434/2009 Sb.



DECREE



of 24 July 2003. November 2009,



by implementing some provisions of the law on insurance



Change: 326/Sb.



The Czech National Bank sets according to § 136 paragraph. 1 (b). a) to (c)), f) to

h), (j)) and m), o), p) t)), w) and x) Act No. 277/2009 Coll., on

the insurance sector, (hereinafter referred to as the "law on insurance"):



PART THE FIRST



THE SUBJECT OF THE EDIT



§ 1



This Decree incorporates the relevant provisions of the European Communities ^ 1)

and modifies



and) the requirements for the management and control system,



(b) the form and content of document) accompanying the application for the grant of authorisation to

the operation of



1. the insurance business of domestic insurance company,



2. the insurance activities of the insurance undertaking from a third State,



3. domestic reinsurance the reinsurance undertaking,



4. the reinsurance reinsurance undertaking from a third State,



(c) the form and content of document) accompanying the application for approval to the acquisition

or increase a qualifying holding in an insurance undertaking and the national domestic

reinsurance undertaking,



(d) the scope of the information and documents) that the lead is for entry in the list of administrators

the Czech National Bank is obliged to submit the enrollment request to the

list, and the range of the data being written to the list of administrators,



(e) the scope of the information and documents) that the lead is for entry in the list

liquidators shall Česká národní banka to submit application for registration to the

of this list, and the range of the data being written to the list of liquidators,



f) range of information and documents to demonstrate that the operational

the prerequisites for the management of the transferred portfolio or a part thereof and

for the management of the transferred the strain reinsurance contracts or any part thereof,



g) content and particulars submitted the application for acceptance of the

transformation,



h) method, which provides for the calculation of the amount of the Equalization reserve and

the conditions of disbursement,



I) procedure, which specifies the maximum amount of the technical interest rate,



j) limits for each item in the song of the financial position and

the conditions under which these items may include a financial

the location,



k) enumeration of items from which to calculate the available and required level of

the solvency and the method of calculating the available and desired level of

solvency, including the items that can be included in the calculation, or

subtract only when compliance with the conditions laid down by this Decree,



l) form of the content of the communication, the apportionment of capital and

the formalities for the change request the apportionment of capital,



m) enumeration of items that can be included in the guarantee fund



n) the method of calculation of the adjusted solvency margin,



of the form and elements of the message) the responsible actuary



p) range, the method and timing of the disclosure of the data.



PART TWO



REQUIREMENTS FOR THE MANAGEMENT AND CONTROL SYSTEM



§ 2



(1) an insurance undertaking or a reinsurance undertaking Domestic domestic ensure settings

management and control system so as to cover all the activities of

domestic insurance undertaking or reinsurance undertaking domestic. Part of the management and

the control system is a system of internal policies and procedures to prevent

the legalization of the proceeds of crime and terrorist financing.



(2) Domestic insurance undertaking or reinsurance undertaking which carries out the national requirements

on the management and control system also at group level, for the purposes of supervision

over the activities of the insurance undertaking or of the reinsurance undertaking domestic domestic in the group,

sets the management and control system so as to take account of the activities of all

people in the group. In relation to associated parties shall apply this

provisions adequately.



§ 3



Domestic insurance undertaking or a reinsurance undertaking domestic creates, maintains and

claims management and control system with regard to the



and size, method of control), number of employees, the nature, extent and

the complexity of the activities that it performs or intends to perform, and



(b)) the evolution of the environment in which it operates insurance or reinsurance

activities, including the development in the area of good governance and management of the company.



§ 4



Additional requirements for the management and control system are listed in the annex.

1 to this notice.



§ 5



An insurance undertaking or a reinsurance undertaking from a third State from a third State sets

management and control system in accordance with § 2 to 4 apply mutatis mutandis to the extent of her

operated by an insurance or reinsurance business in the territory of the United

of the Republic.



PART THREE



THE FORM AND CONTENT OF THE DOCUMENTS ACCOMPANYING THE APPLICATION FOR THE GRANT OF AUTHORISATION TO

THE PURSUIT OF THE ACTIVITY OF INSURANCE OR REINSURANCE ACTIVITIES



§ 6



(1) the lists of persons referred to in article 15, paragraph 2. 2 (a). f) and (g)), section 34 para. 2 (a).

(f)), § 37 para. 2 (a). f) and (g)) and § 47 para. 4 (b). (f)) of the

insurance shall be submitted in the form of the description of the structure and graphic

viewing the structure, where they are represented by the person with a qualifying holding

and persons closely linked.



(2) the persons referred to in article 15, paragraph 2. 2 (a). f) and (g)), section 34 para. 2 (a). f), §

37 para. 2 (a). f) and (g)) and § 47 para. 4 (b). (f)) of the

the insurance industry is in the application for the grant of the licence to operate

the activity of insurance or reinsurance business lists



and in the case of a legal person) business name or the name, registered office,

the identification number, if any, and the nature of the business; If

legal person regulated entity, whether or not the name and address of his

supervisory authority,



(b)) in the case of a natural person, the name or names and surnames, birth

last name, residential address, date and place of birth (country, region, municipality),

gender and nationality; for business to business

register or other evidence is also provided by business name, location

business identification number, if any, and the nature of the business.



PART FOUR



THE FORM AND CONTENT OF THE DOCUMENTS ACCOMPANYING THE APPLICATION FOR APPROVAL TO THE ACQUISITION OR

INCREASE OF A QUALIFYING HOLDING IN AN INSURANCE UNDERTAKING OR IN THE NATIONAL DOMESTIC

The REINSURANCE UNDERTAKING



§ 7



(1) in the case of persons according to § 24 para. 3 (b). (b)), and (c)) and § 42 para. 3 (b). (b)), and

(c)) of the Act on insurance application for consent to the acquisition or

increase of a qualifying holding in an insurance undertaking or in the national domestic

reinsurance undertaking lists



and in the case of a legal person) business name or the name, registered office,

the identification number, if any, and the nature of the business; If

legal person regulated entity, whether or not the name and address of his

supervisory authority,



(b)) in the case of a natural person, the name or names and surnames, birth

last name, residential address, date and place of birth (country, region, municipality),

gender and nationality; for business to business

register or other evidence is also provided by business name, location

business identification number, if any, and the nature of the business.



(2) the application shall be accompanied by a graphic representation of qualifying holdings in

domestic insurance undertaking or reinsurance undertaking domestic in a State prior to the change in

participation and in the State, which has to be after the change in attendance.



PART FIVE



ENTRY ON THE LIST OF ADMINISTRATORS AND LIQUIDATORS LIST OF COMPULSORY



§ 8



(1) the request for entry on the list of compulsory administrators or to a list

liquidators shall be submitted to the applicant, which data are name,

where appropriate, the name, surname, maiden name, home address, address

for service, the date and place of birth (country, region, municipality), gender and

country of citizenship, and evidence of the applicant's education and experience,

in the scope of § 11 of the law on insurance.



(2) the list of compulsory administrators and liquidators to the list maintained by the

The Czech National Bank is written the name or names, first and last name,

address of residence, the date of the decision, which was to

decided on the entry of persons to the list administrators to the list of forced or

liquidators.



PART SIX



TRANSFER OF PORTFOLIO OR ITS PARTS AND TRANSFER OF PORTFOLIO

CONTRACTS OR PARTS



§ 9



(1) to comply with the operating conditions for the management of the transferred insurance

the tribe or part of pursuant to § 104 paragraph. 4 (b). and) of the

insurance in the case of the conversion procedure or portfolio

its parts, or of the application for approval of the transfer of the insurance of the tribe or its

parts shall be demonstrated



and a description of the information system) the accepting insurance company



(b) Organization of the accepting insurance company) with an indication of the powers

and the responsibility of the relevant departments,



(c)) indicating the control mechanisms in the various processes of accepting

insurance companies,



(d) ensuring the performance of human resources) activities arising from the adopted

of the treaties.



(2) paragraph 1 shall apply mutatis mutandis in the case of transfer of portfolio

contracts or any part thereof pursuant to § 107 para. 4 (b). and) of the

the insurance industry.



PART SEVEN



THE CONTENT AND REQUIREMENTS OF THE DOCUMENTS ACCOMPANYING THE APPLICATION FOR APPROVAL WITH THE TRANSFORMATION

DOMESTIC INSURANCE UNDERTAKING OR OF THE REINSURANCE UNDERTAKING DOMESTIC



§ 10



(1) the request for consent with the conversion of domestic insurance undertaking or

domestic reinsurance undertaking shall be accompanied by



and) details of the insurance or reinsurance undertaking involved in the conversion, and it

at least in the range according to § 7 (2). 1 including graphic illustration

similar as in the provisions of § 7 para. 2,



(b) a list of members of the institutions) of the insurance or reinsurance undertaking concerned to

the conversion,



(c) the amount of and) details of the repayment of capital of the applicant, the number, amount and


the subject of each of the deposits, for which the capital subscribed, number,

nominal value, the form and the form of shares of the insurance or reinsurance undertakings

involved in the conversion,



(d)) of the funds that will be the subject of the required

changes,



(e)) the foreseeable development of the solvency of the insurance or reinsurance undertakings

involved in the conversion of in the first 3 years after the implementation of the required

changes,



f) sworn statement by the applicant that the information given in the application and its

the annexes are true, current and complete.



