exercise supervision over the activities of domestic insurance undertaking or
domestic reinsurance undertakings in a group of negligible importance, or
(c)) should include its financial situation was for the supervision
over the activities of the insurance undertaking or of the reinsurance undertaking domestic domestic in the Group
misleading.
(2) the Czech National Bank can waive the requirement on reporting
the adjusted solvency margin under section 79 in the case of domestic insurance undertakings
or domestic reinsurance undertaking under section 87, paragraph. 1 (a). or in the case of and)
insurance insurance companies holding the person or from a third State or
reinsurance undertaking from a third State under section 87, paragraph. 1 (a). (b)), if its
controlling person is subject to the same supervision in the Group and its
the controlled entity is included in the calculation of the adjusted solvency margin of its
the controlling person.
(3) the Czech National Bank may waive the requirement of the approval of the person
in the management of the insurance of the person under section 92 of the holding, if insurance
holding a person is subject to the same supervision in the Group and
the person with the participation in its proceedings by the competent representation meets
supervisory authority requirements of European Community law.
(4) the performance of supervision in the group is not a power of control in relation to the
the insurance undertaking from a third State, an insurance holding person, insurance
mixed-activity insurance holding person, mixed financial holding
to a person, domestic reinsurance undertaking or reinsurance undertaking from a third State,
under consideration by separately.
(5) in the case where the domestic insurance undertaking and one or more insurance undertakings from
another Member State are the same as its controlling person
the insurance undertaking of the insurance holding company, a person from a third State, the reinsurance undertaking from
third State, mixed financial holding the person or an insurance
holding a person with mixed activities, the Czech National Bank
conclude an agreement with the competent supervisory authority of the Member State of
which of them will exercise supervision over the activities of the insurance undertaking in the group.
This applies mutatis mutandis to the operation of domestic reinsurance.
(6) if the insurance undertaking or the reinsurance undertaking domestic domestic controlled person
insurance holding persons from a third State, the assurance undertaking from a third
the State of the reinsurance undertaking from a third State or an insurance holding company and the person to
mixed activities from a third State, the Czech National Bank to close
agreement with the competent supervisory authority of a third country on the exchange of information and
on cooperation in the performance of supervision in the group.
section 88a
Special provisions for the supervision of mixed financial holding person
(1) the Czech National Bank, if the supervisory authority in the group, may, after
consultation with the competent supervisory authorities may provide for the supervision of
mixed financial holding party controls only the relevant
provisions of the Act relating to the supplementary supervision of financial
conglomerates, if this person mixed financial holding
subject to the provisions of the Act and the comparable law governing
supplementary supervision of financial conglomerates, in particular as regards the
risk-oriented supervision.
(2) the Czech National Bank, if the supervisory authority in the group, may, after
the agreement with the authority exercising supervision on a consolidated basis in the
the banking sector and the investment services sector stipulate that
the supervision of mixed financial holding only the person governed by the provisions of the
applicable to the most important sector in accordance with the law governing the
supplementary supervision of financial conglomerates, if this mixed
financial holding person subject to comparable provisions of this
the law and the law governing the activity of the bank or the law governing the
business on the capital market, particularly in terms of risk-oriented
supervision.
(3) the Czech National Bank informs about the facts established by the
paragraphs 1 and 2 of the European supervisory authorities established by the directly applicable
the provisions of the European Union.
§ 89
Operations within the Group
(1) the Czech National Bank in exercising supervision in the group exercises supervision
over operations between the
and domestic insurance undertaking or domestic) the reinsurance undertaking, and
1. its controlled or associated person,
2. a person who holds a participation in it, or
3. controlled or associated person of a person who holds a participation in it,
(b) an insurance company or a local domestic) the reinsurance undertaking and the person who has
the participation of the
1. in the insurance or reinsurance undertaking, or in any of its controlled
or associated person,
2. a person who holds a participation in a domestic insurance company or domestic
reinsurance undertaking, or
3. controlled or associated person of a person who holds a participation in the domestic
the insurance undertaking or in the reinsurance undertaking domestic.
(2) supervision over the operations of the group relates to the
and loans)
(b) guarantees and off-balance sheet transactions),
(c)) with an impact on business activities of the solvency of the insurance undertaking,
d) investments,
(e))
(f)) cost-sharing agreements,
(g)) of other facts related to the subject of the surveillance in accordance with § 87
paragraph. 2.
(3) where the Czech National Bank, that the operations referred to in paragraphs 1 and 2
endanger or may endanger the solvency of domestic insurance undertaking or
domestic reinsurance or otherwise disrupt its financial stability, in particular
the feasibility of its liabilities, saves the corrective measures, where applicable, disables the
the implementation of these operations. It shall apply mutatis mutandis in the case of insurance undertakings
the third State or third-country reinsurance undertakings.
§ 90
Information obligations of domestic insurance companies and domestic reinsurance undertakings in the
relation to supervision in the Group
(1) the Domestic insurance and domestic reinsurance undertaking which is subject to supervision in the
the group creates an appropriate functional and effective management and control
a system ensuring the collection of data and information necessary for the
the performance of supervision in the group. Persons belonging to the group are this
insurance or reinsurance undertaking the information necessary for the performance of supervision in the
the Group of.
(2) an insurance undertaking and the undertaking referred to in paragraph 1 of the Czech National Bank
and) presents information necessary for the performance of supervision in the group,
(b)) information related to the performance of supervision in the group, which
will require.
(3) in the event that the information provided under paragraph 2,
provide is the Czech National Bank on the written request of a person belonging to the
to the group.
(4) the Czech National Bank may verify the information referred to in paragraph 2 directly
on the spot, and for
a) insurance or reinsurance undertaking, which is subject to supervision in the group by
This law,
(b)) of the controlled entity insurance or reinsurance undertakings referred to in point (a)),
(c)) the controlling person insurance or reinsurance undertakings referred to in point (a)), or
(d)) of the controlled persons controlling person insurance or reinsurance undertakings referred to in
(a)),
If a person referred to in points (b) to (d))) has a place of residence, place of business or
registered office on the territory of the Czech Republic.
(5) Has to be verified the information, which relates to the insurance undertaking of another
Member State or of the reinsurance undertaking from another Member State or other
persons established in the territory of another Member State, which is controlled by the
the person controlling or controlled by the person controlling persons
domestic insurance undertaking or reinsurance undertaking subject to domestic supervision in
the group under this Act, it shall request the Czech National Bank on this verification
the competent supervisory authority, where appropriate, carry out verification of the agreement with the
the competent supervisory authority itself or through other persons.
(6) If the competent supervisory authority of another Member State in connection
with the performance of supervision in the group requires verification from the Czech National Bank
the information, which relates to the insurance undertaking or of the reinsurance undertaking, domestic, domestic
or any other person established in the territory of the Czech Republic, which is controlled by the
the person controlling or controlled by the person controlling persons
the insurance undertaking or reinsurance undertaking subject to supervision in the Member State
in the group, the Czech National Bank itself or validation allow
perform this verification to the competent authority that requests it,
where appropriate, allow this verification carried out the auditor or the Czech national
the Bank, the designated person.
(7) the content, form, structure, terms and manner of presentation of the information referred to in
paragraph 2 (a). and Decree).
§ 91
The synergy of supervisors
(1) the Czech National Bank shall notify to the competent authority the information,
which it considers essential for the performance of supervision in the Group and which
relate to the activities of insurance or reinsurance undertakings carrying on their activity in the
the territory of the Czech Republic or other persons belonging to the group.
(2) in the case where an insurance undertaking or a reinsurance undertaking domestic domestic and
a foreign bank, or a foreign securities dealer, or
Foreign Bank and a foreign securities dealer at the same time, they are
closely connected, or has the same person participation, is an oversight in the Group
carried out in close cooperation with the Czech National Bank supervisory authority,
responsible for the performance of supervision over the activities of foreign banks or
foreign securities trader.
(3) the information acquired in the performance of supervision in the group are subject to the
the obligation to maintain confidentiality under section 126.
section 92
The person in the management of the insurance of the person holding
(1) an insurance holding the person shall ensure that the statutory
authority, a member of the statutory body or another natural person,
that alone or together with other persons, controls its activity or
legal persons, which is the statutory body or a member of the,
(hereinafter referred to as "the person in the lead"), the person was sufficiently trusted and
experienced for the performance of his functions and to ensure the requirements arising from the
of this law.
(2) Insurance holding a person shall submit to the Czech National Bank
the approval of each person in the leadership, and that before the election, or
the appointment. Request for approval of this persons name, or contains
name and surname, date of birth, address of residence, proof of compliance with the
the conditions of integrity and an indication of the kind of data the education and practice of each
such a person.
(3) a person of the Czech National Bank in the management of the insurance of the person holding
approve, does not satisfy the conditions of the trust if it is in a conflict of interest,
her formal education or practice does not give a guarantee of prudent management
insurance holding person.
(4) the Czech National Bank decides on the prohibition of the performance of activities of the person in
management of insurance holding persons as soon as he learns that this person
ceased to comply with any of the conditions referred to in paragraph 1.
(5) an insurance holding a person from a third State cannot take participation in
domestic insurance undertaking or reinsurance undertaking, unless the domestic compliance with the
the requirements referred to in paragraph 1.
(6) if the person in the management of the insurance holding company and the person stops
meet any of the conditions referred to in paragraph 1, not insurance
holding a person to exercise the voting rights in the domestic insurance undertaking or
reinsurance undertaking, and until proof of the fulfilment of the Czech National Bank
the requirements referred to in paragraph 1. The provisions of § 26 paragraph. 2 and § 44, paragraph. 2
in this case, apply mutatis mutandis.
Part 3
Riot fine
§ 93
(1) an insurance undertaking, a reinsurance undertaking, domestic, domestic insurance undertaking from a third
the State and the undertaking of a third State, that prevent or seriously impedes the
the supervision, in particular, that does not provide the necessary synergies or
comply with the request given under this Act, the Czech National Bank
Save the riot a fine up to 5 0000 0000 Czk. This also applies in the case of
the other person belonging to a group referred to in section 87.
(2) fined pursuant to paragraph 1 may be imposed repeatedly. The sum of fines
stored in a calendar year shall not exceed 20 0000 0000 Czk.
(3) fined you can save within 6 months from the date when the
infringement occurred.
(4) a fine imposed by the Czech National Bank selects the Czech National Bank.
Income from fines is the income of the State budget.
Part 4
Supervision on the spot
§ 94
The basic rules for the exercise of supervision on the spot
(1) in the exercise of supervision on the site conducted by the Czech National Bank
procedure and relations between the Czech National Bank and controlled legal
and natural persons subject to supervision in the insurance sector (hereinafter referred to as
"controlled person") controls the inspection regulations under the Act governing
the exercise of State control ^ 30), unless otherwise provided by this Act.
(2) the Supervision referred to in paragraph 1 performed by the Czech National Bank
and) on its own initiative,
(b)) at the request of State authority or the request of the competent authority
supervision,
(c)) where provided for in this Act or other legislation.
(3) the Supervision referred to in paragraph 1 shall only be made
and the Czech National Bank employee), and on the basis of the written
credentials, or
(b) in writing to) the person responsible for the supervision by the competent authority of another
Member State, if this is about control of the activities of the insurance undertaking from another
Member State or of the reinsurance undertaking from another Member State,
(hereinafter referred to as "control specialist").
(4) the audit staff of the Czech National Bank are authorized to
and participate in meetings of the institutions), domestic insurance companies or domestic
reinsurance undertaking,
(b) to enter the premises of persons), which are subject to the supervision
insurance-the Czech National Bank, including persons for them
law,
(c)) to request information and documents from persons who are subject to performance
supervision of insurance under section 84, paragraph. 2 performed by the Czech national
the Bank, including persons for an insurance or reinsurance undertaking.
(5) the Czech National Bank is entitled, on the basis of agreement with competent
supervisory authority of another Member State to create a control group
composed of workers referred to in paragraph 3 (b). and (b)),)
If they are subject to supervision by a person whose activity is subject to the performance of
the supervision of these authorities. This applies, mutatis mutandis, in the case of the competent authority
supervision of a third country; in such a case, the person must have a designated
the competent supervisory authority to a third State a written mandate of the Czech national
the Bank.
(6) if the supervision is carried out only to the inspection staff credentials
the competent supervisory authority of another Member State, the procedure shall be governed by and
relations between the supervisory authority and the controlled person this Act,
If the controlled person resides in the territory of the Czech Republic.
(7) where the control officer Discovered the fact, which suggests
violation of the obligations prescribed by law or endangers or may endanger the
the financial stability of the controlled person, it shall inform without undue
delay the Czech National Bank. The Czech National Bank measures to
remedy.
TITLE II
CORRECTIVE ACTION IN THE EXERCISE OF SUPERVISION OVER THE ACTIVITIES OF THE INSURANCE UNDERTAKING, AND
The REINSURANCE UNDERTAKING
Part 1
Corrective action in relation to the activities of domestic insurance companies and domestic
the reinsurance undertaking
section 95
Basic provisions
(1) where the Czech National Bank in exercising supervision over the activities of
domestic insurance undertakings or reinsurance undertakings over the activities of domestic violation
obligations, which relates to the operation of the insurance or
reinsurance activities or activities related to them,
and this Act) or any other law, or
(b) the legislation of the State) on whose territory business is carried on,
This saves the insurance or reinsurance undertaking to remove gaps and determine the
that a reasonable time limit.
(2) the Czech National Bank ordered domestic insurance undertaking or domestic
reinsurance undertaking, depending on the nature and the seriousness of the deficiencies found,
in due time implementation changes
and) person to participate in its proceedings,
(b)) in the person of its authorized,
(c) a member of a statutory) or supervisory body,
(d)) in the person of the head of its affiliates abroad,
e) responsible actuarial, or
(f)), the claims representative appointed for handling claims from the insurance
liability from the operation of the vehicle,
If deficiencies observed in the activities of the insurance undertaking or the
reinsurance undertakings related to the performance of the activities of the persons referred to in (a))
(f)).
(3) the Czech National Bank may decide that domestic insurance undertaking or
domestic reinsurance undertaking, provided that the accumulated loss exceeds 20%
its capital,
and preferably used) profit after tax to cover the outstanding loss or
the reserve fund or to increase the capital, or
(b)) lowered its basic capital by the amount of corresponding loss after its
reckoning with the reserve and other funds.
(4) If the Czech National Bank in the management of domestic insurance undertakings
or domestic reinsurance shortcomings that could endanger or
threaten the feasibility of its liabilities, depending on the nature of the
identified deficiencies
and order the submission of our revitalisation plan),
(b)) restricts or prohibits the free disposal of assets,
(c)) shall establish administration
(d)) to suspend the conclusion of insurance contracts, permissions or permission to
the conclusion of contracts of reinsurance, and to the expansion of the commitments already taken,
or
e) ordering the transfer or transfer portfolio portfolio
contracts.
