About Insurance

Original Language Title: o pojišťovnictví

Read the untranslated law here: https://portal.gov.cz/app/zakony/download?idBiblio=69215&nr=277~2F2009~20Sb.&ft=txt

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.