(2) the request under paragraph 1, the applicant with regard to the content of the application

also be accompanied by



and the project of the conversion)



(b)) the report of the statutory authority of each participating insurance undertaking or the

on the conversion of the reinsurance undertaking or the joint report of these bodies on the conversion and

expert report on the conversion,



(c)) an expert for the valuation of assets,



d) detailed information on the conversion of domestic insurance companies or domestic

the reinsurance undertaking, in particular, the intention of the applicant, containing the changes that occur in the

the business plan, time schedule, a description of the effects on the operation of

insurance or reinsurance activities, a description of the organizational integration

departments and individual employees to the new organizational structure and description

transfer of competencies,



e) interim financial statements each of the participating insurance or reinsurance undertaking

and the auditor's report on its verification,



f) final annual accounts of each of the participating insurance or reinsurance undertaking,

opening balance sheet of the acquiring insurance or reinsurance undertakings and a message

the audit of final accounts and the opening balance sheet,



(g) a description of the groups of persons), between which and the successors in title of the persons concerned

on the conversion as a result of the conversion of close links,



h) overview of the facts under section 15 or 37 of the Act on insurance

with regard to the proposed conversion.



(3) the documents referred to in paragraph 2 shall be accompanied by, if their

development requires another law ^ 2), it does not apply to information

to be included under paragraph 2 (a). (d)), g) and (h)).



PART EIGHT



EQUALIZATION RESERVE



§ 11



(1) the method of calculating the equalisation provision listed in annex 2 to the

This Decree.



(2) the Equalization reserve shall be made available on an ongoing basis in accordance with the chosen method

its calculation in accordance with Annex 2 to this Decree.



PART NINE



TECHNICAL INTEREST RATE



§ 12



(1) the maximum amount of technical interest rate is determined in the range

a maximum of 60% of the weighted arithmetic mean of average yields

Government bonds ^ 3) in Czech crowns with maturities of at least 5

years of released over the last 36 calendar months immediately

the previous month, when it will be published on the maximum amount of technical

interest rates. If you were not in this time of such bonds issued, the

the maximum amount of the technical interest rate in the range of maximum 60% of the weighted

the arithmetic mean of average yields of all Treasury bonds in

Czech Crowns, issued during the last 36 calendar months

immediately preceding the month in which the maximum will be published

the amount of the technical interest rate.



(2) the provisions of paragraph 1 shall not apply to insurance contracts with

a lump-sum premium with the maximum period of 8 years,

unless otherwise stipulated, or for insurance contracts where the investment

the risk is borne by policyholders fully.



(3) the technical interest rate for insurance with single premium

with the insurance period of a maximum of 8 years of age must be fixed carefully to the

the basis of the anticipated annual yields to maturity of the underlying

a portfolio of bonds and deposits and at the same time must not be higher than 90% of the annual

yield to maturity of the bonds in the underlying portfolio at the date of the determination of the

technical interest rate pursuant to this paragraph. Time to maturity

of the relevant underlying bonds must be greater than or equal to

the time to which the insurance contract is concluded, and the value of the underlying

a portfolio of bonds and deposits must be at least equal to the value of the commitments

arising from these insurance contracts. The underlying portfolio

bonds and deposits must be in the context of financial placements recorded in

the assets of the insurance company separately and bonds and deposits in this portfolio must

be denominated in the same currency as the liabilities arising from closed

insurance contracts. Insurance company periodically examines the technical interest

peace provided for under this paragraph, but at least twice a year.

The undertaking of technical interest rate changes, if the difference is valid

the amount of the technical interest rate under this paragraph, and 90% of the annual yield

to maturity of the bonds in the underlying portfolio of at least 0, 5procentního

point. If an undertaking does not provide the technical interest rate under this

paragraph, the technical interest rate is limited by the insurance

the maximum technical interest rate fixed pursuant to paragraph 1.



(4) the maximum amount of the technical interest rate referred to in paragraph 1

The Czech National Bank changes, if the absolute value of the difference of 60%

weighted arithmetic mean of average yields of government bonds

referred to in paragraph 1, and valid a maximum of technical interest rate

referred to in paragraph 1 at least 0 5procentního point. Change the maximum

the amount of the technical interest rate under the first sentence can be done earlier, and it

with regard to the development of the situation on the financial market.



PART TEN



THE LIMITS OF COMPOSITION OF FINANCIAL INVESTMENTS



section 13 of the



(1) the limits for each item in the song of the financial position and

the conditions under which these items may be included in the composition of the financial

the location shall be determined for



and) bonds, including Treasury bills, issued by a Member State

The European Union or of a State representing the European economic area (hereinafter referred to

"Member State"), or the Central Bank, and credit to the Member State

or its Central Bank, up to 100% of the overall technical

reserves,



b) quoted bonds, including Treasury bills, issued by banks and

similar institutions of the Member States, not more than 50% of the total

technical provisions; for unquoted bonds issued by these issuers

a maximum of 10% of the total technical provisions,



c) quoted bonds issued by commercial companies not more than 20% of the

total technical provisions; for bonds, for which it has assumed a guarantee

Member State, you can increase the limit to 40%,



d) quoted municipal bonds not exceeding 20% of the overall technical

reserves; in municipal bonds, which has assumed a guarantee for the Member State

You can increase the limit to 40%,



e) provided loans, loans and other receivables other than those specified in

(a)), j) or (l)) a maximum of 10% of the total technical provisions;

These loans, loans, or other debts secured must be provided

securities or guarantee granted by a Member State or its

the Central Bank, Bank, insurance company or a reinsurance undertaking,



(f) not more than 10% of the Bill) of the total technical provisions; the promissory note must be

ensured Exchange rukojemstvím ^ 4), where a bill of Exchange is held hostage by a bank

or equivalent credit institution,



(g)) of the real estate on the territory of the Member States a maximum of 20% of the total

technical provisions, and the one piece of land or building, or

several of land or buildings, which together constitute a whole, so that the

can be considered effectively as one investment, not more than 10% of the overall technical

reserves; the property must be insured for damage to, or destruction of

in another insurance undertaking,



h) mortgage bonds not exceeding 50% of the overall technical

reserves,



I) quoted shares not exceeding 10% of the total technical provisions; part of the

This item are also listed bonds, whose fulfilment is bound

the condition of subordination,



j) deposits, including deposits of confirmed deposit certificate, the party holding

sheet or other similar document for the banks, which are authorized to act

on the territory of the Member States as a Bank, loan, loans and other receivables

These banks not more than 50% of the total technical provisions; deposits,

including deposits of confirmed deposit certificate, the party holding a sheet or

other similar document in one bank and loan, loans and other

this receivable by the Bank must not exceed 20% of the overall technical

reserves; This entry does not include bank accounts, from which are paid

operating costs or payment of claims, and the work items to)

artistic cultural values of the award-winning at least two experts of no more than 5% of the

total technical provisions; These items must be insured for

in case of damage, destruction, loss or theft with another insurance undertaking,



l) 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 and loans granted to such persons of up to 100% of the

total technical provisions,



m) securities issued by a standard funds or comparable

foreign investment funds, not more than 20% of the overall technical

reserves,



n) securities issued by investment funds or foreign

investment funds, whose home State is a Member State, and which

are not listed in the letter m), a maximum of 5% of the overall technical

reserves, while securities issued by one issuer may not exceed


3% of the total technical provisions,



o) unquoted shares, debentures and other securities of a similar

to shares and debt securities which are not covered by another item

track investments, no more than 5% of the overall technical

reserves, while securities issued by one issuer may not exceed

3% of the total technical provisions; included in this entry are further

bonds other than those referred to in subparagraph (i)), deposits, credits, loans or

other receivables whose repayment is tied to the condition of subordination,



r) debts owed by policyholders and insurance intermediaries

resulting from the insurance if their maturity date has expired

less than 1 month, not more than 3% of the total technical provisions,)

the return of taxes, on which the payment voucher was issued pursuant to the Act

relating to the administration of taxes and fees), a maximum of 5 ^ 5% of total

technical provisions,



t) claims against the guarantee fund of the Czech insurers ' Bureau ^ 6)

not more than 5% of the total technical provisions,



u) foreign securities ^ 7), which are traded on a regulated

^ 8) market of the Member States of the Organization for economic cooperation and development,

that does not fall under another item of the financial position, no more than a song

10% of the total technical provisions,



loans insured) who have entered into a contract with an insurance company on the

insurance, not more than 5% of the total technical provisions; limit one

the loan represents the maximum amount of the surrender value on the date of the loan, and

interest on the loan shall be at least the amount of the technical interest rate

guaranteed insurance contract



w) hedging derivatives, which meet the requirements for hedge

derivatives by international accounting standards referred to in article

2 directly applicable EC regulation governing the application of the international

accounting standards ^ 9),



x) receivables from reinsurance undertakings and persons pursuant to section 50 of the Act on

the insurance industry, including the technical provisions, reinsurers,

deduction of all liabilities to reinsurers, a maximum of 50% of the total

technical provisions.