(5) a participant in the proceedings referred to in paragraphs 1 to 4, is only interested in domestic
an insurance undertaking or a reinsurance undertaking domestic. There is a danger of delay,
a decision may be the first act in the proceedings. Submission degradation
against the decision of the Czech National Bank in accordance with paragraphs 1 to 4 shall not
suspensory effect.
(6) the Czech National Bank shall inform the competent supervisory authority of the State, on the
whose territory is operated by an insurance undertaking or a reinsurance undertaking domestic domestic
its activities, of all the decisions referred to in paragraph 4.
(7) where the Czech National Bank, shortcomings in the activities of the domestic
insurance companies, which could endanger or jeopardize the feasibility of its
obligations shall not issue a certificate of compliance with the requirement of its solvency under section
20 (2). 2.
section 96
The reduction of share capital
The reduction of capital pursuant to § 95 paragraph. 3 (b). (b)) can be done
only by reducing the nominal value of the shares at the domestic insurance undertaking or
domestic reinsurance based as a joint-stock company or a reduction
the value of the enrolling of the capital for domestic insurance companies based
as a cooperative.
§ 97
Interim measures
(1) the Czech National Bank may, in the context of interim measures to prohibit the
domestic insurance undertaking or reinsurance undertaking domestic
and to conclude additional premiums or) reinsurance contracts and disclosed already
liabilities from insurance or reinsurance
(b)) to dispose of without the consent of the Czech National Bank, with its assets,
(c)) to proceed without the consent of the Czech National Bank in accordance with the decision of the
the statutory authority of the general meeting or meetings.
(2) an insurance undertaking or a reinsurance undertaking from a third State from a third State can be
Save the interim measures referred to in paragraph 1 (b). and) or (b)).
§ 98
The restoration plan
(1) the Czech National Bank ordered domestic insurance undertaking or domestic
the reinsurance undertaking to submit it for approval to the financial recovery plan, if
and complies with the requirements laid down by this) by the law or another legal
Regulation and the situation may jeopardize the feasibility of the commitments
arising from operating an insurance or reinsurance activities,
(b)) the available solvency margin is lower than the required
the rate, however, is higher than the guarantee fund, or
(c)), the amount of reported losses would cover these losses from
the available funds of an insurance or reinsurance undertaking domestic domestic
led to a reduction of the capital below the lowest limit, which is
set depending on the operated by the insurance or
reinsurance activities.
(2) the restoration plan must contain at least the information or documents on the activities of
the following 3 accounting periods in the following items:
a) estimates of management expenses, in particular current General
costs and fees, insurance intermediaries
(b)) detailed estimates of income and expenditure with regard to the
insurance, reinsurance, reinsurance acceptances and reinsurance cessions;
(c) the estimated balance sheet),
d) estimates of the financial resources intended to cover underwriting
liabilities and the required solvency margin,
(e)) changes in reinsurance.
(3) the Czech National Bank is authorized at the same time with the therapy plan
demand from domestic insurance undertaking or of the reinsurance undertaking in the calculation of the domestic
the solvency of the higher value of the required solvency margin. These requirements
the projection of an insurance undertaking or a reinsurance undertaking domestic domestic in the adjustment
the plan.
(4) if the facts referred to in paragraph 1, is the Czech National Bank
shall be entitled to reduce the value in the calculation of the solvency of all items
making up the available solvency margin, in particular if there is a substantial
change in the market value of the assets.
§ 99
The introduction of the Administration and its termination
(1) Administration in domestic insurance undertaking or reinsurance undertaking the domestic Czech
the National Bank takes, if an insurance undertaking or a reinsurance undertaking has
the available solvency margin is lower than the amount of the guarantee fund.
Administration in domestic insurance undertaking or reinsurance undertaking the domestic Czech
the National Bank takes also, if there was a threat to the satisfiability
liabilities of the insurance undertaking or of the reinsurance undertaking domestic domestic arising from her
insurance or reinsurance contracts, or the Czech national
the Bank measures or sanctions do not lead to the remedy.
(2) the decision of the Czech National Bank, introducing the receivership in
domestic insurance undertaking or reinsurance undertaking domestic, include, in addition to the General
the requirements laid down in the administrative regulations, the reason for the introduction of the Administration,
the appointment of a receiver, his name, where applicable, the name, surname and
the date of his birth (hereinafter referred to as the "Administrator"), the obligations of the administrator, including the
the deadlines for their fulfilment and other conditions laid down in this law.
(3) the decision on the introduction of the forced administration delivers domestic insurance company
or domestic reinsurance undertaking for which the Administration introduces, and administrators.
The decision on the introduction of the forced administration of the Czech National Bank shall publish
in a manner enabling remote access, and through the media
resources.
(4) the service of the decision of the Czech National Bank on the introduction of the Administration in
domestic insurance undertaking or in the reinsurance undertaking in the domestic
and the scope of the statutory authority) and the general meeting or the Member
a meeting of the cooperative, with the exception of administrator permissions to file a corruption against
the decision of the Czech National Bank, introducing the receivership in
domestic insurance undertaking or reinsurance undertaking, or domestic decisions on
increase or reduction of share capital and cancellation decisions
companies or cooperatives and permission to take legal action against such
by the Czech National Bank,
(b)) shall be suspended performance of the functions of its organs and cancelled during the accounting department,
(c) an insurance undertaking or a reinsurance undertaking) cannot without the consent of the administrator to conclude new
insurance or reinsurance contract, expanding commitments already taken and
to dispose of the assets.
(5) the provisions of this Act governing the introduction of the Administration
insurance companies do not affect the exercise of the rights and obligations arising
of a financial collateral arrangement under the conditions provided for by law
governing the financial collateral ^ 38) or comparable conditions
foreign law, if financial collateral was
agreed and established prior to the introduction of the administration. This is true even if
It was agreed that the financial collateral or in the day of the introduction of the compulsory
the Administration, however, until after this event occurred, unless the recipient
financial collateral for such facts he knew or had to know and could.
The provisions of this Act governing the introduction of the forced administration of the insurance undertaking
have no effect on the fulfilment of the final settlement, also according to the law
governing the capital market business ^ 8), if the final
the settlement was concluded before the introduction of the administration.
(6) the administrator of the receivership, its amendment and termination of the Administration,
writes in the commercial register on a proposal from the Czech National Bank. On a proposal from the
the administrator is in the commercial register the deletion of prokury.
(7) the receivership ends
and the acquisition of legal power) decision of the Czech National Bank on their forced
Administration in domestic insurance undertaking or in the reinsurance undertaking, domestic
(b)) the expiry of 24 months after its introduction,
(c) the entry of domestic insurance companies) or domestic reinsurance undertakings in liquidation
or declaration of bankruptcy of the insurance undertaking or of the reinsurance undertaking this this, or
(d)) by a court decision repealing the decision of the Czech National Bank
the introduction of the administration.
§ 100
The administrator and his representative
(1) the Czech National Bank leads the list of administrators, appointed by the administrator
and on a proposal from the administrator, his representative. To this list, Czech National Bank
writes the person requesting it, if it is fully svéprávná if it satisfies the
the terms of the trust and has a higher economic or legal
education and the corresponding practice, or a citizen of another Member State,
that proves the permission issued by the competent authority of another Member
State to perform this operation. List of administrators of the Czech National Bank
shall publish, in a manner enabling remote access, and this list
updates depending on the changes.
(2) the scope of the data and documents that is interested to write to this list
the Czech National Bank is obliged to submit an application for registration, and the range of data
of the Decree lays down the list of administrators.
(3) the person entered in the list of administrators, without undue delay, notify the
The Czech National Bank of any change of information and conditions, on the basis of
was registered in the list of administrators. The Czech National Bank the person registered to the
list of administrators of this list shall, if that person stops
meet any of the conditions referred to in paragraph 1 or on request.
(4) the controller or his representative must be appointed natural person
that was or is the auditor of domestic insurance companies or domestic
reinsurance undertakings referred to in § 99 paragraph. 1, or in any way on the audit
involved in, or the person in the insurance or reinsurance undertaking
pursued an activity responsible actuarial or has or should
to this the insurance undertaking or in the reinsurance undertaking to this relationship, which could be
an obstacle to the proper performance of the duties of the administrator or his representative.
(5) the costs associated with the performance of the administration are paid from the assets
domestic insurance undertaking or reinsurance undertaking the domestic, which was introduced
the receivership.
(6) the shortcut Manager acting on behalf of the administrator in his absence
to the full extent of its powers and responsibilities. The provisions of this law
about the administrator shall apply mutatis mutandis to a representative of the administrator.
(7) decisions on matters within the competence of the general meeting shall be an administrator or
his representative, with the previous consent of the Czech National Bank. The decision on the
the introduction of the Administration when the administrator is authorized to delegate to the implementation
the tasks associated with the performance of the Administration another person without the consent of the Czech
the National Bank.
§ 101
The obligations of the administrator
(1) the administrator shall proceed in accordance with the decision of the Czech National Bank,
introducing the receivership, and makes the necessary measures to restore the
the stability and liquidity of the insurance undertaking or of the reinsurance undertaking, domestic, domestic.
If the Administrator finds its heavy indebtedness, shall notify this fact without
undue delay, the Czech National Bank and provide it with supporting documents
proving such fact. The administrator shall inform the Czech National Bank
on important facts and procedures related to its activities in the
the extent and within the time limits laid down in the decision referred to in § 99 paragraph. 2 or
at her request. To the adoption of major measures is required the consent of the Czech
the National Bank.
(2) if the reason for the introduction of the forced administration lower the available level of
the solvency of the insurance undertaking or of the reinsurance undertaking, domestic, domestic, than the above
the guarantee fund shall submit to the administrator, within 1 month from the date of its
the introduction of the Czech National Bank to approve short-term financing plan. For
its content shall apply mutatis mutandis to section 98, paragraph. 2 to 4. Short-term financial
the plan must be designed to ensure, not later than 6 months from the
the date of its approval by the Czech National Bank raise rates available
at least at the level of the solvency of the guarantee fund.
(3) the administrator shall withdraw the Czech National Bank, if at the time of the performance of forced
management ceases to comply with any of the conditions for the exercise of this activity
or if he fails to fulfil the obligations laid down by this Act or the
by the Czech National Bank, introducing the receivership. It
shall apply mutatis mutandis for the activities of its representative. Submission of degradation against
the decision on the appeal, the administrator or his representative does not have suspensory effect.
(4) the administrator shall exercise its powers under this Act and on the territory of the
other Member States with the exception of the resources and the powers to which they are
the competent courts or administrative authorities of the Member State concerned.
The administrator shall be a certified copy of the decision on the appointment of the
without a higher verification with a translation into an official language of the State concerned,
If it is required.
(5) in exercising its powers on the territory of the Member States is governed by the administrator
the legislation of the competent Member State, in particular concerning the procedures for the
the sale of assets and the provision of information to employees. If it is
According to the legislation of the competent Member State is required to
the fulfilment of the purpose of the Administration, the administrator requests that the information on the introduction of a compulsory
the Administration has been entered in the land register, the trade register or in
another public register of that State. The cost of the implementation of the minutes go
borne by the insurance undertaking or of the reinsurance undertaking, domestic, domestic, against which the
the receivership.
(6) in exercising its powers on the territory of third States, the administrator shall proceed
in accordance with paragraphs 4 and 5 shall apply mutatis mutandis in accordance with the laws of the third
State and progresses in cooperation with the competent supervisory authority of the
State.
§ 102
The suspension of the privilege to conclude insurance policies or reinsurance contracts and
expanding the commitments already taken
(1) the Czech National Bank may suspend the domestic insurance company permission to
conclusion of insurance or reinsurance contracts and the expansion of liabilities already
taken or domestic reinsurance undertaking permission to close hedge
contracts and the expansion of the commitments already assumed in connection with the introduction of
Administration, or if it is compromised by its commitment and feasibility
the previous corrective measures imposed by the Czech National Bank did not lead to
the improvement of its economic situation. It shall apply mutatis mutandis in the case of
the insurance undertaking or of the reinsurance undertaking from a third State from a third State.
(2) the suspension of the privilege referred to in paragraph 1 may cover part or
the overall range of the permitted activities of the Czech National Bank. This
the fact the Czech National Bank shall publish, in a manner enabling remote
access and inform the public through the mass
of the media.
section 103
Transfer of portfolio
(1) the Czech National Bank, the insurance company may require a domestic transfer
an undertaking or part of the insurance portfolio, if the domestic
the insurance undertaking does not comply with corrective measures imposed her Czech National Bank,
or in the context of
and with its ability) to meet its obligations,
(b)) with the introduction of the Administration,
(c)) with permission to suspend the conclusion of insurance contracts and the expansion of
obligations, or
(d)) with the authorisation to engage in insurance activity.
(2) within the time specified by the Czech National Bank, which may not be less than
30 days from the date of the entry into force of the decision, which the Czech national
the Bank transferring the insurance company ordered to transfer insurance portfolio or its
part of the insurance undertaking shall submit to the Czech National Bank for approval draft
the procedure of the transfer.
(3) to transfer the insurance premium of the tribe or its part, concerning the
insurance contracts concluded on the territory of the Czech Republic, may also occur on the
the request of transferring insurance undertaking and accepting insurance
approval of the transfer, the premium or part of a tribe, of which Czech
the National Bank shall decide within a period of 60 days from the date of its filing,
unless otherwise provided in this Act.
(4) the accepting insurance company may be the only insurance company that was
granted the authorisation to pursue the business of insurance in the range
the insurance industry, which fall under the insurance risk, which are
insured by the insurance contracts that are the subject of the transfer. In the case of
transfer of insurance contracts concluded on the territory of the Czech Republic, can be
accepting the insurance company only domestic insurance company, the insurance company from another
the Member State acting on the territory of the Czech Republic in accordance with this
the law and for the conditions for the establishment of the branch in the territory of the Czech Republic also
an undertaking from a third State.
(5) the party to the proceedings for approval of a conversion premium of the tribe or its
part of it is transmitting and accepting an undertaking. In the case of
referred to in paragraph 2 shall be the accepting insurance company becomes a party to this
the proceedings on the date of conclusion of the agreement on the transfer of portfolio or its parts
with the transferring insurance undertaking.
(6) the request for approval of a conversion premium of the tribe or part of Czech
the National Bank shall be refused if such transfer has been compromised
the feasibility of the obligations arising from the insurance contracts that are
the subject of the transfer, or the stability of the accepting insurance undertaking, or
the stability of the transferring insurance undertaking, with respect to an application referred to in paragraph 3.
(7) the insurance undertaking from a third State may be required to convert to a different insurance company
insurance portfolio or a part only in relation to that part of the premium
the tribe, which is related to its insurance activities on the territory of the Czech
of the Republic, and for the reasons mentioned in paragraph 1 with the exception of point (a) (b)) and
under the conditions set out in paragraphs 2, 4 and 5.
section 104
(1) the agreement on the transfer of portfolio or part of the forwarding
the insurance company and accepting an undertaking shall determine the date on which, to
the conversion. If the day preceding the date of the entry into force
the decision of the Czech National Bank for approval of transfer of portfolio
or part of the Czech National Bank, this decision shall determine the day to
which the transfer occurs, or part of the portfolio, and it first
After the expiry of 30 days from the date of issuance of this decision.