(2) financial investments referred to in paragraph 1 (b). b), c), (d)), and (e)) with the exception of

loans granted by the State or regional or local authorities, or

International Organization of which one or more Member

States, and referred to in points (f)), h), (i)), m), u) and w) is one of the issuer

security, one debtor or one counterparty limited to 5% of the

of the total technical provisions. This limit can be increased to 10% of the

total technical provisions, provided that domestic insurance undertaking, or

domestic reinsurance undertaking invests not more than 40% of the total

technical provisions in the financial position in the first sentence for persons with

which invests more than 5% of the total technical provisions.



(3) financial investments referred to in paragraph 1 (b). b), c), (e)), f), (h)), and)

j), m), (n)),),),),), w) and x), related to two or more

persons who are part of the same group, it is

limited to 15% of the total gross technical provisions (hereinafter referred to as "the limit on the

the group "). If it is part of the investments in the first sentence

deposit, loan, loan or other receivable with banks referred to in paragraph 1

(a). (j)) or a claim for reinsurance undertakings established in a Member State,

This increases the limit on the volume of these items Group investments

up to 20% of the total technical provisions.



§ 14



(1) the total technical reserves shall mean



and the sum of technical reserves) relating to all sectors of life

the insurance referred to in part A of Annex No. 1 to the Insurance Act with

except for technical reserves made up of those insurance, for which the

insurance claims to complying with the provisions of section 67 of the law on insurance,



(b)) the sum of the technical reserves relating to all the non-life sector

the insurance referred to in part B of annex 1 to the Insurance Act,

or



(c) the sum of technical reserves) for the reinsurance business.



(2) in the case of domestic insurance companies, which according to § 17 para. 1 of the law on

the insurance sector in parallel runs insurance under the insurance

life and non-life insurance, the total amount of technical provisions

calculated separately for the life insurance industry and especially for the sector

non-life insurance.



(3) in the case of domestic insurance undertakings carrying on reinsurance activities,

If at least one of the values is exceeded according to § 18 para. 4 (b). and)

the law on the insurance industry, with the total amount of the technical provisions, calculated

separately, the insurance business and reinsurance business.



(4) the Limits of composition of financial placements are applied separately for

technical provisions in life insurance industry, especially for technical

the reserve sector of non-life insurance and reinsurance business.



(5) each item of financial placements are in the financial position

included in the valuation, in which they are listed in the accounts of domestic

the insurance undertaking or of the reinsurance undertaking domestic. Purchases and sales of securities

in the general location take into account from the time of settlement, without

regardless of the accounting method used.



§ 15



An insurance undertaking or a reinsurance undertaking from a third State from a third State shall be governed by section 13 of the

and 14 apply mutatis mutandis, to the extent it operated an insurance or

reinsurance business in the territory of the Czech Republic.



PART ELEVEN



The SOLVENCY



TITLE I OF THE



THE AVAILABLE SOLVENCY MARGIN



section 16 of the



(1) a Domestic insurance company, which operates concurrently insurance under the

insurance life and non-life insurance is calculated

the available solvency margin especially for life insurance and

for non-life insurance. Domestic insurance company that operates in parallel

insurance insurance life and non-life insurance,

they will be counted in the calculation of the capital portion of the lesser of the

the solvency margin for life assurance, and part of the share capital of the

the calculation of the solvency margin for non-life insurance, so that

in any calculation of the requirements have been complied with the minimum amount of

capital for the operation of each of these activities. Coverage rate

the solvency of the domestic reinsurance undertaking shall be calculated together for life and

non-life reinsurance. The available solvency margin of the insurance undertaking domestic

the reinsurance activities, which exceed at least one of the values under section

18 paragraph 1. 4 (b). and insurance) of the Act shall be calculated separately for

insurance business as in the case of domestic insurance companies, and particularly

for reinsurance similarly as in the case of domestic reinsurance undertakings.

Domestic insurance undertaking with a reinsurance activities, which exceed at least

one of the values according to § 18 para. 4 (b). and insurance) Act

they will be counted in the calculation of the capital portion of the lesser of the

the solvency of the insurance business and part of the share capital of the

the calculation of the solvency margin for reinsurance activities to

in any calculation of the requirements have been complied with the minimum amount of

capital fixed by law on insurance for the operation of each of these

activity.



(2) the available solvency margin shall be calculated from the following items



and) paid up share capital and, if domestic insurance company legal

the form of cooperatives, also share premium,



(b)) other capital funds, the Reserve Fund and other funds from profit



(c)) retained earnings from previous accounting period and the current period after

deduction of part of the profit specified to be paid out to shareholders or

družstevníkům,



(d)) other items referred to in paragraph 4,



(e)) the value of intangible assets,



(f)) of its own shares, if the domestic legal form joint-stock insurance company

the company,



g) shares in affiliated or controlled by persons who are

an insurance undertaking, a reinsurance undertaking, an insurance holding company, a person, mixed

financial holding person, Bank, a foreign bank, institutions

electronic money, electronic money institutions abroad ^ 10),

a savings and credit cooperative, a person who is not a bank or

Foreign Bank, whose principal activity is to acquire holdings or performance

one or more of the activities referred to in § 5 d (a). (b)) to l) of the Act

relating to the bank ^ 11), trader in securities or

a foreign person providing investment services or items by

the first sentence of paragraph 4 in relation to such persons.



(3) the available solvency margin shall be calculated as the sum of the items

referred to in paragraph 2 (a). a) to (d)), less the items referred to in

paragraph 2 (a). e) to (g)).



(4) other items means the cumulative preferential share capital,

obligations of the subordinate bonds or other obligations, whose repayment is

bound by a condition of subordination ^ 3) (hereinafter referred to as "subordinated debt"), and valuable

securities with no specified maturity. These items can be included only in the

the amount of 50% of the lower values of the required and available solvency margin and

maximum 25% of other items can consist of subordinated debts fixed-

due date or cumulative preferential share capital fixed-

the due date if, in the event of the bankruptcy or liquidation of the assurance undertaking or


reinsurance undertaking, binding agreements must exist under which the subordinated debts or

preferred shares are classified after the claims of all other creditors and can be

is repaid until all other debts have been settled due to this

of the moment.



(5) subordinated debt can be included in other items referred to in paragraph 4,

If



and the funds were actually) provided,



(b)) for loans with a fixed maturity, the original maturity period

at least 5 years. At the latest one year before the repayment date shall provide domestic

the insurance undertaking or the reinsurance undertaking domestic Czech National Bank plan on keeping

the available solvency margin or to achieve the desired level of

the solvency of the due date and this submitted by the Czech National Bank

plan to reject within 1 month of its submission; This does not apply,

If the extent to which the debt may be included in the lesser of the

the solvency margin is gradually reduced during at least the last 5 years prior to the

the repayment date. The Czech National Bank may authorise the early repayment

these debts on condition that dluhující domestic insurance undertaking, or

domestic reinsurance undertaking shall request and there is no risk of its lesser

the solvency margin below the required level,



(c) the debt is not fixed) at the maturity of the five-year period of notice is complied with

the time limit; This does not apply if the loans are part of the lesser of the

the solvency of the insurance undertaking, or, if the national or domestic reinsurance

at least 6 months prior to the proposed date of early repayment submitted

The Czech National Bank for early repayment plan with an indication of the available

and the required solvency margin both before and after payment, unless the Czech national

Bank within 1 month from the full proof plan early

the repayment of this intent because of the imminent decline of rejects available

the solvency margin is below the required level,



(d) the agreement governing the subordinated debt) or its appendices does not contain

provisions, according to which, in certain circumstances, other than the winding

domestic insurance undertakings or reinsurance undertakings, domestic debt will become repayable before the

agreed repayment dates,



e) intention to include a subordinated debt to other items, including the conditions

This debt and the amount thereof, has been notified and evidenced by the Czech National Bank,

unless the Czech National Bank, within 1 month from the full support

conditions and the amount of subordinated debt or refuses this intention within

1 month of full proof of the conditions and amount of the subordinated debt

inform the insurance undertaking or reinsurance undertaking domestic domestic that you

reserves the right to reject this intention within the period extended for a maximum of

the next month, and in this extended deadline will reject this intention and



(f) governing the subordinated debt) the contract may be amended only after the

If the Czech National Bank will not disclose within 1 month from the service of this change

their objections.



(6) securities with no specified maturity may be included in

other items referred to in paragraph 4, provided that the



and they cannot be repaid) on the initiative of the holder or if the domestic

the insurance undertaking or the reinsurance undertaking domestic at least 6 months prior to the proposed

the date of early repayment of the Czech National Bank has submitted a plan for the

the early repayment, indicating the available and desired level of

the solvency margin both before and after payment, unless the Czech National Bank within

1 month of full proof plan for the early repayment of this intent

because of the imminent decline of rejects available solvency margin below the

the required level;



(b) governing the issue of these) the securities or the emission conditions

allow the insurance undertaking or in the reinsurance undertaking, domestic domestic deferred payment

interest on the amount due,



(c) the holder of the claim) of securities to domestic insurance company

or domestic reinsurance undertaking are fully included in accounts receivable

all non-subordinated creditors;



d) the documents governing the issue of the securities, include provisions

loss-absorption capacity of the debt and unpaid interest, while

domestic insurance undertaking or reinsurance undertaking must have the necessary domestic

to continue its work,



(e) domestic insurance undertaking or domestic) the reinsurance undertaking has received the money

the funds from the issue and



f) intention to include the securities with no specified maturity to other

the items, including the issue conditions or the prospectus of the securities

and their value in that to be included in other items

the available solvency margin, has been notified and evidenced by the Czech national

the Bank, unless the Czech National Bank, within 1 month from the full support

issue conditions or the prospectus and the values of these securities, the

the intention to refuse or within 1 month of the full support of emission

terms and conditions or the prospectus and shall inform the insurer or domestic value

domestic reinsurance undertaking, that it reserves the right to reject this intention in the

deadline extended until at the latest the next month, and in this extended deadline

This intention.



(7) the entry referred to in paragraph 2 (a). g) when calculating the lesser of

the solvency margin does not detract, if these shares available to domestic insurance undertakings or

domestic reinsurance undertakings are owned by temporarily for the purposes of a financial assistance

the aim of the restoration or salvation of that person and, if the intention of the neodečítat

the item referred to in paragraph 2 (a). g) has been notified and evidenced by the Czech national

the Bank, unless the Czech National Bank within 1 month of notification

This was refused.



(8) the entry referred to in paragraph 2 (a). g) when calculating the lesser of

solvency, if not



and as for the person) which is a Bank, a foreign bank, the institutions

electronic money, electronic money institutions abroad ^ 10),

a savings and credit cooperative, a person who is not a bank or

Foreign Bank, whose principal activity is to acquire holdings or performance

one or more of the activities referred to in § 5 d (a). (b)) to l) of the Act

relating to the bank ^ 11), trader in securities or

a foreign person providing investment services,



(b)) in the calculation is applied, mutatis mutandis, the method of calculating the supplementary

the capital requirement laid down in the implementing regulation for the law

read the supplementary supervision over banks, spořitelními and úvěrními

cooperatives, electronic money institutions, insurance undertakings and

securities in the financial conglomerates Directive ^ 12)



(c)) method referred to in point (b)) is used consistently throughout the

reporting.



(9) If the insurance undertaking or the reinsurance undertaking domestic domestic applies the method

accounting consolidation adjusted in the implementing legislation for the law

read the supplementary supervision over banks, spořitelními and úvěrními

cooperatives, electronic money institutions, insurance undertakings and

securities in the financial conglomerates directive, must first United

the National Bank to prove the existence of the integrated management and control

^ 13) system for people that will be consolidated by this method.



(10) the entry referred to in paragraph 2 (a). g) when calculating the lesser of

solvency, if not



and domestic insurance undertaking or domestic) the reinsurance undertaking subject to supervision in the

the group, in accordance with § 87 to 92 of the law on insurance or supplementary

supervision under the law governing the supplementary supervision,

spořitelními and úvěrními associations, electronic money institutions,

insurance companies and traders in securities in the financial

conglomerates ^ 14) and



(b)) the monitoring referred to in (a)) includes the person referred to in paragraph 2

(a). (g)).



(11) to the extent available solvency margin calculated in accordance with paragraph 3,

attributed to a maximum of



and) half of the unpaid share capital, if the paid-up part

already reached 25% of share capital, up to 50% lower

the value of the required and available solvency margin,



(b) the difference between a non-zillmerised) or partially zillmerised reserve and

reserve zillmerised rate upfront costs contained in the insurance

in the case of nezillmerování or partial zillmerising provisions

life insurance lower rate than the rate of initial costs

included in the premium, but not more than 3.5% to the above bits non-negative risk

capital for contracts for which zillmerising is possible on less

the amount of the neamortizovaných acquisition costs on insurance contracts

included in assets



If this was the intention, including computing handouts, announced and documented

The Czech National Bank, unless the Czech National Bank, within 1 month from the

the full proof of this intention to refuse handouts.



(12) in the calculation of the solvency margin during the accounting

period shall follow the procedure referred to in paragraphs 1 to 11 apply mutatis mutandis.



TITLE II



REQUIRED SOLVENCY MARGIN



§ 17



(1) in the event of an insurance undertaking or mixed-activity with the desired level of

the solvency margin is calculated separately for life insurance and non-life

insurance. Required solvency margin domestic reinsurance undertakings operating

reinsurance business for the required level of assurance and

the solvency of the reinsurance undertaking operating a domestic reinsurance business for the

non-life reinsurance is calculated similarly to the required solvency margin

for non-life insurance. If the domestic reinsurance undertaking operates


reinsurance business for the life and non-life reinsurance, the

the required solvency margin as the sum of the required solvency margin

for life reinsurance and the required solvency margin for non-life

collateral. The required solvency margin of the insurance undertaking with the domestic

hedging activities, which exceed at least one of the values referred to in section 18

paragraph. 4 (b). and insurance) of the Act shall be calculated separately for

insurance business as in the case of domestic insurance companies, and particularly

for reinsurance similarly as in the case of domestic reinsurance undertakings.

The required solvency margin of the insurance undertaking with a reinsurance, domestic

activities that shall not exceed either of the values according to § 18 para. 4 (b).

and insurance) of the Act shall be calculated together for insurance and

reinsurance business, and for the purposes of this calculation, received

reinsurance premiums be deemed accepted.



(2) in the non-life insurance is equal to the required solvency margin

the higher of the two results that are calculated by the procedures in

Part I of annex 3 to this notice.



(3) if the required solvency margin calculated in accordance with paragraph 2

lower than the required solvency margin for the previous year, the

required solvency margin at least the level of the solvency margin for

the previous year multiplied by the ratio of the amount of the technical provisions for outstanding claims

the performance at the end of the last financial year and the amount of the technical provisions

claims at the beginning of the last financial year. This ratio

must not be greater than 1. In these calculations technical provisions shall purify

of reinsurance.



(4) if the required solvency margin calculated in accordance with paragraph 3,

lower than the required solvency margin shall be calculated in accordance with paragraph 2,

required solvency margin shall be equal to the desired level of solvency

calculated in accordance with paragraph 2.



(5) in life insurance is required solvency margin shall be equal to the sum

the results for each of the life insurance industry group that

are according to procedures set out in part II. Annex No. 3 to this

the Decree.



(6) the required solvency margin during the accounting period is

compiled from data valid on the last day of the preceding financial

period.



section 18



The items listed in § 16 para. 2 (a). a) to (d)) can be included in

the guarantee fund, after the deduction of the items referred to in § 16 para. 2 (a). (e))

to (g)).



TITLE III



THE PROPORTIONAL DISTRIBUTION OF THE SHARE CAPITAL



§ 19



Communication from the domestic insurance undertakings of the proportional distribution of the share capital in

Depending on insurance or reinsurance activities

contains



and the total amount of the share capital) and its amount, which can be included

in the calculation of the solvency margin,



(b)) the amount of capital available for the purposes of the calculation of the specified

the solvency margin shall in



1. life insurance,



2. non-life insurance,



3. ensure,



(c)) the manner and reasons determination the proportional concept referred to in subparagraph (b)).



section 20



(1) the request of domestic insurance undertaking which intends to during the calendar year

to change the ratio, which divides its capital or applying for

to enable the transfer of items from one of the available solvency margin

activities on the other, contains



and the name and address of business) domestic insurance companies,



(b)) the proposed new capital ratio distribution or Division

items of the solvency margin,



(c) the employment or changes) the justification for the transfer,



(d) the business plan and financial) plan that includes the current and at least 2

the following accounting period and



(e)) the foreseeable development of the available and required solvency margin in

the next 3 years in the structure of the statement of solvency for the Czech

the National Bank.



(2) the business plan and financial plan referred to in paragraph 1 shall include the



and estimation of the newly concluded insurance) or reinsurance contracts, total

the number of contracts and gross premiums written in the various operating

of insurance or the total number of contracts and gross

reinsurance in operating reinsurance



(b)) planned balance sheet and profit and loss account,



(c) evaluation of the implementation of the plan on) the current accounting period,



(d)), the current investment strategy



(e) ensuring and passive strategy) a list of valid contracts

and



(f)) a list of all of the individual items of the financial position at the end of

the month preceding the month in which the application is made, indicating the



1. the name, identification number and registered office of the issuer,



2. If the asset was the ISIN is allocated,



3. the type of assets,



4. the number of pieces,



5. nominal value,



6. the average cost,



7. the fair value of assets

for each item, depending on their nature.



(3) if the domestic insurance company reinsurance business, at the same time

all the information shall be provided in the request referred to in paragraph 1 and the plan of activities

pursuant to paragraph 2 separately separately for the insurance business, and especially for the

reinsurance activities.



TITLE IV



THE SOLVENCY OF THE INSURANCE UNDERTAKING OR OF THE REINSURANCE UNDERTAKING FROM A THIRD STATE FROM A THIRD STATE



section 21



For the calculation of the solvency of the insurance undertaking or of the reinsurance undertaking from the third country of

of a third State to the extent of the activity of insurance or reinsurance activities

operated on the territory of the Czech Republic shall apply mutatis mutandis to section 16 to 20.