(2) the transferring undertaking in the design of the procedure under section 103, paragraph. 2 or
application under section 103, paragraph. 3 shall indicate the
and the reasons for the transfer of the portfolio), or parts of it, if it is about
the conversion on the basis of the application of the insurance undertaking,
(b) the nature and amount of resources) relating to insurance
contracts that are the subject of a transfer, the premium or part of a tribe,
(c)) in its anticipated changes in management as a result of the transfer of
or part of its portfolio, including the anticipated development
the solvency margin solvency or modified and changes in the status of the technical
reserves in the first 3 years after that transfer.
(3) the transferring undertaking shall be accompanied by the information referred to in paragraph 2 of the agreement on the
transfer of portfolio or its part between the transferring insurance undertaking, and
the accepting insurance company and an overview of the individual items of the assets intended for
fulfilment of the obligations arising out of the line of the portfolio or its parts
and the way of their transfer.
(4) to the application of the procedure under section 103, paragraph. 2 or a request under section 103, paragraph.
3 accepting an undertaking shall be accompanied by
and) information and documentation demonstrating compliance with the operating conditions for
the management of the transferred portfolio or its part, and to the extent
established by Decree,
(b) a list of the individual items) of the anticipated financial position after
transfer of portfolio or its parts,
(c)) at its anticipated changes in management as a result of the transfer of
or part of its portfolio, including the anticipated development
the adjusted solvency margin of solvency, or in the first 3 accounting
periods after this conversion.
(5) the accepting insurance company within 30 days from the date of entry into force
the decision of the Czech National Bank, which approved the transfer of the insurance
the tribe or its part, publish and notify the policyholders, whose
insurance contracts with transfer of the portfolio is concerned, its business name,
registered office or branch established in the territory of the Czech Republic, and
other necessary information related to the smooth continuation of the
the transferred insurance contracts, including notification of their rights
associated with the transfer of the insurance contract to another undertaking.
(6) the date when the transfer of the portfolio or its parts,
accepting an undertaking shall enter into all of the rights and obligations of the transferring
insurance companies, which have been the subject of a transfer, the premium of the tribe or its
section; contracts relating to insurance mediation of the transferred
insurance contracts concluded by transmitting this day insurance
be construed as a contract concluded by the accepting insurance company.
§ 105
Transfer of portfolio or a part within the Member States
(1) Domestic insurance company is authorised to transfer the insurance portfolio or its
the part relating to insurance contracts concluded on the basis of the rights
the branch or the freedom to temporarily provide services on insurance from another
of the Member State. The Czech National Bank, within 1 month from the date of receipt of the
the application for approval of a conversion premium of the tribe or its parts requests
opinion on the transfer of supervision by the competent authority of the Member State,
where the obligation is incurred, or in the Member State in which the risk is situated.
For the content of this application is to apply section, paragraph 104. 2 and 3 apply mutatis mutandis. Czech
the National Bank shall approve the request domestic insurance companies about the transfer after
When it receives the assent of the competent supervisory authority of the Member
State where the undertaking, or of the Member State in which is situated
risk, or a waste of the expiry of 3 months from the date of dispatch of the request of the Czech
the National Bank of the opinion to the transfer of the portfolio or
its parts, provided that the competent supervisory authority of the home
the Member State of the accepting insurance undertaking shall certify that after taking into account
the transfer will be accepting insurance undertaking comply with the required degree of
solvency.
(2) the transfer of the tribe or part of the premiums relating to insurance
contracts concluded on the territory of the Czech Republic insurance company from another
the Member State, either under the law establish branches or by
the freedom to temporarily provide services, consult the insurance company
through the competent supervisory authority of the home Member State with
The Czech National Bank. If the Czech National Bank asked for comments
your opinion on the transfer of the portfolio or its part by the competent
the supervisory authority of the Member State of the transferring insurance undertaking from another
the Member State shall express its opinion within 3 months from the date of receipt of the
the request; fails to the Czech National Bank in this period, the
under the agreement with such a transfer.
(3) the transfer of a portfolio or a part referred to in paragraph 1, the domestic
the undertaking shall publish a notice in a Member State of the commitment or in the Member State where the
the risk is situated, as laid down by the law of that
of the Member State. Transfer of portfolio or a part referred to in paragraph
2 the insurance undertaking of another Member State shall publish, in the manner referred to in section 104
paragraph. 5. The date on which the transfer occurs, or his portfolio
the part referred to in paragraph 2, shall enter the accepting insurance to all rights and
obligations of the transferring insurance undertaking, which were the subject of the transfer.
Section 106
The conversion of the strain reinsurance contracts or parts
(1) the Czech National Bank may domestic reinsurance undertaking or domestic
the insurance company requires to convert to another reinsurance undertaking or the insurance undertaking of the tribe
reinsurance contracts or part thereof, if the domestic reinsurance
or domestic insurance undertaking does not comply with corrective measures imposed her Czech
the National Bank, or in the context of
and with its ability) to meet its obligations from operating
reinsurance activities,
(b)) with the introduction of the Administration,
(c)) with the suspension of the privilege to conclude reinsurance contracts and
extending the obligations resulting therefrom,
(d) the authorisation to operate a) hedging activities.
(2) within the time specified by the Czech National Bank, which may not be less than
30 days from the date of the entry into force of the decision, which the Czech national
the Bank ordered the reinsurance undertaking or the insurance undertaking transferring to convert the tribe
reinsurance contracts, transferring all or part of the undertaking or
an insurance company shall submit to the Czech National Bank for approval a draft procedure
the conversion.
(3) the transfer of the strain reinsurance contracts or part of it may be
the request of transferring and accepting the reinsurance undertaking or the
approval of the transfer, which the Czech National Bank will decide within a period of
60 days of its submission, unless otherwise provided by this Act. In the agreement on
transfers of reinsurance contracts or part of the forwarding and
accepting reinsurance undertaking or an insurance undertaking shall determine the date on which, to
the conversion. If the day preceding the date of the entry into force
the decision of the Czech National Bank for approval of transfer of portfolio
or part of the contract, the Czech National Bank will determine the day by this decision,
to which the transfer occurs, the reinsurance contracts, as soon as possible after
the expiry of 30 days from the date of issuance of this decision.
(4) Accepting a reinsurance undertaking or a reinsurance undertaking may only be
or an insurance undertaking which has been granted a permit to operate the locking
activities in the scope of the provision, which is the subject of a transfer
reinsurance contracts.
(5) the party to the proceedings for approval of transfers of portfolios
or its part is the transferring and accepting the undertaking, or
the insurance company. In the case referred to in paragraph 2 is accepting the undertaking, or
the insurance company becomes a party to this proceeding the date of conclusion of the agreement on the
transfers of reinsurance contracts or part with the transmitting
reinsurance undertaking or the insurance undertaking.
(6) the reinsurance undertaking or the insurance undertaking from a third State from a third State can be
order the transfer to another undertaking the strain reinsurance contracts or
part only in relation to that part of the portfolio of contracts that
refers to its reinsurance business in the territory of the Czech Republic, from
the grounds referred to in paragraph 1 with the exception of point (a) (b)) and under the conditions
referred to in paragraphs 2, 4 and 5.
§ 107
(1) an application for approval of transfers of portfolios or its
part of the Czech National Bank shall refuse, if such transfer was
threatened by the satisfiability of the obligations arising out of reinsurance contracts,
which are the subject of the transfer of the strain reinsurance contracts or any part thereof,
or the stability of the accepting or handing over the reinsurance undertaking or,
in the case of an application under section 106, paragraph. 3.
(2) the transferring undertaking or an insurance undertaking in the design of the procedure under section 106
paragraph. 2 or a request under section 106, paragraph. 3 shall indicate the
and the reasons for the transfer) contracts or parts of it, if it
conversion on the basis of the request, the reinsurance undertaking or,
(b) the nature and amount of resources) relating to concluded hedging
the contracts that are the subject of the transfer,
(c)) at its anticipated changes in management as a result of the transfer of the tribe
reinsurance contracts or any part thereof, including the anticipated development
the adjusted solvency margin of solvency, or in the first 3 accounting
periods after this conversion.
(3) the transferring undertaking or an insurance undertaking shall be accompanied by the information referred to in
paragraph 2 of the agreement on the transfer of the strain reinsurance contracts or parts
between the transferring and accepting reinsurance undertaking or and overview
each item of the assets intended for the fulfilment of the obligations arising from the
line of the tribe or part of reinsurance contracts and the way they
the conversion.
(4) to the application of the procedure under section 106, paragraph. 2 or a request under section 106, paragraph.
3 accepting reinsurance undertaking or the insurance undertaking shall be accompanied by
and) information and documentation demonstrating compliance with the operating conditions for
management of the portfolio of contracts or its part, and in
the extent provided for by Decree,
(b) a list of the individual items) of the anticipated financial position after
transfers of reinsurance contracts or any part thereof,
(c)) at its anticipated changes in management as a result of the transfer of the tribe
reinsurance contracts or any part thereof, including the anticipated development
the adjusted solvency margin of solvency or after the conversion in the first 3
accounting periods after this conversion.
(5) the date on which the transfer occurs, the reinsurance contracts or
part, the reinsurance undertaking or the insurance undertaking to the accepting of all rights and
the reinsurance undertaking or the transferring obligations, which have been the subject of
the transfer; contracts relating to reinsurance mediation of the transferred
reinsurance contracts concluded by the reinsurance undertaking or the transferring
This day is considered as a contract concluded by the accepting by the reinsurance undertaking, or
the insurance company.
section 108
The conversion of the tribe or part of reinsurance contracts within the Member
States
Domestic reinsurance undertaking or domestic insurance company is entitled to convert the tribe
reinsurance contracts or part of it, including contracts concluded on the basis of the
Rights establish branches or the freedom to temporarily provide services, on
reinsurance undertaking from another Member State or from another insurance company
of the Member State authorised to conduct reinsurance activities. Czech
the National Bank within 1 month from the date of receipt of the request for approval
transfers of reinsurance contracts or parts of it shall request the opinion of the
This transfer of the competent authority of the home Member State supervision
accepting reinsurance undertaking or an insurance company. For the content of this application
apply to section 107, paragraph. 2 and 3 apply mutatis mutandis. The request shall be approved by the Czech National Bank,
If the competent supervisory authority shall certify that after taking the transfer
will be accepting reinsurance undertaking or an insurance undertaking comply with the conditions
solvency.
section 109
Information obligations of the Czech National Bank
(1) if the Czech National Bank to decide on the
and the imposition of provisional measures) according to § 97 paragraph. 1 or 2,
(b) in the Administration) the introduction of domestic insurance undertaking or in the domestic
reinsurance undertaking,
(c)) the suspension of the privilege to insurance or reinsurance
contracts and the expansion of the commitments already assumed in the domestic insurance undertaking or
the suspension of the privilege to conclude reinsurance contracts and to expand
the commitments in the domestic reinsurance undertaking,
(d) the transfer of the portfolio) or part of a domestic insurance company, or
e) transfers of portfolios of domestic insurance companies or domestic
reinsurance undertaking,
inform about this its intention to the competent authorities before taking a decision
supervision by the Member States on whose territories the undertaking or
reinsurance undertaking carries out its activities, and on the potential impacts of this
the decision, in particular its impact on the relevant insurance contract, and
insurance claims resulting therefrom, or of the execution of the
reinsurance contracts.
(2) the Claim of the insurance referred to in paragraph 1 shall mean amounts
policy holders, beneficiaries or victims with direct law
to log a claim against the insurance company and the insurance company owes incurred
of insurance, including deferred amounts outstanding, if not
known at the time, some parts of the debt. The insurance, which before the start
winding-up proceedings the insurance company owes as a result of the absence of or cancellation of the
insurance policies or activities referred to in paragraphs V to VIII
Annex No 1 to this Act in accordance with the law of the contract
or activities, shall also be considered insurance claims.
Part 2
The performance of supervision in relation to the activities of the insurance undertaking from another Member State
and the activities of a reinsurance undertaking from another Member State in the territory of the Czech Republic
section 110
The performance of supervision in relation to the activities of the insurance undertaking from another Member State
(1) where the Czech National Bank, that an undertaking from another Member
the State, which operates on the territory of the Czech Republic or its insurance
reinsurance activities on the basis of the right to establish branches or on the basis of the
the freedom to temporarily provide services to fulfil the obligations of this
activity in the Czech Republic apply, save this undertaking within
set by the Czech National Bank has eliminated the deficiencies found.
(2) if the undertaking does not delete from another Member State within
deficiencies within the time limit referred to in paragraph 1, inform the Czech National Bank on this
the competent authority of the home Member State supervision.
(3) if the measures taken by the competent authority of supervision of the home
Member State, do not lead to the removal of the identified shortcomings in the activities of the
an insurance undertaking of another Member State, or if no
measures, the Czech National Bank saves such insurance undertaking or penalty
disables close on the territory of the Czech Republic of a new insurance contract or
reinsurance treaty and expand the obligations of these contracts already concluded.
About this decision, it shall inform the competent authority of the Czech National Bank
supervision by the home Member State.
(4) if the matter does not tolerate delay, proceed according to the Czech National Bank
paragraph 3 without the use of the procedure provided for in paragraphs 1 and 2.
section 111
The performance of supervision in relation to the activities of a reinsurance undertaking from another Member State
(1) where the Czech National Bank, that reinsurance undertaking from another Member
the State operates on the territory of the Czech Republic of its activities in conflict with
This law or other legal regulation, which shall in their
activities manage, invite this reinsurance undertaking, to eliminate the detected
the shortcomings. At the same time it shall inform the competent authority of the home
of the Member State.
(2) If, despite the measures taken by the competent supervisory authority of the home
the Member State or, if the above measures are not sufficient and
the undertaking referred to in paragraph 1 continue to be infringing the legislation, Czech
National Bank saves such a fine undertaking or disables the closing
the new reinsurance contracts within the territory of the Czech Republic. About this decision
the Czech National Bank shall inform the competent supervisory authority of the home
of the Member State.
section 112
Notice of introduction of a reorganisation measure or declaration of bankruptcy of the
(1) upon receiving a notification, the Czech National Bank on the introduction of the reorganisation
measure or declaration of bankruptcy of an insurance undertaking of another Member State
or reinsurance undertaking from another Member State, the Commission shall publish this notification in the
Czech language in a way that allows remote access and at the same time
through the mass media. The contents of the notification
in particular, must be
and) data necessary to identify the person against whom it was the reorganisation
the measures introduced, or which has been declared bankrupt, including information
on the introduction of the reorganisation measure or declaration of bankruptcy,
(b) the authority of the home Member State), which is responsible for the implementation of the
reorganisation measure or solution to the bankruptcy, including his address,
(c)), the law governing the implementation of reorganisation measures or
the bankruptcy solution controls,
d) details of the person responsible for the implementation of reorganisation measures or
the solution to the bankruptcy.