PART TWELVE



THE ADJUSTED SOLVENCY MARGIN



section 22



Calculation of the adjusted solvency margin of an insurance undertaking or a domestic domestic

the reinsurance undertaking shall be carried out using the method of deduction pursuant to section 23 of the aggregated data and in

accordance with the principles set out in sections 24 to 26.



Article 23 of the



(1) the adjusted solvency margin of an insurance undertaking or a domestic domestic

a reinsurance undertaking which holds a participation in at least one insurance or reinsurance undertaking

(hereinafter referred to as "an insurance holding company or reinsurance undertaking"), shall be calculated as the

the difference



and the sum of the solvency margin) an insurance holding company or

reinsurance undertakings and the proportional share of the solvency margin controlled

or a related insurance undertaking or the reinsurance undertaking or the capital controlled by or

associated with an insurance person or mixed financial holding

the holding of the person and



(b) the total book value of the share) and item according to § 16 para. 4 holding

insurance or reinsurance undertaking in the controlled or associated undertaking

reinsurance undertaking, insurance holding a person or of a mixed financial

holding the person on the date of the financial statements of the desired level

the solvency of the insurance holding company or reinsurance undertaking and the relative share of

the required solvency margin controlled or related insurance undertaking or

reinsurance undertaking.



(2) the adjusted solvency margin of an insurance undertaking or a domestic domestic

reinsurance undertaking, an insurance holding company that is controlled by a person or

mixed financial holding person, shall be calculated as the difference



and the sum of capital insurance holding) of the person or of a mixed financial

the holding of the person and the relative share of the available solvency margin

controlled by or associated with the insurance or reinsurance undertakings or capital

controlled or associated persons or mixed insurance holding

the financial holding of the person and



(b) the total book value of the share) and item according to § 16 para. 4

insurance holding the person or persons in the mixed financial holding

controlled or associated with an insurance undertaking, a reinsurance undertaking, an insurance holding

person or mixed financial holding to the person at the date of preparation of the financial

statements and the relative share of the required solvency margin controlled or

related insurance undertaking or the reinsurance undertaking.



(3) the adjusted solvency margin of an insurance undertaking or a domestic domestic

reinsurance undertaking, which is controlled by an insurance company from a third State or

reinsurance undertaking from a third State, shall be calculated as the difference



and the sum of the solvency margin) an insurance undertaking from a third State

or reinsurance undertaking from a third State and the relative share of lesser

the solvency of the controlled or related insurance undertaking or a reinsurance undertaking, or

capital controlled by or associated with insurance holding the person or

mixed financial holding of the person and



(b) the total book value of the share) and item according to § 16 para. 4 insurance companies

from a third State or third-country reinsurance undertakings in the controlled or

associated with an insurance undertaking, reinsurance undertaking, insurance holding the person or

mixed financial holding to the person on the date of the financial statements

the required solvency margin of the insurance undertaking or of the reinsurance undertaking from a third State

from a third State and the relative share of the required solvency margin

controlled by or associated with the insurance or reinsurance undertakings.



(4) the procedure for calculation of the adjusted solvency margin of the insurance undertaking or domestic

domestic reinsurance undertakings is set out in annex 4 to this notice.



section 24



(1) the proportional share in accordance with § 23 para. 1 to 3 is determined as the sum of the

direct and indirect share of the insurance holding company or reinsurance undertaking,

insurance holding person, mixed financial holding of the person

of an insurance undertaking or a reinsurance undertaking from a third State from a third State on the base

capital-controlled or a related insurance undertaking, reinsurance undertaking, insurance

holding the person or mixed financial holding person.



(2) if any of the controlled by the insurance or reinsurance undertakings

the available solvency margin is lower than the desired level of


the margin used in the calculation of the adjusted solvency margin

the available and required solvency margin of such insurance undertaking or

reinsurance undertakings in full, rather than in a proportional share.



(3) Capital insurance holding persons or of a mixed financial

the holding of a person shall be determined by analogy with the available solvency margin

domestic insurance companies.



(4) when calculating the adjusted solvency margin



and cannot be added to) the available solvency margin or to include capital

item according to § 16 para. 11 (a). and if it was) share capital subscribed

a person belonging to the same group,



(b)) must be excluded the multiple use of elements eligible for the

the available solvency margin for different insurance or reinsurance undertakings

or capital insurance holdings of different people or mixed

the financial holding of persons,



(c) take into account any item) may not be available solvency margin or

capital, which originated from a mutual financing between persons

belonging to the same group,



(d)), the available solvency margin or the insurance holding company

reinsurance undertakings, insurance companies from a third State or third-country reinsurance undertakings

or capital insurance holding persons or of a mixed financial

the holding of the person does not reduce the book value of the share, and the items referred to in section 16 of the

paragraph. 4 in the controlled or associated with an insurance undertaking, a reinsurance undertaking, an insurance

holding the person or mixed financial holding person, if this

controlled by or associated with an insurance undertaking, a reinsurance undertaking, an insurance holding

person or a mixed financial holding a person included in the calculation

the adjusted solvency margin,



(e)), the available solvency margin or the insurance holding company

reinsurance undertakings, insurance companies from a third State or third-country reinsurance undertakings

or capital insurance holding persons or of a mixed financial

the holding of the person is reduced by the book value of the share, and the items referred to in section 16 of the

paragraph. 4 in the Bank, a foreign bank, savings or credit cooperative,

electronic money institution, the foreign institution of electronic

money, a person who is not a bank or foreign bank, whose main

activities is to acquire holdings or to carry one or more of the activities

referred to in § 5 d (a). (b) to (l))) the law governing the activity of the bank ^ 11),

a trader in securities or foreign person providing

investment services.



(5) in the case of the insurance company, which operates concurrently insurance under the

insurance life and non-life insurance or reinsurance undertaking,

simultaneously operates life and non-life reinsurance, be deemed to

the purpose of the calculation of the adjusted solvency margin available for peace

the solvency of the insurance or reinsurance undertakings the sum of rates

calculated separately for the life and non-life insurance, or separately for the

collateral. Similarly, the sum of required solvency margins calculated

separately for the life and particularly for non-life insurance or reinsurance

considers the required solvency margin of an insurance or reinsurance undertaking.

In the case of an insurance undertaking operating in parallel, insurance and reinsurance

activity, shall be deemed for the purposes of calculation of the adjusted solvency margin for

the available solvency margin, the sum of the solvency margins

calculated separately for insurance business and reinsurance

activity. Similarly, the sum of required solvency margins calculated

separately, the insurance business and reinsurance business

considers the required solvency margin of the insurance undertaking.



§ 25



(1) if the calculation of the adjusted solvency margin of an insurance undertaking included

from a third State or from a third State, shall apply to the calculation of the

the available and required solvency margin of the insurance undertaking or the

reinsurance undertaking, which shall enter into the calculation of the adjusted solvency margin

domestic insurance undertaking or reinsurance undertaking, by analogy with the domestic section 16 and 17; by

is without prejudice to the provisions of paragraph 2.



(2) if the calculation of the adjusted solvency margin of an insurance undertaking included

from a third State or from a third State and operation

insurance or reinsurance activities by an insurance undertaking or

reinsurance undertaking is conditional upon authorization in a third State and obligations

meet the solvency requirement is at least comparable with the

the solvency requirement under the law on insurance and this order,

can be used when calculating the adjusted solvency margin to take account of the available and

required solvency margin of that insurance or reinsurance undertakings

determined in accordance with the rules of the third country.



section 26



If the insurance undertaking or the reinsurance undertaking domestic domestic is not able to

request to submit information on the Czech National Bank-controlled or

associated with an insurance undertaking, reinsurance undertaking, insurance holding the person or

mixed financial holding person, having their head office in a Member State

or in a third State, necessary for the calculation of the adjusted solvency margin

by deducting the aggregate data, the book value of the share and

items under section 16(1). 4 in this controlled or associated person from

the adjusted solvency margin; data for such controlled or

an associated person, otherwise to the aggregated data referred to in section 23 do not include.



PART THIRTEEN



REPORT OF THE RESPONSIBLE ACTUARY



section 27 of the



(1) the responsible Actuary on his activities in domestic

the insurance undertaking or the insurance undertaking from a third State is in writing and is

signed by the responsible actuary that it worked out.