(2) for the purposes of reorganisation measures in this law means the measures
According to the directive of the European Parliament and of the Council regulating the reorganisation and
liquidation of insurance undertakings ^ 31).
(3) the Czech National Bank restricts or prohibits the application to the
the competent authority of the home Member State the free disposal
the property of the insurance company from a Member State, which runs the insurance or
reinsurance business in the territory of the Czech Republic through its
the branch or the Member State of the reinsurance undertaking, which operates the locking
activity on the territory of the Czech Republic through its branches. Limit
or prohibit the free disposal of the assets can only be at the property, which
He was a competent authority of the home Member State for this purpose.
Part 3
Corrective action in relation to the activities of the insurance undertaking from a third State and
the activities of a reinsurance undertaking from a third State on the territory of the Czech Republic
§ 113
The scope and content of measures to remedy the
(1) the Czech National Bank measures to remedy the deficiencies found
including the determination of a reasonable period to remedy those shortcomings,
If it finds that an undertaking from a third State or a reinsurance undertaking of the third
the State has breached the obligations laid down by this law or another legal
the code. This also applies in the case of breach of the obligations laid down in the legal
law of another Member State, if the Czech National Bank
the competent supervisory authority under section 35.
(2) the Czech National Bank orders insurance undertaking from a third State or
reinsurance undertaking from a third State in due time implementation changes
and in the person of its head) branch
(b)) of the responsible actuarial, or
(c)), the claims representative appointed for handling claims from the insurance
liability from the operation of the vehicle,
If deficiencies observed in the activities of the insurance undertaking or the
reinsurance undertakings related to the performance of the activities of the persons referred to in subparagraphs and (b))), or
(c)).
(3) If the Czech National Bank in the management of the insurance undertaking from a third
State or of the reinsurance undertaking from a third State weaknesses that could
endanger or jeopardize the feasibility of its commitments, its decision in
Depending on the nature of the deficiencies found
and order the submission of our revitalisation plan),
(b)) restricts or prohibits the free disposal of its assets located in the
the territory of the Czech Republic or to the countries of other Member States,
(c)) shall suspend the conclusion of insurance contracts to the permission or privileges to
the conclusion of contracts of reinsurance, and to the expansion of the commitments already taken,
(d)) shall prescribe its insurance converted the tribe or its part to another
the insurance undertaking, or
(e) orders the transfer of her tribe's) reinsurance contracts or part of the
another insurance undertaking or reinsurance undertaking.
(4) if the insurance obligations of the feasibility of a third State,
the Czech National Bank withdraws this undertaking benefits under §
35.
(5) decisions under paragraphs 2 and 3 of section 97, 98, 102 to 104, 106 and
107 shall apply mutatis mutandis, and only for that part of the activities of insurance undertakings
the third State or the reinsurance undertaking from a third State, which according to this
the law is subject to the supervision of the Czech National Bank.
(6) a party to proceedings referred to in paragraphs 1 to 4 is the only undertaking concerned
reinsurance undertaking from a third State or from a third State. The proceedings referred to in paragraph
1 can be opened also to the delivery of the decision on the introduction of measures to
rectifying the identified shortcomings, there is a danger of delay.
section 114
Cooperation with supervisory authorities of other States
(1) the Czech National Bank shall inform the competent supervisory authority of the State in
which an insurance undertaking has its registered office from a third State or a reinsurance undertaking from
the third State of its registered office, the Member State on whose territory the operates
such insurance undertaking or a reinsurance undertaking its activities, about all the stored
measures taken to remedy any identified deficiencies. Decided if the Czech national
Bank, restrict or prohibit the free disposal of the assurance undertaking from
third State stationed on the territory of other Member States, it shall, without
undue delay, the supervisory authorities of the other Member States on the
the adoption of the same measures in their territory.
(2) the Czech National Bank shall notify all relevant supervisory authorities
the Member States of its decision to withdraw the concession granted to the insurance undertaking
from a third State in accordance with section 35, and without undue delay.
(3) upon receiving a notification, the Czech National Bank on the introduction of the reorganisation
measure or declaration of bankruptcy of the insurance undertaking from a third State or
reinsurance undertaking from a third State, which runs its activity on the territory of the
The Czech Republic, the Commission shall publish this notification in the Czech language in the manner
enabling remote access, and at the same time, through public
of the media. For the content of this notice shall apply mutatis mutandis to section 112
paragraph. 1.
(4) the Czech National Bank restricts or prohibits the free disposal of the assets of the
the insurance undertaking or of the reinsurance undertaking from a third State from a third State, which
operates the insurance business in the territory of the Czech Republic through the
its branch, also at the request of the competent supervisory authority of the State
its registered office. The provisions of section 112, paragraph. 3 shall apply by analogy in this case.
section 115
Information obligations
Unless otherwise provided in this Act, an undertaking from a third State and
reinsurance undertaking from a third State of the Czech National Bank information on their activities
on the territory of the Czech Republic, in a way, to the extent and within the time limits
laid down by Decree. This applies, mutatis mutandis, to the activities of insurance undertakings
a third State on the territory of other Member States, if the Czech national
bank supervision by the competent authority referred to in section 35.
Part 4
The withdrawal of authorisation
section 116
The withdrawal of domestic and domestic reinsurance undertaking
(1) the Czech National Bank withdraw a domestic insurance company or domestic
reinsurance undertaking authorisation to pursue an insurance or reinsurance
the activities that it has awarded, if
and the insurance company) is a reinsurance předlužena; the insurance undertaking, or
the reinsurance undertaking is předlužena, if multiple creditors and a summary of all of its
liabilities exceeds the value of its assets,
(b)) the stored measures to remedy does not recover its payment
capabilities,
(c)) has obtained the authorisation to operate an insurance or reinsurance
on the basis of the information given incorrectly decisive to grant this
the authorization,
(d)) within one year from the entry into force of the decision, which she was granted
the authorisation to operate an insurance or reinsurance activities,
started its activities,
(e)) does not operate an insurance or reinsurance activities for more than 6 months,
(f)) moved its head office outside the territory of the Czech Republic or ceased to
This territory to engage in their activity or it operates in the range
It does not allow for the proper layout of the taken insurance or reinsurance
risks, or
(g)) of the insurance or reinsurance undertaking so requests.
(2) the Czech National Bank withdraw a domestic insurance company or domestic
reinsurance undertaking authorisation to pursue an insurance or reinsurance
the activities that it has awarded, if
and not one of) the conditions for the operation of the insurance or
reinsurance activities,
(b) serious way) violates the obligations laid down by this law and the
the measures imposed or imposition of a fine to the Czech National Bank
remedy, or
(c)), its financial situation does not guarantee the continued feasibility of its liabilities
of insurance or reinsurance activities.
(3) the moment of the entry into force of the decision of the Czech National Bank
the withdrawal of authorisation shall enter an insurance undertaking or a reinsurance undertaking domestic domestic
into liquidation, with the exception of the cases referred to in § 118 paragraph. 1. This does not apply
in the case of the withdrawal of authorisation pursuant to paragraph 1 (b). (g)), if it is
on the transformation of the insurance undertaking or of the reinsurance undertaking domestic domestic by law
governing the conversion of commercial companies and cooperatives.
(4) an insurance undertaking or a reinsurance undertaking Domestic domestic, which has been withdrawn
authorisation to pursue the activity of insurance or reinsurance, and
continue to be governed by this law. This undertaking cannot, however, conclude
the insurance contract, the contract of insurance mediation,
the insurance contract is already closed, or increase the sum insured or limit
of indemnity. Domestic insurance undertaking or reinsurance undertaking which domestic
withdrawn authorization for the operation of reinsurance activities, cannot
take to ensure new insurance or reinsurance risks or
lengthen the already concluded a reinsurance contract, which took into
ensure this risk, or increase their share of these contracts to cover
such risks. Domestic insurance undertaking or reinsurance undertaking domestic can
to enter into hedging contracts only to cover insurance or reinsurance
risks, which took over the running of the insurance or reinsurance
before the date on which she was withdrawn authorisation for the operation of this
activity.
section 117
Withdrawal of an authorisation to an insurance undertaking from a third State and the reinsurance undertaking from a third State
(1) an insurance undertaking shall be withdrawn by the Czech National Bank from a third State or
reinsurance undertaking from a third State authorization to operate an insurance or
reinsurance activities, which it has granted, for reasons mentioned in section 116
paragraph. 1 (a). and) to e), and (g)) and section 116, paragraph. 2 and also, if it was
withdrawn authorization for the operation of an insurance or reinsurance
and) in another Member State by reason of its lack of solvency or
(b)) in the country of its registered office.
(2) of its decision, that the undertaking of the third State or
reinsurance undertaking from a third State withdrawn authorization for the operation of the insurance
activities on the territory of the Czech Republic, the Czech National Bank shall inform the
the competent supervisory authority of the State in which the insurance undertaking has its registered office.
(3) an insurance undertaking or a reinsurance undertaking from a third State from a third State, which
It was withdrawn the authorization to operate an insurance or reinsurance
activities on the territory of the Czech Republic through a branch, will continue to
governed by this law. This undertaking cannot, however, on the territory of the Czech
Republic to conclude insurance contracts, intermediation contracts,
extend the insurance contract already concluded or increase the sum insured
or indemnity limits. An undertaking from a third State or
reinsurance undertaking from a third State, which has been withdrawn permission to operate
reinsurance activities, cannot, on the territory of the Czech Republic to take into
ensure new insurance or reinsurance risks or lengthen the already
a closed lock, which took over the contract to ensure such
risks, or increase their share of these contracts to cover these risks with
the exception of reinsurance contracts intended for their protection, which
took over the running of the insurance or reinsurance before the date on
which she was withdrawn a permit for the operation of this business.
(4) the withdrawal by a Czech National Bank insurance company from a third State benefits
under section 35, shall inform the competent authorities of the Czech National Bank supervision
the other Member States where the undertaking operates so that these authorities are able
take the appropriate measures.
§ 118
Common provisions for the withdrawal of the authorisation
(1) the Czech National Bank is entitled to change the domestic insurance undertaking,
domestic reinsurance undertaking, an insurance undertaking or a reinsurance undertaking from the third country of
the third State to the extent of the authorisation to engage in insurance or
reinsurance activities by withholding part of the Czech National Bank granted her
authorisation, authorisation
and to operate insurance activities) in one or more of the
the insurance industry,
(b)) to the conduct of reinsurance business for life or non-life
ensure, if the reinsurance undertaking or the insurance undertaking has been granted the permit to
the operation of both types of reinsurance business simultaneously, or
(c)) to the activities related to insurance or reinsurance activities
If that insurance undertaking or reinsurance undertaking has ceased to comply with any of the
the conditions laid down in this law for the range of her activities allowed
While there is no doubt that this condition is fulfilled after you change the range of her
permitted activities; in this case, restrictions on the activities referred to in section 116
paragraph. 4 and § 117 paragraph. 3 apply only to that part of the activities to which the
by the decision of withdrawal of authorization.
(2) a participant in the proceedings concerning the withdrawal of authorisations under section 116, paragraph. 1, or according to the
§ 117 paragraph. 1 or change the scope of the existing authorisation referred to in paragraph 1
It is the only insurance company or a reinsurance undertaking concerned. There is a danger of
the delay may be the issue of the withdrawal of authorization, the first act in the
the proceedings.
(3) the decision on the withdrawal, which has acquired the authority, Czech
the National Bank shall publish, in a manner enabling remote access within 30 days
from the date of the acquisition of his legal power and informs the public about him
through the mass media.
(4) in the case of the withdrawal of domestic insurance undertaking or domestic
the reinsurance undertaking shall inform the Czech National Bank about this decision of the competent
supervisory authorities of other Member States. Together with these institutions
supervisors shall take the measures necessary to protect participants in the insurance, in particular with
to prevent further exposure to domestic insurance companies or domestic
reinsurance undertaking as in the territory of the Czech Republic, as well as in the other Member
States, and in order to prevent the free disposal of its assets. This is true
Similarly, in the case of the withdrawal of authorisation to an insurance undertaking from a third State or
reinsurance undertaking from a third State, which has been granted a permit to operate
insurance or reinsurance business in a Member State other than the
The Czech Republic.
(5) if the reason for the withdrawal of the authorisation of the insurance undertaking or the domestic insolvency
domestic reinsurance undertaking or branch of an insurance undertaking from a third State, or
a branch of a reinsurance undertaking from a third State, the effect of which is
insolvency, shall inform the Czech National Bank
immediately after the withdrawal of the authorisation of the supervisory authorities of all the Member States.
The information also contains a warning of the possible consequences of this decision.
TITLE III
ADMINISTRATIVE OFFENCES
section 119
Misdemeanors
(1) a natural person has committed the offence by as
and) person who designs a change in the person of a member of the statutory or
the supervisory authority or in the person of authorized domestic insurance undertaking or
the reinsurance undertaking shall indicate false information in the application filed by the Czech National Bank
According to § 19 paragraph. 2 or under section 41, paragraph. 1; If the data
a person other than the one that proposed change, must be intentional
putting false information,
(b)) a person who proposes to acquire, directly or indirectly, by a qualified
participation in the national insurance or reinsurance undertaking, or increase their
participation so that its share of the capital or of the voting rights
reach or exceed 20%, 30% or 50% or so that the
the insurance undertaking or the reinsurance undertaking becomes the controlled person, contrary to section
24 paragraph. 1 or § 42 paragraph. 1 the absence of the request for prior approval with a
acquisition or increase this participation with the exception of when the acquisition or increase of the
This participation is the transition law, or in the application submitted to the Czech national
the Bank under section 24, paragraph. 3 or under section 42, paragraph. 3 indicate a false indication,
(c)), the person who directly or indirectly reduce or cease its
participation in domestic insurance undertaking or in the reinsurance undertaking in the domestic, without this
the fact, in contravention of section 27. 1 or section 45, paragraph. 1, the Czech
the National Bank,
(d)) a person who is in the insurance or reinsurance undertaking in the function or in a
the position, which this law unites the condition of trust and
which no longer meets any of the conditions referred to in section 8 (2). 1 and 2 or
She got into a conflict of interest under section 10, to fulfill the obligation to notify the
the fact without undue delay of the insurance or reinsurance undertaking, and
at the same time, Czech National Bank,
(e)) a person belonging to the group fails to comply with the obligation to provide domestic
the insurance undertaking or in the reinsurance undertaking domestic, which under this law shall be subject to
the performance of supervision in the group, the information necessary for the exercise of supervision,
or the obligation to provide similar information of the Czech National Bank,
(f)), the person who was registered in the list of responsible insurance
mathematicians, administrators or liquidators shall promptly notify a Czech
the National Bank of the change of data and the conditions under which it was registered in this
the list,
(g)) as an employee or former employee of the Czech National Bank
responsible for the performance of supervision in the insurance sector, the breach of the obligation of
confidentiality under section 126 or
(h)) as a member of the statutory or supervisory authority, the employee insurance
or of the reinsurance undertaking, liquidator, administrator or his representative in accordance with section 100
or as the person operates an insurance or reinsurance undertaking or for as a person,
that was a member of the statutory or supervisory body, an employee of the
insurance or reinsurance undertaking, by the liquidator, administrator or his representative
under section 100 or a person operating an insurance or reinsurance undertaking, for breach of
the obligation to maintain confidentiality under section 127.