(2) the responsible actuary in accordance with paragraph 1 shall contain



and the business name or name), registered office and identification number of the domestic

the insurance company or the insurance company from a third State,



(b)) the name or names, and last names of the responsible insurance

in mathematics, the nature of the contractual relationship of the responsible actuary to

domestic insurance undertaking or the insurance undertaking from a third State, including the time his

of the current tenure of the responsible actuary in this

domestic insurance undertaking or the insurance undertaking from a third State,



(c) the responsible actuary) observations to



1. the amount of the technical provisions of an insurance undertaking of the insurance undertaking or domestic

a third country, including in the preamble to the significant changes in their amount,



2. the method of calculating the equalisation provision and in the event of changes to this method from the

the last report of the responsible actuary also the reasons for this

the changes,



3. the results of the tests of the liability adequacy of technical provisions and measures

designed on the basis of these results,



4. asset and liability management and composition of financial investments,



5. the amount and allocation of shares in the profits in the life insurance,



6. the calculation of the available and required solvency margin, domestic

the insurance company or the insurance company from a third State,



7. the calculation of premium rates for each product offered by domestic

an insurance company or an insurance company from a third State,



8. the credibility of the data from which was based in the performance of activities

responsible actuary



9. premiums agreed programs and other ways of reducing the risks

used domestic insurance company or an insurance undertaking from a third State,



10. the results of the verification of the reliability of the generator economic scenarios

or a similar simulation software, if you are insured

mathematical calculations are used



11. the amount of the technical interest rate laid down for insurance contracts with the

one-off premium, which were closed a maximum period of 8

years, according to § 12 para. 3,



12. additional information it deems necessary from the perspective of its functions for important

and significant



(d) an estimate of the expected available) and the required solvency margin, domestic

the insurance company or the insurance company from a third State to the following calendar

year.



(3) If a domestic insurance company or the insurance company from a third State more

responsible of Actuaries, serves each of them a message

the responsible actuary in accordance with paragraph 1 for the industry

insurance, for which the accuracy of the assessment carried out pursuant to § 81 para. 1

the law on the insurance industry.



section 28



For the message of the responsible Actuary on his activities in domestic

reinsurance undertaking or in the reinsurance undertaking from a third State shall apply mutatis mutandis to section 27.



PART OF THE FOURTEENTH



THE SCOPE, METHOD AND DEADLINES FOR THE PUBLICATION OF DATA



TITLE I OF THE



DISCLOSURE OF INFORMATION BY THE INSURANCE OR REINSURANCE UNDERTAKING DOMESTIC DOMESTIC



section 29



Scope of the information that the insurance undertaking or the reinsurance undertaking domestic domestic

publishes about himself, about the composition of the shareholders or members of the Group of which it is

part of it, and on its activities, including financial data, is shown in

Annex No. 5 to this Decree.



section 30



(1) the required data will be published in English on the Internet

the website of the insurance undertaking or of the reinsurance undertaking domestic domestic in the form

data file suitable for download, in the commonly used format.

Requirements for the way the publication of data of 31. December calendar

the year shall be deemed also to have been met, it shall publish a domestic insurance company

or domestic reinsurance undertaking directly within the framework of the fulfilment of obligations, that is, as

an entity or an issuer of listed securities in the annual


message, or in the consolidated annual report, within the time limit referred to in §

31 para. 2.



(2) on the website of domestic insurance companies or domestic

reinsurance undertakings also publishes the annual report and the consolidated annual

the message, if it has a domestic insurance undertaking or reinsurance undertaking the obligation of domestic

not to draw up, at least for the last 3 previous accounting period.



(3) if the information required to publish subject information

obligations with regard to Česká národní banka ^ 15), are published in a similar

the structure, as in the statements submitted by the Czech National Bank.



section 31



(1) data shall be published on a quarterly basis. Data on the extent of the solvency of the

published by State as of 31. December of the previous calendar year.



(2) the information shall be published in accordance with the State of the



and) 31. March, 30. June and 30. September until 6 weeks after the end of the

the calendar quarter



(b)) 31. December until 4 months after the end of the calendar year.



(3) quarterly data shall be published together with the data for the previous 3

quarter.



(4) together with the uveřejňovanými information shall indicate the date on which the data were

available, or the date when the information is added or modified.



TITLE II



PUBLICATION OF THE DATA BY AN INSURANCE UNDERTAKING OR A REINSURANCE UNDERTAKING FROM THE THIRD COUNTRY OF

A THIRD STATE



§ 32



For the insurance company from a third State or third-country reinsurance undertaking, which

operates the insurance or reinsurance business in the territory of the United

Republic, shall apply mutatis mutandis to section 29 and 30.



PART FIFTEEN



COMMON, TRANSITIONAL AND FINAL PROVISIONS



§ 33



(1) an insurance undertaking or a reinsurance undertaking Domestic domestic shall publish the information pursuant to §

29 for the first time in the second quarter of 2010.



(2) an insurance undertaking or a reinsurance undertaking from a third State from a third State shall publish

information under section 32 for the first time in the second quarter of 2010.



(3) the required solvency margin calculated in accordance with the existing legal

the regulation is considered required solvency margin calculated in accordance with

of this order.



(4) Domestic insurance company, domestic reinsurance from the third

State or from a third State shall be modified in its activities

part of the second, and in parts of the tenth to twelfth in accordance with this Decree

within 3 months from the date of entry into force of this Decree. Until such time as shall be

This activity in accordance with this Decree, it shall proceed according to the existing

legal regulation.



§ 34



The effectiveness of the



This Decree shall enter into force on 1 January 2000. January 1, 2010.



Governor:



doc. Ing. Tůma, CSc. v. r.



Annex 1



Additional requirements for the management and control system



Part I



The prerequisites of good governance and management of domestic insurance companies or domestic

reinsurance undertakings



(1) the method of fulfilment of the requirements for the management and control system is

reflected in the description of the organizational arrangement of domestic insurance undertaking or

domestic reinsurance undertakings and other internally set out the principles, plans and

procedures (hereinafter referred to as "internal regulations"). To populate the provided proper

messages and management of the insurance undertaking or of the reinsurance undertaking domestic domestic are to

internal regulations reflected her selected recognized and proven principles

and procedures that are created and published by reputable people.



(2) an insurance undertaking or a reinsurance undertaking Domestic domestic shall ensure that the management and

control system for its functions and activities carried out on the basis of

contracts for activities or reciprocal cost sharing ^ 16)

(hereinafter referred to as "outsourcing"). The management and control system of domestic insurance companies

or domestic reinsurance undertakings shall in particular ensure that outsourcing did not limit the

consistency with the relevant provisions, the ability to control these

the activities of the insurance undertaking or the reinsurance undertaking domestic domestic and performance

supervisors, including an examination of the facts, which are subject to

supervision, at another person for a local insurance company or the assurance

domestic reinsurance undertaking outsourcing. In order to ensure

the controllability of compliance features for this performed

activity is the management and control system of domestic insurance companies or domestic

the reinsurance undertaking is set so that the form of arrangements governing the outsourcing

allow the capture and recovery of information about the content of the agreement,

including its amendments and the identification of the person who provides outsourcing.



(3) the management and control system of domestic insurance companies or domestic

reinsurance allows you to record and obtain information about the

approval and decision-making processes and control activities, including

related responsibilities, powers and internal rules. To

This requirement also serves security system and technology acquisition,

processing, transmission, sharing and preservation of information in any form

(hereinafter referred to as the "information system").



(4) the management and control system of domestic insurance companies or domestic

reinsurance allows you to recover the information in the what the periodicity of and with

What are the conclusions of the Board of Trustees or the Audit Commission (hereinafter "the supervisory

authority) shall supervise the



functionality and efficiency) the management and control of domestic

the insurance undertaking or of the reinsurance undertaking, domestic



(b)) decisions and procedures relating to the strategy of domestic insurance undertaking or

domestic reinsurance undertakings.



(5) the management and control system of domestic insurance companies or domestic

reinsurance allows you to recover information



and as the Board of Directors takes decisions) and performs control activities,

with regard to the



1. the creation of a management and control system and its evaluation

accordance with the requirements laid down by the law on the insurance industry and this

by Decree, in particular its continued functionality and efficiency,



2. establishing and implementing the overall strategy of domestic insurance undertaking or

domestic reinsurance undertakings, including risk management strategies, investment

strategy, strategy related to capital and solvency requirements, strategy

the development of the information system and strategy for outsourcing,



3. new products, activities and systems are essential, unless this

jurisdiction of the Board to the Committee or by the committees;

requirement provided for the possibility of recovery information is not

transfer of authority,



4. the thresholds used to restrict the range of risks, at least for the risk

insurance, market, credit, liquidity and concentration, including requirements for

the structure of the assets, liabilities and off-balance sheet items, unless this authority

by the Board of Directors to the Committee or committees; the request to the

the ability to recover information migration is not set

without prejudice to the competence,



5. organizational arrangements



6. the principles of the internal control system, including principles for



(i) recognition of the activities or functions whose performance is inconsistent and

preventing conflicts of interest in accordance with section 8 and 9,



(ii) the provision of compliance pursuant to part III, section 2,



(iii) the provision of internal audit, in particular, the subject of the activity,

the organizational, personnel and technical support and strategic and

periodic internal audit plan,



7. safety policies, including security policy for information

system,



(b)) of the conclusions and of any measures taken by the Board in

binding on the periodic reports and special findings, in particular, the supervisory

authority, the Board of Directors directly subordinate staff, responsible

actuary, the internal audit, the statutory auditor or

the audit firm (hereinafter "the auditor") or the competent authority

supervision,



(c) whether the Board of Directors the overall) functionality and effectiveness

management and control system and decide on the measures to remedy the

the shortcomings identified in sufficient scope and periodicity.



(6) the management and control system of domestic insurance companies or domestic

reinsurance allows you to retrieve information about how the national insurance company

or domestic undertaking after line management



and the Board of Directors approved the strategy being implemented), the principles and objectives and

provides elaboration of the procedures for their implementation and day to day

the management of the insurance undertaking or of the reinsurance undertaking, domestic, domestic,



(b)) maintains a functional and effective organizational arrangements, including the Department

incompatible features and preventing conflicts of interest in accordance with section 8 and 9,



c) creates and maintains functional and effective information system.



(7) the organisation of rídicího and control system of domestic

the insurance undertaking or of the reinsurance undertaking domestic is set to clearly and

in a coherent manner the responsibilities, powers, management has defined the main flows of information and

internal links within the domestic insurance undertaking or of the reinsurance undertaking, even in domestic

the group.



(8) the management and control system of domestic insurance companies or domestic

reinsurance allows early identification of areas of potential conflict of

interests. The responsibilities, powers and procedures shall be established to

prevent conflicts of interest pursuant to § 10 of the Act on insurance and to limit

the possibility of other conflicts of interest pursuant to § 7 para. 1 (b). and) point 2

the law on the insurance industry.



(9) the management and control system of domestic insurance companies or domestic

the reinsurance undertaking shall ensure that the



and) areas of conflicts of interest in accordance with section 8 and the area of their possible emergence of

are the subject of ongoing independent monitoring,



b) independently of the činnnostech, which is a direct result of the domestic

the insurance undertaking or reinsurance undertaking is exposed to the domestic insurance market, or


credit risk (hereinafter referred to as "business"),



1. manage the risks, and perform related activities, including the creation of

reinsurance programs,



2. liquidate the insured event,



3. the inspection data of the agreed insurance or reinsurance



4. appreciate the transactions concluded on the financial markets are addressed through

the deals agreed in the financial markets and the inspection of data on

the stores agreed on financial markets,



c) responsibility for the management of commercial activities is separated from the

responsibility for the



1. risk management insurance, market, credit and concentration,



2. settlement agreed on financial markets,



3. check the data relating to transactions agreed on financial markets,



d) is secured by appropriate independence and avoidance of conflicts of interest

According to section 8 in ensuring the control mechanisms and activities.



(10) the management and control system of domestic insurance companies or domestic

the reinsurance undertaking is set so that the competent authorities, employees, departments and

committees, if established, should for their decision making and further specified

the activities of current, reliable, and comprehensive information. The management and control

the system provides, in particular, information about



and) facts that could adversely affect the financial situation of the

domestic insurance undertaking or of the reinsurance undertaking, including the domestic effects of changes

the internal or external environment,



(b) any non-compliance with the requirements laid down by) the laws and

the procedures laid down in the internal regulations, in particular any detected

significant differences, domestic insurance companies or domestic procedures

reinsurance undertaking than the requirements laid down by the legislation and procedures

laid down in the internal regulations,



(c) ensure compliance with the limits being exceeded) the accepted levels

insurance, market, credit and other risks, including the assumed

liquidity risk,



(d) the results of the measurement of the insurance training), market, credit and

the operating risk and the concentration risk, podstupovaném



(e) the results of measurements) liquidity in suitably provided for time zones and

differentiations according to major currencies,



(f) the results of the actuarial analyses) and stress tests



g) of the financial solvency and track location.



(11) the management and control system of domestic insurance companies or domestic

reinsurance undertakings should include a system for creating and controlling of information

domestic insurance undertaking or a reinsurance undertaking domestic publishes about their current

situation and investment strategy and about the expected development. The management and

the control system includes internal control mechanisms to ensure the

topicality, availability, sufficiency and balance of these information.

Information including marketing communications and information for clients

objective, clear and not misleading.



(12) the management and control system of domestic insurance companies or domestic

reinsurance undertakings should include a system for creating, checking and transmission of

příslušnýcm information to the supervisory authorities that is created, maintained and

applied so as to provide information to the supervisory authorities currently,

reliable and true. The management and control system includes mechanisms

internal controls to ensure the completeness and accuracy of all calculations,

the information, statements and other information on an individual and group basis

provided by the Czech National Bank. Procedures for creating and

the Czech National Bank data provision, including reporting, can be

to trace, even within the group. In the context of the management and control

of the insurance undertaking or of the reinsurance undertaking domestic domestic are clearly

fixed responsibility for communication and coordination with the competent authorities of the

supervision.



Part II



The risk management system



(1) the management and control system of domestic insurance companies or domestic

the reinsurance undertaking is set up to allow for continuous and systematic

risk management.



(2) the management and control system of domestic insurance companies or domestic

the reinsurance undertaking is set up to ensure that the system risks



and) corresponds to the nature, scale and complexity of the activities and the

associated risks and consistently provides distortion-free picture of the extent

assumed risks. The process of identifying risks is ensured for all

activities and on all of the management and organizational levels, and allows you to

detection of new, unidentified risks,



(b) takes into account all significant risk) and risk factors, which is

or it may be an insurance undertaking or a reinsurance undertaking domestic domestic exposed, with

taking into account the nature, scale and complexity of the activities performed by the

or intends to carry on,



(c)) takes into account internal and external factors, including the domestic strategy

the insurance undertaking or of the reinsurance undertaking, the effects of the domestic economic environment and

changes in legislation with an impact on its operations, quantitative and

qualitative aspects of risk management options, and the real costs and

revenue resulting from their management,



(d)) contains, in particular,



1. strategy and procedures for the detection, measurement, monitoring, reporting

and possible risk reduction,



2. the system of limits used in risk management, including the procedures and

information flow when exceeding these limits,



3. the principles of control mechanisms and risk management activities, including

checks on compliance with established procedures and limits for risk management and

validation output ratings or risk measurement.



(3) the management and control system of domestic insurance companies or domestic

the reinsurance undertaking is set to include the basic assumptions

continuous risk management, which are, in particular, the determination of the



and internal risks, definitions) which is or may be a domestic insurance company

or domestic reinsurance undertaking is exposed,



(b) the policy for determining the significance of) individual risks,



(c)) principles and methods of individual risks, including the management of stress

testing, and it always risks insurance, market, credit, operational,

liquidity and concentration,



d) acceptable risk level,



(e) policy for the Assembly and) edit of the contingency plans.



(4) the management and control system of domestic insurance companies or domestic

the reinsurance undertaking is set up to ensure that



and domestic insurance undertaking or domestic) a reinsurance undertaking systematically controls the



1. risk premiums written broken down in particular on non-life insurance, life

insurance and reinsurance market, credit, operational, including the risk of

legal, liquidity and concentration,



2. other significant risks faced by domestic insurance undertaking or domestic

reinsurance undertaking is, or may be exposed, particularly the risk of reputation,

strategic, United with the sources of capital and funding of or associated with the

jurisdiction to the group, including the risk of operations within the group, whose

is part of, unless this risk could not be or is not significant,



b) policies and procedures for risk management which is or may be domestic

the insurance undertaking or reinsurance undertaking is exposed to domestic, are integrated and linked to the

with the principles and procedures for the maintenance of own funds to cover such risks,



(c) the risk coverage capital) prudently takes into account factors that affect

the results of the evaluation or measurement of the incurred risks, including the effects of



1. valuation adjustments of assets and creating reserves,



2. the use of own estimates and models



3. taking into account the results of the tests, including stress, and other effects

the anticipated or alternative development, internal and external

environment,



4. use of investments in derivatives, taking into account collateral and other

risk-reducing techniques,



5. any consideration of the effects of correlation or from diversification

risks.



(5) the management and control system of domestic insurance companies or domestic

the reinsurance undertaking is set up so that when the risks involved

are not adequately covered by own funds or otherwise, have been taken

measures to remedy the situation.



Part III



The internal control system



(1) the management and control system of domestic insurance companies or domestic

reinsurance involves inspection activities. Control activities are

part of the normal day to day activities, usually domestic insurance companies

or domestic reinsurance undertakings are introduced and applied to all of the management

and organizational levels and include, in particular,



and appropriate control mechanisms for) the different processes and activities,

including the activities for which the insurance or reinsurance undertaking domestic domestic

makes use of outsourcing,



(b) line checks) performance management,



c) ensuring compliance (section 2)



(d) the performance of the internal audit assurance).



(2) the management and control system of domestic insurance companies or domestic

reinsurance undertakings contains policies and procedures for ensuring compliance

cover in a coherent manner and connecting all the activities of domestic insurance undertaking or

domestic reinsurance undertakings, and whose aim is to secure at least



and) compliance of the internal rules and regulations



(b)) the consistency of the internal rules,



(c) the compliance of the activities) with the laws and internal regulations.



In ensuring compliance will also create, use and preserve

related information, in particular the internal reports on the discovered

nesouladech, about upcoming legislation and any

the impacts of the activities of the insurance undertaking or of the reinsurance undertaking, domestic, domestic,


the assessment report, proposals for ensuring the compliance of domestic insurance companies

or domestic reinsurance and risk compliance.



(3) the management and control system of domestic insurers is set to

allow for proper and immediate investigation, processing and handling

received complaints against the insurance company.