(2) for the offence referred to in paragraph 1 (b). and (b))) and can be a fine up to 1
0000 0000 CZK for the offence referred to in paragraph 1 (b). (c) to (e))) a fine of up to 500
000 CZK and the offence referred to in paragraph 1 (b). f) to (h)), a fine of up to 50 000
CZK.
§ 120
Administrative offences of legal persons
(1) a legal person commits misconduct by
and forged) in an application under section 13 (3). 5, § 19 paragraph. 1, §
paragraph 32. 4, § 35 paragraph. 2, § 36 odst. 5, § 40 paragraph. 1, § 47 odst. 2, §
paragraph 49. 1 or 3, section 74, paragraph. 4, section 76, paragraph. 4 (b). (b)), section, paragraph 88. 1, §
paragraph 92. 2, section 103, paragraph. 3, section 105, paragraph. 1, § 106, paragraph. 3, § 108 or section
paragraph 122. 2,
(b)) as the person who proposes to acquire, directly or indirectly
qualified participation in national insurance or reinsurance undertaking, or increase the
This participation so that its share of the registered capital, or
voting rights will reach or exceed 20%, 30% or 50% or
so that the insurance undertaking or reinsurance undertaking this becomes the controlled person,
contrary to section 24, paragraph. 1 or § 42 paragraph. 1 the absence of the previous request
consent to the acquisition or increase this participation with the exception of when the acquisition
or increase the participation rights of the transition occurs, or in a request submitted
The Czech National Bank, pursuant to section 24, paragraph. 3 or under section 42, paragraph. 3 shall indicate the
false information,
(c)) as the person who directly or indirectly reduce or cease
their participation in domestic insurance undertaking or in the reinsurance undertaking in the domestic, without this
the fact, in contravention of section 27. 1 or section 45, paragraph. 1, the Czech
the National Bank, or
(d)) as the person who is in the insurance or reinsurance undertaking in the function or in a
the position, which this law unites the condition of trust, and
which no longer meets any of the conditions referred to in section 9 (2). 1,
to fulfill the obligation to notify without undue delay the
insurance or reinsurance undertaking and at the Czech National Bank.
(2) an insurance undertaking or a reinsurance undertaking has committed misconduct by
and) operates an insurance or reinsurance activities inconsistent with the authorization of the
to operate these activities granted by the Czech National Bank,
b) within the time limit under section 12, paragraph. 3 do not submit to the Czech National Bank
the approval of another person, which is to replace the person in a function that
lost your credibility or to get into a conflict of interests,
(c)) within the prescribed period to fulfil the obligations imposed on it by section 95, 110,
section 111 or 113 the Czech National Bank in exercising supervision, or
(d)) in contravention of section 6 (1). 3 uses of insurance mediation or
ensure, or to separate the liquidator of the insurance activity
event services the person who carries out this activity in violation of the law
governing the activities of insurance intermediaries and individual
surveyors ' fees.
(3) an insurance undertaking has committed misconduct, contrary to section 56
paragraph. 4 in determining the amount of the premiums or for the calculation of the indemnity
applies a perspective contrary to the principle of equal treatment.
(4) an insurance undertaking, a reinsurance undertaking Domestic domestic domestic insurance or
holding a person commits misconduct by
and appoint a person to a feature) in its management of the person that was the Czech
the National Bank granted consent, or
(b)) does not replace the person without undue delay in its leadership, which
ceased to meet one of the conditions for the approval of the Czech
the National Bank with the performance of its functions in the lead.
(5) for the administrative offence referred to in paragraph 1 or paragraph 2 (b). d) stores
The Czech National Bank to 1 0000 0000 CZK and the fine for administrative offence under
paragraph 2 (a). and (c))) and pursuant to paragraph 4 of the fine to Eur 50 0000 0000.
For the administrative offence under paragraph 3 imposes a fine to the Czech National Bank
100 000 CZK in the case of failure to comply with this requirement again, a fine of up to 500
USD.
§ 121
Common provisions for administrative deliktům
(1) a legal person under the administrative tort does not match, if he proves that
made every effort, that it was possible to require that the infringement of the
a legal obligation.
(2) in determining the acreage of the fine legal person shall take into account the seriousness of the
the administrative tort, in particular to the way a criminal offence and its consequences, and
the circumstances under which it was committed.
(3) The responsibility for acts that occurred during the physical business
person or in direct connection with it, shall be subject to the provisions of this
the law on liability of legal persons and sanctions.
(4) liability of legal persons for the administrative offence shall cease, if the
the administrative authority about him has commenced proceedings to 1 year from the date on which it
learned, but not later than within 3 years, in the case of an insurance undertaking or
reinsurance undertaking within 5 years from the day when it was committed.
(5) administrative offences under this law dealt with the Czech National Bank.
The cost of this administrative procedure, selects and enforced by the Czech National Bank and
their remuneration is its income.
(6) a fine for administrative offenses imposed by the Czech National Bank
This Act, enforced by the picks and locally competent Customs Office. Income from
the fines is the income of the State budget.
TITLE IV
SPECIFIC PROVISIONS IN RELATION TO THE CONVERSION AND DISPOSAL OF DOMESTIC INSURANCE UNDERTAKINGS
OR DOMESTIC REINSURANCE
§ 122
The conversion of domestic insurance undertaking or of the reinsurance undertaking domestic
(1) the merger, Division, change of legal form of domestic insurance undertakings or
domestic reinsurance undertakings or the transfer of assets to the insurance company as a companion
or acquisitions of domestic reinsurance on reinsurance undertaking as a companion
can only occur after previous consent of the Czech National Bank. Czech
the National Bank shall consult this intention before the release of the decision with the
the competent supervisory authority in the case of cross-border merger and also with
the competent supervisory authority, which exercises supervision in the group to which
domestic insurance undertaking or reinsurance undertaking belongs is not local to itself this
authority.
(2) the request for approval referred to in paragraph 1 shall contain the reasons for the
the conversion of its participants, and how to perform such a conversion. To
request an insurance undertaking or a reinsurance undertaking domestic domestic shall be accompanied by documents
necessary for the assessment of the required conversion options and its impact to the
the activities of such insurance or reinsurance undertaking, in particular with regard to the
maintaining the rights of the parties to the insurance; the contents of these documents and particulars
provides for the Ordinance.
(3) Prohibited is the conversion form
and the merger of domestic insurance companies or) domestic reinsurance undertaking with the person
It is not an insurance undertaking or a reinsurance undertaking,
(b) transfer of assets) of the person who carries out no activity other than activity
insurance or reinsurance or activity with the activities related
to the insurance undertaking or reinsurance undertaking as a companion,
(c) the distribution of domestic insurance companies or) domestic reinsurance undertaking with the emergence of
a person who is not an insurance undertaking or a reinsurance undertaking, or
(d) the distribution of domestic insurance companies or) domestic reinsurance undertaking by merging with
a person who is not an insurance undertaking or a reinsurance undertaking.
(4) an insurance undertaking or a reinsurance undertaking Domestic domestic shall send the Czech national
bank note of the invitation to the general meeting, at which the program is
classified negotiations for her conversion.
section 123
The liquidation of the insurance undertaking or of the reinsurance undertaking, domestic, domestic
(1) unless the cancellation of the insurance undertaking or of the reinsurance undertaking, domestic, domestic
its merger with another insurance undertaking or reinsurance undertaking, or its cancellation
the Division, the insurance undertaking or reinsurance undertaking with the liquidation.
(2) the liquidator shall be appointed and dismissed by the Czech National Bank, which leads
list of liquidators.
(3) the amount of the remuneration of the liquidator determines the Czech National Bank at the same time with his
the appointment.
(4) assets, which are technical provisions and assets in the amount of
the requirement for the guarantee fund referred to in section 77, is used preferably for settlement
claims arising from the insurance or reinsurance activities.
(5) for the liquidation of the insurance undertaking or of the reinsurance undertaking, domestic, domestic
It was not before the disposal of withdrawn authorization for the operation of the insurance or
reinsurance activities, the section 116, paragraph. 4 apply mutatis mutandis. The entrance to the disposal of
However, only occurs on the date of the entry into force of the decision, which the Czech
the National Bank of the insurance or reinsurance undertaking to withdraw the authorisation to
the operation of an insurance or reinsurance activities.
(6) in the case of the liquidation of domestic insurance companies must be incurred on the
the basis of the contracts concluded through branches or on the basis of the
the freedom to temporarily provide services performed in the same way as commitments
incurred on the basis of that undertaking's other insurance contracts. This is true
Similarly, in the case of the liquidation of domestic reinsurance.
(7) the obligations arising from the insurance business is operated by satisfy without
regardless of ethnicity, nationality, gender, place of residence or other
similar criteria.
(8) to the deletion of the insurance undertaking or of the reinsurance undertaking, domestic trade, domestic
the register must be consent of the Czech National Bank.
section 124
The liquidator
(1) to the list of liquidators of the Czech National Bank writes only the physical
the person fully svéprávnou, meeting the conditions of trust and that has
higher economic or legal education and practice, or
legal person meeting the conditions of the trust, qualified in
the economy of insurance undertakings or reinsurance undertakings, or person residing,
place of business or registered office in another Member State, which shall be certified
authorisation issued by the competent authority of another Member State, the
activities to carry out, on its proposal. The Commission shall publish the list of liquidators
The Czech National Bank in a manner enabling remote access, and this list
updates depending on the changes.
(2) the scope of the data and documents that is interested to write to this list
the Czech National Bank is obliged to attach to the application for registration, and the range of data
write to the list of liquidators provides for the Ordinance.
(3) a person registered shall be notified without delay to the list of Surveyors of the Czech
the National Bank of the loss of its credibility and any change of information
write to this list. The Czech National Bank the person registered to the
the liquidators shall withdraw from this list, if this person
ceases to comply with any of the conditions referred to in paragraph 1 or
so requests.
(4) the liquidator cannot be appointed as a person who has been or is
Auditor zrušované insurance or reinsurance undertaking, or any
way to audit, participated in, or a person who is or was in this
insurance or reinsurance undertaking or the responsible actuary
the administrator, or has or had a relationship, which could be an obstacle to the
the proper performance of the functions of the liquidator.
(5) the liquidator shall submit to the Czech National Bank without undue delay
financial statements and other statements and documents processed in the course of liquidation
accordance with the law governing the legal relations of companies and
cooperatives, and the written request, the Czech National Bank for more handouts
necessary to assess the activities of the liquidator and the course of the liquidation.
section 125
Disposal of branches of the insurance or reinsurance undertaking from a third State
The provisions of § 123, paragraph. 2 through 5 and section 124 shall apply mutatis mutandis in the case of
liquidation of branches of the insurance undertaking from a third State or a branch of a reinsurance undertaking from
third State established in the territory of the Czech Republic. In the case of insurance undertakings
a third State, which has established its branches in several Member States,
the liquidator shall coordinate its activities with the relevant authorities and persons
responsible for the disposal of branches of insurance undertakings of other Member
States; for the purpose of disposal of such branches shall be considered separately.
PART THE FOURTH
CONFIDENTIALITY
§ 126
Confidentiality
(1) the audit staff of the Czech National Bank credentials to exercise supervision in the
insurance are required to maintain the confidentiality of facts
which they learned in their activities in the framework of supervision in the field of
the insurance industry with the exception of information submitted in generalized or total
form, from which it is not possible to identify the individual person, that
information relates. This obligation continues after the termination of the employment contract
the relationship. The obligation to maintain confidentiality applies even for the members of the Advisory
authorities and other persons involved in the performance of the supervision.
(2) the persons referred to in paragraph 1 shall not use information that
acquired in the performance of their functions or their employment, for himself or for the
another.
§ 127
The obligation to maintain confidentiality of persons involved for an insurance or
reinsurance undertaking and of other persons
(1) the members of statutory and supervisory bodies and the staff of the insurance undertaking, and
reinsurance undertaking, liquidator, administrator, and his representative in accordance with section 100, as well as
the person responsible for an insurance or reinsurance undertaking, insurance
brokers and independent adjusters
maintain the confidentiality of the facts relating to insurance
natural and legal persons. The obligation to maintain confidentiality shall have
These persons even after the completion of the work or other than an employment relationship.
(2) the persons referred to in paragraph 1 shall preserve secrecy about the activities of the
insurance or reinsurance undertakings and related matters, with the exception of
the information given in the summary or general form, from which it is not possible
identify the individual insurance or reinsurance undertaking, and even after the
completion of the work or other than an employment relationship, on the basis of
which of this activity.
(3) a natural person, which, when the liquidation of the insurance or reinsurance undertaking
familiarise themselves with the data, which are subject to the obligation to maintain
confidentiality according to this law, these facts
confidentiality.
§ 128
Exemptions from the obligation to maintain the confidentiality
(1) violation of the obligation of confidentiality laid down in § 127 is not
the provision of information, with the consent of the persons concerned by the data subject, and
the provision of information on written request
and the Czech National Bank) in the exercise of supervision pursuant to this Act,
(b)), the Court
c) Authority participating in criminal proceedings,
(d)) the tax administrator, charge, or any similar financial for
the performance of their management,
(e)) the competent supervisory authority of the Member State or a third State,
If the insurance the insurance company based on the agreed territory
in this State,
(f)) of the Office for protection of economic competition,
(g) social security institutions) in the case of social
Security and contribution to the State employment policy or health
insurance in case the recovery of refunds of the costs of care paid from
health insurance incurred as a result of the infringement
a third person against the policyholder,
(h)) of the Ombudsman in connection with the investigation according to the law
adjusting his scope of ^ 32),
I), national security agency intelligence service or
The Ministry of the Interior in the implementation of safety management according to law
adjusting security eligibility ^ 33),
j) the authority competent to decide on the violation of the obligations of the public
officials under the law governing the protection of classified information and
conflict of interest ^ 34),
to the Office for the protection of) personal data,
l) bailiff pursuant to the Act relating to the judicial
the executors and execution,
provided, that the required information will be subject to the
a specific person and can only be used to fulfill the obligations arising
from the scope of authority or to the authority in accordance with subparagraphs) to (j)).
(2) the written request referred to in paragraph 1 must contain the data from which
It is obvious legitimate reason for this request. The information referred to in paragraph 1
(a). l) provides for the payment of costs with the United.
(3) violation of the obligation of confidentiality laid down in § 126 and 127
There is no exchange of information between the competent supervisory authorities of the Member States and
and the authorities) responsible for the supervision of banks, or
similar credit institutions and other financial institutions and
the authorities responsible for the supervision of financial markets,
(b)) the authorities and persons involved in the liquidation and bankruptcy of insurance undertakings,
(c)) persons responsible for carrying out statutory audits
insurance companies and other financial institutions,
(d)) the responsible insurance mathematics and the authorities responsible for the control
These insurance mathematicians in the performance of their activities,
provided, that the legislation of the State in which they are to be
the information processed, matches the same conditions laid down in this
by law; institutions and persons that have received such information, the
them confidential.
(4) the Czech National Bank without undue delay inform the competent
the supervisory authority referred to in paragraph 3 (b). and every fact) on which the
considers it essential for the supervision of the competent authority. On
request of the competent supervisory authority, the Czech National Bank shall notify
the requesting authority all her known facts including reservations to
the persons.
(5) the information referred to in paragraphs 3 and 4 shall be intended solely for the performance of
supervision. In cases where the information originates in another Member State,
cannot be given to another person, or published without the express
the consent of the competent supervisory authority, which is provided by, or for the
such purposes for which that authority has given its consent. These information
may be disclosed only to a natural person designated by the Office or authority,
which provide such information. This authority or body shall communicate to the
the name of the competent supervisory authority, where appropriate, the name, surname and functional
the inclusion of this natural person qualifying her for the adoption of such information.
(6) a violation of the obligation to maintain the confidentiality notices is not
insurance or reinsurance undertakings made by the competent authorities in case of suspicion
of having committed a crime or misconduct or filing
an explanation or testimony in criminal proceedings, the code of civil
management and administrative management of the insurance or reinsurance undertaking, or
persons working for it, the communication of the information necessary for the management of
the claims of the insurance undertaking or of the communication in the context of the transfer of premium
the tribe of the accepting insurance or in connection with the transfer of the tribe
reinsurance contracts accepting the reinsurance undertaking or the insurance undertaking.
(7) a violation of the obligation of confidentiality is not also the implementation
obligations to the Ministry of finance arising from the law governing the
certain measures against the legalization of proceeds of crime and
the financing of terrorism) or from the ^ 35 of the law on the implementation of the international
^ 36) and sanctions for the purposes of the analysis of the financial market and the preparation of legal
legislation in the area of financial market.
PART THE FIFTH
COMMON PROVISIONS
§ 129
(1) the operation of a non-life insurance, for which there is an obligation to
to conclude the insurance contract law, the administrative proceedings and the
by the insurance company in the investigation of a claim status
the proceedings.
(2) the Ministry of the Interior provides the Czech National Bank for the performance of its
scope of this Act on its request, with all information concerning the
physical persons
and registration information system) of the population of the State of the Czech citizens
of the Republic, foreign nationals with a residence permit in the territory of the Czech Republic and
aliens who have been granted asylum on the territory of the Czech Republic,
(b)) from the registry of social security numbers on natural persons that have been assigned
social security number, but they are not listed in subparagraph (a)).
(3) the information referred to in paragraph 2, the Czech National Bank, is to provide
It is necessary to verify the accuracy or obtain data on physical person
that has under this Act, the Czech National Bank to prove its
integrity or which have been initiated or are to be instituted administrative
proceedings on suspicion of having committed an offence under this Act, or
in the case of the administrative procedure conducted by the Czech National Bank, which is
This natural person participant, or for the fulfilment of other obligations at the
supervision according to this law.
(4) the Ministry of the Interior shall provide, on request, information relating to insurance
the physical person of the information system of the population register, and it
and, where applicable, names) the name, first and last name,
(b)) date of birth or death,
(c) the address of the place of residence),
If such a request is associated with a clustered or her insurance
hedging activities.
(5) the Ministry of the Interior provides the information referred to in paragraphs 2 and 4
in a manner enabling remote access. From this data it can be provided in the
particular case, use only such data which are in the
If necessary.
(6) for the purposes of prevention and detection of insurance fraud and other
the infringement shall inform each other and share insurance
information about the facts relating to the insurance of physical and
legal persons and its mediation, including information on zmocněncích
insurance participants and other persons interested in the harmful or
of the insured event, and through the legal person which is not
an insurance undertaking, a reinsurance undertaking or the insurance provider.
(7) one of whom is the information referred to in paragraph 6, has the right to
request to meet with the data free of charge, which are held about him.
(8) Undertaking accesses data other insurance companies as
It was the information from its own activities.
§ 129a
(1) the insurance company allows on the basis of a written request from an authorized person,
their investigation of insurance events, seen this person in the file
held by an insurance company in connection with this event or the like
a record of the progress of the investigation of the incident and take from him in return for payment
extracts or copies of the records that relate to the reason
the refusal of the granting of indemnity or its calculation. This is not a
without prejudice to the obligation to maintain secrecy about the insurance facts
under section 127.
(2) an insurance undertaking does not comply with the request referred to in paragraph 1, if, on the basis of the
its written query competent authority because of the threat of management
the crime or the hearing of the administrative tort with the consultation of the file
the insurance company shall notify, in writing, their disagreement. The insurance company is required to send
This written request to the competent authority within 30 days from the date of submission of the application
referred to in paragraph 1, if it was in connection with the insured event
initiated criminal or administrative proceedings.
section 130
In the case of a legal person established abroad, which has under this
the Act to substantiate the listing from the commercial register or other similar evidence,
shall be submitted to a public deed, proving the existence of a legal person, and
information about the registration, legal form and name. If this Charter
does not contain the indication of the address of the registered office, statutory bodies or how
meeting the foreign legal person, such other information shall
conclusively. In the event that the statutory authority of a foreign
the legal person is another legal person, shall i extract from the business
Register of legal persons or authentic instrument referred to in the first sentence, which
This is a statutory body.
§ 131
United insurance risks in non-life insurance
(1) Large insurance risks shall mean
and risks within the insurance) insurance non-life
the insurance referred to in part B, points 4 to 7, 11 and 12 of annex 1 to the
This law,
(b) the insured risk falling into) the classes of insurance referred to in part (B)
points 14 and 15 of annex 1 to this Act, if the insured
risks related to the professional activities of the policyholder in the field of industrial
or a business or profession
(c) the insured risk falling into) the classes of insurance referred to in part (B)
points 3, 8, 9, 10, 13 and 16 of annex 1 to this Act, if
the insured person exceeds the limits of at least 2 of the following:
1. total balance sheet of eur 6 200 0000
2. net turnover of eur 12 800 0000,
3. the average annual number of employees 250 for the tax period.
(2) If the insured person belongs to the konsolidačnímu unit, then the overrun
the limits referred to in paragraph 1 (b). (c)) shall be assessed on the basis of the consolidated
of the financial statements.
§ 132
Information obligation in the case of disaster insurance
(1) the insurance company, which runs the insurance activities by insured
non-life insurance sector, relating to the insurance of assets
serving to secure the basic functions in the territory, will provide, if
to natural or other disaster that it is an extraordinary event, on which the
the basis was declared the State of emergency or State of emergency, the Czech national
the Bank, based on her written requests summary information on the number and amount of
the reported damage and on the amount of paid claims for damages
caused to the insured property, as defined by the law governing the State
aid for reconstruction of the territory affected by natural or other disaster ^ 37). By
is without prejudice to the obligation to maintain confidentiality of the facts
relating to insurance of natural and legal persons referred to in this
the law.
(2) the request under paragraph 1 of the Czech National Bank establishes the time limit for
the provision of information and define the part of the territory of the Czech Republic, which the
the information you requested.
(3) the costs associated with the implementation of the obligations referred to in paragraph 1 shall be borne by
the insurance company, which was established the obligation to provide the Czech National Bank
information.
(4) the scope of the summary of the information referred to in paragraph 1, broken down by
the relevant insurance industry will announce the Czech National Bank in the form of
official communication from the Czech National Bank, in the journal of the Czech National Bank.
(5) the Czech National Bank passes continuously information pursuant to paragraph 1 in the
the summary form of the Ministry of finance, and it means that allow remote
access.
section 132a
Compulsory insurance
(1) if the legislation of a Member State the obligation to negotiate certain
insurance, this obligation is met only if the insurance
contract in accordance with the legislation of the Member State which
This private insurance. If the insurance risk to the
the territory of several Member States, applies to the insurance contract law of Member
State obligation to negotiate certain insurance stores.
(2) where, in a Member State which imposes the obligation to negotiate certain
insurance the insurance undertaking of the obligation to notify, imposed the legitimate authorities of the
any cessation of private insurance, then this may be against extinction
injured third parties only under the conditions of the insurance company namítán
laid down by the legislation of that State.
section 133
The exchange of information between the competent supervisory authorities
(1) the Czech National Bank is authorised to conclude the agreement on cooperation
to ensure that the conditions laid down in this law, the exchange of information with
the competent supervisory authority of another State.
(2) the Czech National Bank is entitled to information received by the
paragraph 1, use only
and for the control of compliance with conditions) for the initiation of the business of insurance and
to control this activity, in the monitoring of technical provisions,
solvency, administrative procedures and accounting procedures and internal
control systems,
(b)) in the proceedings before the Czech National Bank, or
(c)) in the court proceedings.
(3) the information received under paragraph 1 and the information obtained in the performance of
the-spot checks may be made only with the express consent of the Czech
National Bank or the competent supervisory authority of the Member State in
This check was carried out, and only for such purposes, for
that authority has given its consent.
§ 134
The information provided by the Commission of the European communities
(1) the Czech National Bank, inform the Commission of the European communities
information relating to insurance in accordance with the relevant
the provisions of the legislation of the European Communities ^ 1) or on its
request if this information have a direct relationship to its scope in
the insurance industry.
(2) the Ministry of finance informs the Commission of the European communities
the information referred to in paragraph 1, if such information have a direct relationship to the
its competence in the insurance industry.
§ 135
Advertising
An undertaking from another Member State from a third State and the undertaking is a
the same conditions as domestic insurance company authorized to use in the case of
advertising of their services, all available means of communication.
PART SIX
ENABLING, TRANSITIONAL AND FINAL PROVISIONS
§ 136
(1) adjusted by a decree of the Czech National Bank
and) the requirements for the management and control system (section 7 (3)),
(b) the form and content of document) accompanying the application for the grant of authorisation to
the operation of
1. domestic insurance business insurance company (section 15 (4)),
2. the insurance activities of the insurance undertaking from a third State (article 34, paragraph 4),
3. domestic reinsurance reinsurance company (§ 37 (4)),
4. the reinsurance the reinsurance undertaking from a third State (article 48 (4)),
(c) the form and content of document) accompanying the application for approval to the acquisition
or increase qualifying holdings in the domestic insurance undertaking (section 25 (7))
and in the domestic reinsurance undertaking (section 43 (7)),
(d)) form, terms and way of presenting statistical information in accordance with §
paragraph 31. 3,
(e)), the form and method of presentation of the proprieties of the statement about the work and the amount of
the technical reserves, including the period for which this statement is to be
processed, and of the time limits to which is to be submitted to the Czech National Bank (§
55 paragraph. 1),
(f)) method, which provides for the calculation of the amount of the technical
reserves and the conditions of the pumping (section 64 (1)),
g) procedure specifies the maximum amount of the technical interest rate (section 65
paragraph. 4),
h) limits for each item the financial composition and the conditions under
You can use these items to include in the composition of financial investments (§ 74
paragraph. 1),
I) presentation, form and particulars of the statement of the composition of the financial
the location, including the period for which this report has to be processed, and
the deadline, which is to be submitted to the Czech National Bank (section 74, paragraph 5),
j) enumeration of the items, which is calculated and the rate available
the solvency and the method of calculating the available and required degree
solvency, including the items that can be included in the calculation, or
deducted only when compliance with the conditions laid down by Decree (article 76, paragraph.
3),
k) the form, content, the proportional distribution of the share capital of communication and
request for change of the proportional distribution of the share capital (§
paragraph 76. 7),
l) enumeration of items that can be included in the guarantee fund (section 77, paragraph.
5),
m) the method of calculation of the adjusted solvency margin (section 79 (1)),
n) method of submission, form and requirements for solvency statement (§ 79
paragraph. 4),
on the form and particulars) responsible actuarial reports pursuant to section
paragraph 81. 6,
p) range, way and terms of the disclosure of the information referred to in section 82, paragraph. 7,
r) way of submission of information pursuant to section 85, paragraph. 2 (a). and (b)),)
elements, form, structure, terms, the method and time limits for the submission of
interim reports on activity under section 85, paragraph. 2 (a). (c)) and other
information pursuant to section 85, paragraph. 3 (section 85, paragraph 6)
with the content, form,) breakdown, terms and manner of presentation of information
necessary for the performance of supervision in the Group (section 90 (7)),
t) range of data and documents, which is interested in writing to the list of administrators
the Czech National Bank is obliged to submit the enrollment request to the
list, and the range of data to be written to the list of administrators by (§ 100
paragraph. 2)
the scope of the information and documents) to demonstrate compliance with the operating
the assumptions for the management of the transferred portfolio or its parts [§
paragraph 104. 4 (b). and)] and for the management of the transferred portfolio
contracts or part of [section 107, paragraph 4 (a))],
in the scope of information on the activities) of the insurance undertaking from a third State and of the reinsurance undertaking
from a third country on the territory of the Czech Republic submitted to the Czech national
the Bank, the method and time limits for their submission (section 115)
w) the contents and requirements of the documents submitted to the application for consent
transformation (article 122, paragraph 2),
x range of data and documents), which is the lead of the list
liquidators of the Czech National Bank is obliged to submit the enrollment request to the
This list, and the range of data to be written to the list of liquidators (section
paragraph 124. 2).
(2) the Czech National Bank is entitled to from the submission of statements or
the information referred to in paragraph 1 (b). d), (e)), i), p, r)),) and in)
may be waived or the time limit for their submission, if such a statement
or the information is not meaningful for objective reasons.
(3) by a decree of the Czech National Bank adjusts conditions and organizational
the conditions for the submission of statements or information referred to in paragraph
1 (a). d), (e)), i), p, r)),) and in).
§ 137
(1) the authorisation granted to the insurance undertaking of the insurance undertaking or domestic third
State to operate insurance activities and activities related
According to Act No. 363/1999 Coll., on insurance and amending certain
related laws (the Insurance Act), as amended by the effective date of the
the entry into force of this Act (hereinafter referred to as "the former Act"), under the
the life insurance industry, the insurance is considered to be authorization to
operation of the business of insurance and insurance-related activities
activities under this Act, to the extent of the insurance sector
life insurance specified in the authorization. The Czech National Bank will issue this
the insurance company within 6 months from the date of entry into force of this Act
certificate, stating the new designation of the insurance life
the insurance referred to in part A of annex 1 to this Act, to the extent
authorisation to pursue the activity of insurance issued by an insurance company.
(2) the certificate referred to in paragraph 1 marks the Czech National Bank insurance
sectors referred to in point 1 of part A of the annex No. 1 to the actual law as
the insurance industry referred to in part A, point I (a). and annex No. 1) to the
This law. The insurance industry referred to in part A, point 2 of Annex No. 1 to the
previous law designates as the class of insurance referred to in part A, point
(II) of annex 1 to this Act. The insurance industry referred to in part A
point 3 of the annex No. 1 to the actual law as the insurance industry
referred to in part A, point (I) (a). (b)) Annex No. 1 to this Act.
The insurance sector referred to in point 4 of part A of annex 1 to the regulation
the law designates as the insurance industry referred to in part A, point III of the annex
No 1 to this Act. The insurance industry referred to in part A, point 5 (a).
and annex No. 1) created the law designates as the insurance industry
referred to in part A, point VI of annex 1 to this Act. The insurance
the industry referred to in part A, point 5 (a). (b)), and (c)) of the annex No. 1 to the
previous law designates as the class of insurance referred to in part A, point
(VII) of annex 1 to this Act. The insurance industry referred to in part A
point 5 (a). (d)) of the annex No. 1 to the actual law as insurance
the industry referred to in part A, point IX of annex 1 to this Act.
The insurance industry referred to in part A, point 6 of annex 1 to the regulation
the law designates as the class of insurance referred to in part A, point (I) (a). (c))
Annex No 1 to this Act.
(3) a permit granted to the insurance undertaking of the insurance undertaking or domestic third
State to operate insurance activities and related activities
insurance activities under the existing law, according to the insurance industry
non-life insurance or group of such sectors is considered
authorisation to pursue the activity of insurance and related activities
insurance activities under this Act, to the extent of insurance
non-life insurance sectors or groups specified in the authorization. Czech
the National Bank shall issue within 6 months from the date of entry into force of this Act
the insurance company, which runs the insurance business under the insurance
sector or group of non-life insurance, in which there has been
This law change, the certificate stating the new designation
the insurance industry or groups of non-life insurance under part (B) and (C)
Annex No 1 to this Act, and in the scope of an authorisation to operate the
insurance activities issued by the insurance company.
(4) the certificate referred to in paragraph 3 marks the Czech National Bank insurance
the sectors listed in part B, point 6 (a). and no. 1) of the annex to Regulation
Act as the insurance industry referred to in part B, point 6 (a). and (b)))
Annex No 1 to this Act. The insurance industry referred to in part B, point 6
(a). (b)) Annex No. 1 to the actual law as the insurance industry
referred to in part B, point 6 (a). (c)) of the annex No. 1 to this Act.
The insurance industry no. 10 (a). (b)) part B of the annex No. 1 to the previously used
the law designates as the insurance industry no. 10 (a). (c)) part B of the annex No. 1
to this Act. The insurance industry no. 10 (a). (c)) part B of Annex No. 1 to the
previous law designates as the insurance industry no. 10 (a). (b)), part B
Annex No 1 to this Act. A group of non-life insurance (c))
part C of Annex No. 1 to the previously used the law as a group
non-life insurance the letter e) part C of annex 1 to this Act.
A group of non-life insurance the letter d) part C of the annex No. 1 to the
previous law designates as a group of non-life insurance (c))
and (d)) part C of annex 1 to this Act. A group of non-life
insurance letter e) part C of the annex No. 1 to the actual law marks
as a group of non-life insurance the letter f) part C of the annex No. 1 to the
This law. A group of non-life insurance the letter f) in part (C) of the annex
No. 1 to the previously used the law as a group of non-life insurance
the letter g) in part C of annex 1 to this Act. A group of non-life
insurance letter g) part C of the annex No. 1 to the actual law marks
as a group of non-life insurance the letter h) part C of the annex No. 1 to the
This law.
(5) the authorisation granted to the insurance undertaking of the insurance undertaking or domestic third
State to the pursuit of reinsurance activities and activities related to
hedging activities in accordance with the existing law, according to the insurance industry
life insurance shall be deemed to permit the operation of the locking
activities in life reinsurance.
(6) the authorisation, granted by the domestic insurance undertaking or the insurance undertaking from a third
State to the pursuit of reinsurance activities and activities related to
hedging activities in accordance with the existing law, according to the insurance industry
or groups of non-life insurance shall be deemed to permit
the pursuit of reinsurance business in non-life reinsurance.
(7) the authorisation granted to the insurance undertaking of the insurance undertaking or domestic third
State to the pursuit of reinsurance activities and activities related to
hedging activities in accordance with the existing law, according to the insurance industry
life insurance and at the same time, according to the insurance industry or groups
non-life insurance shall be deemed to permit the operation of
reinsurance activities for all types of reinsurance activities.
(8) the Czech National Bank shall issue within 6 months from the date of entry into force of
This Act of domestic insurance undertaking or the insurance undertaking from a third State
certificate, stating the new designation of authorized reinsurance
referred to in paragraphs 5 to 7 of this law.
§ 138
(1) an insurance undertaking or a reinsurance undertaking which has received the certificate of the Czech
the National Bank issued pursuant to section 137, shall within 2 months from the date of delivery of the
This certificate all descriptions she operated activities into compliance
with this certificate. This certificate is considered to be the instrument of
the facts that are to be entered in the commercial register according to the
the law governing the legal relations of commercial companies and cooperatives.
(2) Domestic insurance undertaking or reinsurance undertaking which is a national shall be entitled to
carry out reinsurance activities on the basis of a permit to operate
reinsurance issued in accordance with the existing law, adjusts to 2 years
from the date of entry into force of this law, its reinsurance activities in the
accordance with this law. In this period of time shall submit to the Czech National Bank
the information referred to in section 37, paragraph. 3 (b). and) and information under section 37, paragraph. 3 (b). (f))
points 4 and 5.
(3) Domestic insurance company or an insurance undertaking from a third State, which was to
date of entry into force of this law shall be entitled to conduct reinsurance
only in the form of facultative reinsurance in accordance with the existing law,
shall not later than 6 months from the date of entry into force of this
the Czech National Bank Act, submit a request for the grant of authorisation to
the pursuit of reinsurance business under this Act, or
exit. The Czech National Bank decides on the granting of a permit to operate
reinsurance activities after prokázaní meet the conditions laid down in this
by the law.
section 139
(1) the lists responsible actuarial, administrators and liquidators
According to the existing law shall be construed as the lists responsible insurance
mathematicians, administrators and liquidators in accordance with this Act.
(2) the Administration established pursuant to the existing law, which has not been to
date of entry into force of this law shall be completed by the end
the existing law.
(3) the infringement of the obligations laid down in the previous law shall be assessed in accordance with
the existing law. The decision of the Ministry of finance or the Czech
national banks, issued before the date of entry into force of this Act in the
violation of the obligations laid down by the previous case law, proceed
According to the existing law.
(4) the procedure for the imposition of measures to rectify identified shortcomings or
the imposition of sanctions, which was started before the date of entry into force of this
the law, in accordance with the existing law shall be completed and measures to remedy or
penalties shall be imposed in accordance with the existing law.
(5) the procedure for the grant of authorisation, registration and management for approval
or on the granting of prior consent of the initiated not later than 3 months before the
date of entry into force of this law shall be completed in accordance with existing
the law.
§ 140
(1) Domestic insurance company, reinsurance undertaking or the insurance undertaking domestic from the third
the State shall create its technical provisions in accordance with this law
not later than 6 months from the date of entry into force of this Act. This is not a
without prejudice to paragraph 2.
(2) the difference between the amount of equalisation reserves established in accordance with the existing
the law and the amount of the Equalization reserve created pursuant to this Act
domestic insurance undertaking, a reinsurance undertaking or an insurance undertaking domestic from the third
State dissolve, and this at a time, starting with the financial year ending in the year,
which came into effect this law, but not later than the end of the accounting
period ending after the day on which expires 60 months from the date of acquisition
the effectiveness of this Act. If the insurance company decides for one-time
the dissolution of excess reserves in the year in which they became effective this
the law must dissolve in the reserve amounts are equally distributed to the
individual years.
(3) an insurance holding person and persons belonging to this group
insurance holding persons shall bring their activities into compliance with section 79
not later than 31 December 2006. December 2010. Insurance holding a person shall submit to the
within 2 months from the date of entry into force of this Act, the Czech
the National Bank documents proving the integrity and experience of the persons in the
its leadership under section 92.
(4) the reinsurance undertaking from another Member State, established on the
the territory of the Czech Republic before the date of entry into force of this Act
considered a branch of such reinsurance undertaking established under this Act.
(5) a reinsurance undertaking from a third State, which, before the date of entry into force of
This law set up on the territory of the Czech Republic of its organizational
folder, shall within 6 months from the date of entry into force of this Act, the Czech
the National Bank of the application for the grant of a permit to operate the locking
the activities under section 47, with the exception of the reinsurance undertaking from a third country listed in section
paragraph 48. 3.
(6) The date of receipt of book-entry registration and immobilized securities
securities led the securities central depository Centre for
the purpose of section 10, paragraph 1. 1 (a). (d)), section 10 (1). 3 and 4, an employee of the Central
the depositary shall mean an employee of the securities Centre.
(7) the National insurance company, whose share capital is at the date of acquisition
the effectiveness of this Act is less than the amount required under section 18
This law, raises its capital to at least the level of the
required by section 18 of this Act, and within 2 years from the date of
the entry into force of this law. In the case of failure to comply with this obligation
the Czech National Bank shall proceed in accordance with § 116, paragraph. 2 (a). and) or under section
paragraph 118. 1 (a). and this law, and) depending on the amount of
the share capital of domestic insurance companies on the expiry of the time limit for
the increase.
§ 141
Shall be repealed:
1. Act No. 316/2001 Coll., amending Act No. 363/1999 Coll., on the
insurance and amending certain related laws (the law on the
the insurance industry), as amended by law no 159/2000 Sb.
2. Decree No. 303/2004 Coll., implementing certain provisions of
the law on the insurance industry.
3. Decree No. 96/2006 Coll., amending Decree No. 303/2004 Coll.
implementing some of the provisions of the law on insurance.
4. Decree No. 458/2006 Coll., amending Decree No. 303/2004 Coll.
implementing some of the provisions of the Insurance Act, as amended by
Decree No. 96/2006 Sb.
PART SEVEN
The EFFECTIVENESS of the
section 142
This law shall enter into force on 1 January 2005. January 1, 2010.
in the from the. r. Němcová in
Klaus r.
Fischer v. r.
Annex 1
The industry and the group insurance
Part And
Life insurance industry
I. Insurance
and, in case of death) for survival, for the case of survival
stipulated age or an earlier death, life, with payment of the
of premiums,
(b)) of the pension,
(c) an accident or sickness insurance) as supplementary insurance to insurance
in accordance with this section.
II. The wedding insurance or insurance funds on the nutrition of children.
III. the insurance referred to in point (I) (a). and (b))) and (II), which are
associated with the investment fund.
IV. Permanent health insurance, referred to in article. 2 (2). 1 (a). (d))
The European Parliament and of the Council 2002/83/EC governing the
Insurance ^ 1).
The contributions paid in Capitalization. Contributor group and subsequent
distribution of accumulated assets among the survivors of the contributor, or between
person authorized to the deceased contributors.
VI. Capital Redemption based on actuarial calculation whereby the
are against a one-off or periodic payments agreed in advance
accepted commitments with a fixed duration, and in the specified amount.
VII. Management of group pension funds, including insurance
to secure the conservation of capital or payment of a minimum interest rate
the yield.
VIII. the activities referred to in article. 2 (2). 2 (a). e) directive of the European
Parliament and of the Council 2002/83/EC governing life insurance ^ 1).
IX. Insurance relating to the length of human life which is adjusted
legislation on social insurance, if the law allows
the implementation of an insurance company on its own account.
Part (B)
Non-life insurance industry
1. accident insurance
and, once)
(b) in complying with the nature of the refund) injury
(c)) with a combined discharge of,
d) passengers.
2. Sickness insurance
and, once)
(b) in complying with the nature of the refund) injury
(c)) with a combined discharge of,
d) private health insurance.
3. Insurance for the damage on the ground means of transport other than
railway vehicles
and motor),
(b) non-motorised).
4. Insurance of damage to railway vehicles.
5. Insurance for damage to air transport.
6. Insurance for damage to vessels
and the river and Canal),
(b)) Lake,
(c)).
7. the insurance of the goods including luggage and other property without
regardless of the means of transport used.
8. Insurance for damage to property other than that referred to in paragraphs 3 to 7
caused by
and fire)
(b)),
(c)),
d) natural elements other than storm (such as lightning, flood,
the flood)
e) nuclear energy,
f) land subsidence.
9. Insurance for other damages to property other than that referred to in paragraphs 3 to 7
incurred by hail or frost or other safety hazards
(e.g., robbery, theft, or damage caused by the wild beasts), if they are not
This included in point 8, including the insurance of economic damage
animals caused by infection or other safety hazards.
10. Liability insurance for damage resulting
and the operation of the motor from the ground) and his trailer,
(b)) of the activities of the carrier,
(c)) from the operation of the vehicle overhead.
11. Liability insurance for damage arising from the ownership or use of
the means of transport, including the air carrier's liability.
12. Liability insurance for damage arising from the ownership or use of
River, Lake průplavového, or naval vessels, including the
the liability of the carrier.
13. General liability insurance for injury other than that indicated in the
sectors of no 10 to 12
and) responsibility for environmental damage,
(b)) the responsibility for the damage caused by nuclear facilities,
(c)) the responsibility for the damage caused by a defect in the product,
(d)) the other.
14. Credit insurance
and the General insolvency),
(b)) export credit,
(c) payment of loan)
d) mortgage loan,
(e) agricultural credit).
15. Insurance guarantee (deposit)
and guarantees, direct)
b indirect guarantees).
16. the insurance of various financial losses resulting
and the profession),
(b) the lack of income)
(c)) from bad weather conditions,
(d)) for loss of profits,
(e)) of the fixed costs,
(f)) of the unforeseen business expenses,
(g)) for loss of market value,
(h)) for loss of a regular source of income,
I) from other indirect business financial loss,
(j)) from other financial losses.
17. Legal expenses insurance.
18. Insurance assistance to persons in distress during travel or stay outside
the place of his residence, including the insurance of financial losses immediately
related to travel.
Part (C)
Non-life insurance group
and) "accident and health insurance" for the sectors referred to in part B, points 1 and
2,
(b)) "motor insurance" for the sectors referred to in part (B) of point 1
(a). (d)), paragraphs 3, 7 and 10,
(c)) "Marine and transport insurance" for the sectors referred to in part (B) of point 1
(a). (d)), paragraphs 4, 6, 7 and 12,
(d)) "aviation insurance" for the sectors referred to in part (B) of point 1 (a). (d)),
points 5, 7 and 11,
(e)) "insurance against fire and other property damage" to the industry
referred to in part B, points 8 and 9,
(f)) "liability insurance" for the sectors referred to in part (B)
points 10, 11, 12 and 13,
g) "credit insurance and guarantees" for the sectors referred to in part B, points 14 and
15,
(h)) "Summary non-life insurance" for all the sectors referred to in part (B)
items 1 to 18.
Annex 2
The distribution of the insurance industry for the reporting of insurance enterprises
I. the assurance referred to in part A of annex 1 to this Act, with the exception of
the insurance referred to in subparagraphs (II) to (IV) and (VII).
II. the insurance referred to in part A, point (II) of annex 1 to this Act.
III. the insurance referred to in part A, point IV of annex 1 to this Act.
IV. Permanent health insurance.
The contributions paid in Capitalization. Contributor group and subsequent
distribution of accumulated assets among the survivors of the contributor, or between
person authorized to the deceased contributors.
VI. the activities referred to in point VI of annex 1 to this Act.
VII. Management of group pension funds, referred to in part A, point (VII)
Annex No 1 to this Act.
VIII. Activities carried out by the insurance companies referred to in Chapter 1, Title
4, Book IV of the French "Code des Assurances".
IX. Insurance relating to the length of human life which is adjusted
social insurance legislation, if it is performed or managed by
insurance company on its own account in accordance with the legislation of the Member
State.
X. accident insurance and insurance in case of disease referred to in part (B)
points 1 and 2 of annex 1 to this Act.
XI. the insurance on motor vehicles referred to in part B, points 3,
7 and 10 of annex 1 to this Act.
XII. Insurance against fire and other property damage referred to in part (B)
points 8 and 9 of annex 1 to this Act.
XIII. Insurance of damage to railway vehicles, aviation, maritime, and transport
the insurance referred to in part B, points 4 to 7, 11 and 12 of annex 1 to the
This law.
XIV. General liability insurance referred to in part (B) of section
13 of annex 1 to this Act.
XV. Credit insurance and insurance of guarantee referred to in part B, points 14 and 15
Annex No 1 to this Act.
XVI. other insurance referred to in part (B), paragraphs 16, 17 and 18 of the annex No.
1 to this Act.
Selected provisions of the novel
Article. LXI Act No 420/2011 Sb.
Transitional provisions
1. the authorization granted by the Czech National Bank in accordance with the existing laws,
legislation is deemed to be an authorization granted pursuant to Act No. 277/2009 Sb.
in the version effective as from the date of entry into force of this law.
2. the proceedings initiated before the date of entry into force of this law and in the
on this day the executor completes and the rights and obligations
related shall be assessed in accordance with the existing legislation.
Article. (IV) of the Act No. 99/13 Sb.
The transitional provisions of the
If there is a change in the conditions of the insurance contract concluded prior to the date of
the effectiveness of this law, to which the consent of the parties is required,
which is granted on the date of entry into force of this law, or later, and
This change in application of the principle of equal treatment leads to change
insurance or indemnity, the insurance undertaking is required to make an adjustment
technical provisions reflecting this change.
Article. LXXXVI of Act No. 303/2013 Sb.
The transitional provisions of the
Authorisation to pursue the activity of insurance granted for insurance
the sector referred to in annex 1, part B, to the Act No 227/2009 Coll., in
the texts of the effective prior to the date of entry into force of this law, shall be construed as
authorisations granted for insurance sector referred to in annex 1, part B
Act No. 277/2009 Coll., as amended, effective from the date of entry into force of
of this law.
1) first Council Directive 73/239/EEC of 24 June 1993. July 1973 on the coordination of
laws and regulations relating to access to the activity in
direct insurance other than life assurance and its performance, as amended by directives
Council 76/580/EEC, 84/641/EEC, 87/343/EEC, 87/344/EEC, 88/357/EEC,
90/357/EEC, 90/618/EEC, 92/49/EEC, directives of the European Parliament and of the Council
95/26/EC, 2000/26/EC, 2002/13/EC, 2002/87/EC, 2005/1/EC, 2005/68/EC and
2006/101/EC.
Council Directive 78/473/EEC of 30 June. May 1978 on the coordination of laws, regulations and
administrative provisions relating to community co-insurance.
Seventh Council Directive 83/349/EEC of 13 September 1993. June 1983 based on the article.
paragraph 54. 3 (b). (g)) of the Treaty on consolidated accounts in
the texts of Council Directives 89/666/EEC, 90/604/EEC, 90/605/EEC, 2006/99/EC,
directives of the European Parliament and Council Directive 2001/65/EC, 2003/51/EC and
2006/46/EC.
Council Directive 84/641/EEC of 10 June. December 1984, amending the first
Directive 73/239/EEC on the coordination of laws, regulations and administrative provisions
relating to the business of direct insurance other than life assurance
and its performance, and in particular in relation to the assistance for
the tourists.
Council Directive 87/343/EEC of 22 July 1993. June 1987 amending the first
Directive 73/239/EEC on the coordination of laws, regulations and administrative provisions
relating to the business of direct insurance other than life assurance
and its performance in relation to insurance, credit and suretyship insurance.
Second Council Directive 88/357/EEC of 22 July 1993. June 1988 on the coordination of
laws, regulations and administrative provisions relating to direct insurance other
than life assurance, laying down provisions to facilitate the effective exercise of the
freedom to provide services and amending Directive 73/239/EEC, as amended by
Council directives 90/618/EEC, 92/49/EEC, directives of the European Parliament and of the
Council Directive 2000/26/EC and 2005/14/EC.
Council Directive 90/618/EEC of 8 December. November 1990, amending
Directive 73/239/EEC and Directive 88/357/EEC on the coordination of laws, regulations and
administrative provisions of the Member States in respect of direct insurance
other than life, in particular in relation to insurance against civil
liability from the operation of motor vehicles.
Council Directive 91/371/EEC of 20 December. June 1991 on the implementation of the agreement between the
The European Economic Community and the Swiss Confederation concerning direct
insurance other than life assurance.
Council Directive 91/674/EEC of 19 December. December 1991 on the annual accounts of
accounts and consolidated accounts of insurance undertakings, as amended by
directives of the European Parliament and of the Council 2003/51/EC and 2006/46/EC.
Council Directive 92/49/EEC of 18 June. June 1992 on the coordination of laws, regulations and
administrative provisions relating to direct insurance other than life
and amending Directives 73/239/EEC and 88/357/EEC (third non-life directive
insurance), as amended by the directives of the European Parliament and Council Directive 95/26/EC,
2000/64/EC, 2002/87/EC, 2005/1/EC, 2005/68/EC and 2007/44/EC.
European Parliament and Council Directive 95/26/EC of 29 April 2004. June 1995,
amending Directive 77/780/EEC and 89/646/EEC on credit
institutions, Directive 73/239/EEC and 92/49/EEC on the other than life
insurance, directives 79/267/EEC and 92/96/EEC on life insurance,
Directive 93/22/EEC on investment firms and Directive 85/611/EEC on the
undertakings for collective investment in transferable securities
(UCITS), as amended by European Parliament and Council Directives 2000/12/EC and
2002/83/EC.
European Parliament and Council Directive 98/78/EC of 27 June 2002. October 1998 on the
supplementary supervision of insurance undertakings and reinsurance undertakings in an insurance and
reinsurance group, as amended by the directives of the European Parliament and of the Council
2002/87/EC, 2005/1/EC and 2005/68/EC.
European Parliament and Council Directive 2000/26/EC of 16 December 2002. May 2000
on the approximation of the laws of the Member States relating to insurance
the civil liability of the use of motor vehicles and amending
Council Directives 73/239/EEC and 88/357/EEC (fourth directive on insurance
motor vehicles), in the wording of Directive of the European Parliament and of the Council
2005/14/EC.
European Parliament and Council Directive 2001/17/EC of 19 July 1999. March 2001
on the reorganisation and winding up of insurance undertakings.
Directive of the European Parliament and of the Council 2002/13/EC of 5 July 2004. March 2002,
amending Council Directive 73/239/EEC as regards requirements for peace
solvency of non-life insurance.
Directive of the European Parliament and of the Council 2002/47/EC of 6 May 2003. June 2002
on financial collateral agreements.
Directive of the European Parliament and of the Council 2002/83/EC of 5 July 2004. November
2002 concerning life assurance, as amended by Council Directive 2004/66/EC directives
European Parliament and Council Directive 2005/1/EC, 2005/68/EC, 2006/101/EC,
2007/44/EC and 2008/19/EC.
Directive of the European Parliament and of the Council 2002/87/EC of 16 December 2002. December
2002 on the supplementary supervision of credit institutions, insurance undertakings and
investment firms in a financial conglomerate, and amending Council directive
73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and
European Parliament and Council Directive 98/78/EC and 2000/12/EC, as amended by
directives of the European Parliament and Council Directive 2005/1/EC and 2008/25/EC.
Directive of the European Parliament and of the Council 2002/92/EC of 9 December 1999. December
2002 on insurance mediation.
Council Directive 2004/66/EC of 26 April 1999. in April 2004, which is due to
the accession of the Czech Republic, Estonia, Cyprus, Latvia, Lithuania,
Hungary, Malta, Poland, Slovenia and Slovakia to the governing directive
European Parliament and Council Directive 1999/45/EC, 2002/83/EC, 2003/37/EC and
2003/59/EC and Council Directive 77/388/EEC, 91/414/EEC, 96/26/EC, 2003/48/EC
and 2003/49/EC in the fields of free movement of goods, free movement of services,
Agriculture, transport policy and taxation.
European Parliament and Council Directive 2005/1/EC of 9 December 1999. in March 2005,
amending Council Directive 73/239/EEC, 85/611/EEC, 91/675/EEC,
92/49/EEC and 93/6/EEC and European Parliament and Council Directive 94/19/EC,
98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83/EC and 2002/87/EC in order to
the introduction of a new organisational structure for financial services committees.
European Parliament and Council Directive 2005/68/EC of 16 December 2002. November
2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as the
directives 98/78/EC and 2002/83/EC, as amended by the directives of the European Parliament and of the
Council 2007/44/EC and 2008/37/EC.
European Parliament and Council Directive 2007/44/EC of 5 July 2004. September 2007,
amending Council Directive 92/49/EEC and directives 2002/83/EC,
2004/39/EC, 2005/68/EC and 2006/48/EC as regards procedural rules and
the evaluation criteria for the prudential assessment of acquisitions and increase of
participation in the financial sector.
2) Law No. 54/1956 Coll., on sickness insurance of employees, as amended by
amended.
Law No. 187/2006 Coll., on sickness insurance, as amended
regulations.
Act No. 155/1995 Coll., on pension insurance, as amended
regulations.
Act No. 42/1994 Coll. on supplementary pension insurance with State contribution and
about changes to certain laws related to its introduction, in the text of the
amended.
Act No 340/2006 Coll., on the activities of institutions for occupational retirement provision
insurance of the Member States of the European Union and other States which are
Contracting Party to the agreement on the European economic area, on the territory of the
The Czech Republic and on an amendment to Act No. 48/1997 Coll., on public health
insurance and amending and supplementing certain related laws, as amended by
amended, as amended by law No 248/2008 Sb.
Law No. 266/2006 Coll., on accident insurance of the employees, as amended by
amended.
Act No. 48/1997 Coll., on public health insurance and amending and
addition of related laws, as amended.
3) Article. 3 points 7 and 8 of the European Parliament and Council Directive 2002/83/EC.
Article. 4 of Council Directive 73/239/EEC, as amended by Directive 84/641/EEC, and the Act of
the accession of Spain and Portugal.
4) section 41a and subs. Act No. 21/1992 Coll., on banks, as amended
regulations.
5) section 128 et seq.. Act No. 256/2004 Coll., on business in the capital
the market, in the wording of later regulations.
6) section 3 of the Act No. 377/2005 Coll., on the supplementary supervision of banks,
spořitelními and úvěrními associations, electronic money institutions,
insurance companies and traders in securities in the financial conglomerates directive
and amending certain other acts (the Act on financial conglomerates).
7) point 6 of section A of annex I to Directive of the European Parliament and of the Council
2004/39/EC.
8) section 193 of the Act No. 256/2004 Coll., on business on the capital market, in
the text of law no 409/2010 Sb.
9) Law No 377/2005 Coll., as amended.
10) Act No. 38/2004 Coll., on insurance intermediaries and
separate likvidátorech claims and about the change of trade
law (law on insurance intermediaries and likvidátorech
insurance claims), as amended.
11) § 5 (3). 2 (a). and Act No.) 101/2000 Coll., on the protection of personal
data and on amendment to certain acts, as amended by law No 439/2004 Sb.
12) Law No. 269/1994 Coll., on criminal records, as amended
regulations.
section 42, paragraph 13). 4 of Act No. 37/2004 Coll., on insurance contracts and amending
related acts (the Act on insurance contracts).
14) Article. 10 Council Directive 73/239/EEC, as amended by Council Directive 92/49/EEC.
Article. 40 of the European Parliament and Council Directive 2002/83/EC.
15) Council Directive 91/371/EEC.
section 18, paragraph 16). 3 of the Act No. 168/1999 Coll., on liability insurance
damage caused by operation of the vehicle and on the amendment of certain related
laws (the law on the liability insurance of the vehicle), as amended by
amended.
17) Act No. 37/2004 Coll., as amended.
18) Article. 56 European Parliament and Council Directive 2002/83/EC of 5 July 2004.
November 2002 concerning life assurance, as amended by Directive
European Parliament and Council Directive 2006/101/EC.
section 18, paragraph 19). 6 of Act No. 168/1999 Coll., as amended by Act No. 47/2004 Sb.
21) section 3 (b). (g)) of Act No. 37/2004 Coll.
22) section 13a of the Act No. 37/2004 Coll., as amended.
23) Act No. 168/1999 Coll., as amended.
24) section 16 of Act No. 37/2004 Coll.
for example, 25) § 16. 3 of Act No. 37/2004 Coll.
§ 9 (2). 3 of the Act No. 168/1999 Coll., as amended.
26) § 381 of Act No. 182/2006 Coll., on bankruptcy and the ways of its solution
(insolvency law).
27) Act No. 563/1991 Coll., on accounting, as amended.
Decree No 502/2002 Coll., which implements certain provisions of the Act
No. 563/1991 Coll., on accounting, as amended, for the accounting
units which are insurance companies, as amended.
28), for example, section 23 of Act No. 93/2009 Coll. on Auditors and amendment
Some laws (law on Auditors).
for example, law No 29). 253/2008 Coll., on certain measures against the
the legalization of proceeds from crime and the financing of terrorism.
30) Act No. 552/1991 Coll., on State control, as amended
regulations.
31) Article. 2 (a). (c)) the European Parliament and Council Directive 2001/17/EC.
32) Law No. 349/1999 Coll., on the public Ombudsman, in the text of the
amended.
33) Law No 412/2005 Coll., on the protection of classified information and on the
security, as amended.
34) Act No. 159/2006 Coll. on conflicts of interest, as amended
regulations.
35) Law No 253/2008 Sb.
36) Law No 69/2006 Coll., on the implementation of international sanctions.
section 2, paragraph 37). 5 of law No 12/2002 Coll., on the State to help rebuild the territory
affected by natural or other disaster, and on the amendment of Act No. 363/1999
Coll. on insurance and amending certain related laws (the law on the
the insurance industry), as amended, (the law on State aid
reconstruction of the territory), as amended by Act No. 347/2005 Sb.
section 55, paragraph 38). 2 Act No. 256/2004 Coll., as amended by Act No. 230/2008
Coll. and Act No. 188/2011 Sb.
39) section 97 of the law on investment companies and investment funds.