(4) the management and control system of domestic insurers is set to

include the basic assumptions and principles for the proper handling of

complaints, which are, in particular, the determination of the



and transparent method of publication information) about how to complain

to submit and how it will be received complaints handled



(b) the procedures for informing the complainant) in a clear and comprehensible manner

on receipt of a complaint, including the grounds for the opinion

domestic insurance companies and any other options of the procedure the complainant,

and the procedures for reporting on the progress of the complaint



(c)) of internal deadlines and procedures for receiving, processing, and

retention of complaints and related information and



(d) procedures for the analysis of the reasons) the submission of individual complaints, in order to

identification of any recurring or systemic misconduct and

the potential risks of domestic insurance companies.



(5) the management and control system of domestic insurance companies or domestic

reinsurance undertaking ensures continuous and efficient performance of the internal audit.

An independent examination of the internal audit shall be subject to all the activities of

domestic insurance undertaking or of the reinsurance undertaking, in particular, domestic



and compliance with the obligations laid down by law) provisions, in particular

the obligation to act with due skill, care and proceed with caution and respect for

internally, the established principles, objectives and procedures,



(b)) risk management system,



(c)) financial management, capital management and solvency



(d)) the completeness, relevance, accuracy and reliability of the accounting and

information provided by the authorities of domestic insurance companies or domestic

reinsurance undertaking,



(e)), the statistical reliability of financial and operational information, including

information for clients, and the reliability of the system of preparing and presenting

statements of the Czech National Bank,



f) functionality and security of the information system.



(6) the performance of the internal audit includes an always



and risk analysis) of the Assembly, and at least once a year,



(b) strategic and periodic) of the Assembly, as a rule, the annual plan

the audit,



(c) the establishment and maintenance of the system) monitoring the implementation of corrective measures,

stored on the basis of the findings of an internal audit,



(d)) the continuous monitoring and evaluation of the functionality and efficiency of the system

internal controls, and other elements of the management and control system,



e) summative evaluation and functional processing efficiency dashboard

and control system, and at least once a year,



f) informing the authorities of an insurance or reinsurance undertaking domestic domestic about

internal audit results and findings.



The performance of the internal audit is ensured so as to contribute to the improvement of

internal processes of an insurance or reinsurance undertaking domestic domestic.



(7) the management and control system of domestic insurance companies or domestic

the reinsurance undertaking is set so that the monitoring and evaluation of its

functionality and efficiency was carried out on an ongoing basis on all of the management and

organizational levels. The shortcomings of the management and control system

without undue delay, notify the competent control level. Significant

the shortcomings of the management and control system shall be notified to the Board of Directors and

the supervisory authority. System of detecting and reporting control deficiencies and

the control system is set up to allow for their timely

axle. The effectiveness of the measures adopted to remedy is then authenticated.



Annex 2



Methods of calculating the Equalization reserve



Method no 1



Let the VRt creation of the Equalization reserve for the accounting period

t

for the non-life insurance sector,

Tzt technical profit for the accounting period

t

for the non-life insurance sector, where technical

profit means earned premiums for own reduced score onáklady for claims

on your own scores, and operating costs on their own,

ZPT earned premiums for own notch insurance companies for the financial year

t

for the sector

non-life insurance,

CVR = the total amount of the Equalization reserve created in time

t

for the non-life insurance industry



CVR = (VRt, VRt-a + 1 + ...).



If TZt > 0, then the equalisation reserve for the financial year

t

According to the formula



VRT = min {0.75 TZt; 0.12 * ZPt}.



If = 0, mensi TZt then VRt = TZt.



For the total amount of the Equalization reserve must be met, however, the CVR



0 = mensi CVR = smaller 1.5 * max {ZPt-1; ...; ZPT-5}.



Method # 2



Let the VRt creation of the Equalization reserve for the accounting period

t

for the non-life insurance sector,

Tzt technical profit for the accounting period

t

for the non-life insurance sector, where technical

profit means earned premiums for own reduced score onáklady for claims

on your own scores, and operating costs on their own,

ZPT earned premiums for own notch insurance companies for the financial year

t

for the sector

non-life insurance,

CVR = the total amount of the Equalization reserve created in time

t

for the non-life insurance industry

CVR = (VRt, VRt-a + 1 + ...).



If TZt > 0, then the equalisation reserve for the financial year

t

According to the formula



VRT = 0.75 * TZt.



If = 0, mensi TZt then VRt = TZt.



For the total amount of the Equalization reserve must be met, however, the CVR



0 = mensi CVR = smaller 0,268 (ZPt-1 + ... + ZPt-5).



Method no 3



Let the VRt creation of the Equalization reserve for the accounting period

t

for the non-life insurance sector,

T the number of monitored period shall be T is an element of {15, 16, ..., 30},

The cost of the NPPt claims to own the insurance companies is credited for the accounting period

t

for the sector

non-life insurance,

ZPT earned premiums for own notch insurance companies for the financial year

t

for the sector

non-life insurance,

CVR = the total amount of the Equalization reserve created in time

t

for the non-life insurance industry

CVR = (VRt, VRt-a + 1 + ...).



Let us define claims ratio in the accounting period

t

as a qt = NPPt/backward,



the average claims ratio for the accounting period

t

as a Qt = (qt-1 + ... + qt-T)/t,



the standard deviation of the claims ratio for the accounting period

t

as



T

sigmat = square root of sum (qt-Qt) 2/(T-1)

k = 1



and the maximum amount of the Equalization reserve in

t

as MVRt = 6 * * sigmat ZPt.



The equalisation reserve for the financial year

t

is formed according to the formula



VRT = (Qt-qt) the ZPt + 0.035 * MVRt.



For the total amount of the Equalization reserve must be met, however, the CVR



0 = mensi CVR = mensi MVRt.



When, during the monitored period was not logged T no loss of insurance, there is no need

buffer to create.



Method no 4



Let the VRt creation of the Equalization reserve for the accounting period

t

for the non-life insurance sector,

T the number of monitored period shall be T is an element of {15, 16, ..., 30},

The cost of the NPPt claims to own the insurance companies is credited for the accounting period

t

for a given

non-life insurance industry

ZPT earned premiums for own notch insurance companies for the financial year

t

for the sector

non-life insurance,

CVR = the total amount of the Equalization reserve created to the time t for the sector of non-life insurance

CVR = (VRt, VRt-a + 1 + ...).



Let us define the claims ratio in the accounting period

t

as a qt = NPPt/backward,



the average claims ratio for the accounting period

t

as a Qt = (qt-1 + ... + qt-T)/t,



the standard deviation of the claims ratio for the accounting period t as



T

sigmat = square root of sum (qt-Qt) 2/(T-1)

k = 1



the maximum amount of the Equalization reserve in

t

as MVRt = 6 * and * sigmat ZPt



the minimum amount of the Equalization reserve in

t

as mVRt = 3 * sigmat * ZPt.



The equalisation reserve for the financial year

t

is formed according to the formula



VRT = (Qt-qt) the ZPt.



For the total amount of the Equalization reserve must be met, however, the CVR



mVRt = mensi CVR = mensi MVRt.



When, during the monitored period was not logged T no loss of insurance, there is no need

buffer to create.



Annex 3



The calculation of the required solvency margin



I. calculation of the required solvency margin for non-life insurance



Insurance premiums and the cost of insurance claims, including those provisions for outstanding claims

the performance of industry, no. 11, 12 and 13 of part B of annex 1 to the

the Insurance Act, for the purposes of calculating the desired level

solvency increased by 50%.



1. The first result

Let P higher value of gross premiums written gross premiums written and earned in a given

accounting period,

(D) the part of the premium corresponding taxes and fees, if they are a part of gross

insurance premiums,

PZ ratio between costs for insurance claims, including changes in the provision for outstanding claims on their own


notch and the full cost of insurance claims, including changes to the claims, stavurezervy

The conversion rate between the Crown and the euro, i.e.. 1 EUR = CZK.



Furthermore, let S = P-D.



The first result of the required solvency margin for non-life insurance

calculated as the

[0.18 * min {61 300 000 K; S} + 0.16 * max {0; S-61 300 0000 to}] * max {0.5; PZ}.



2. The second result

Let T the length of the reference period,

(N) gross claims incurred in a given reference period,

In the revenue obtained from recourse in a given reference period, if they are not already included in gross

the costs of claims incurred,

RK gross provision for outstanding claims at the end of the reference period,

RZ gross provision for outstanding claims at the beginning of the reference period,

PZ ratio between costs for claims, including changes in the provision for outstanding claims on their own

notch in the reference period, and the total cost of claims incurred, including changes in the provision

claims incurred in the reference period,

The conversion rate between the Crown and the euro, i.e.. 1 EUR = CZK.



Let T = 7, if the insurance company to a significant extent operates insurance

of credit, storm, hail or frost; otherwise, T = 3. For insurance undertakings,

carrying on the insurance business for less than the prescribed

the length of the reference period, the number of whole accounting period, for

that is the necessary information available.



A substantial degree of means that the volume of written premiums in a given

the insurance sector amounted to 4% of the total premiums for

all operated by non-life insurance sector in at least one year

the reference period, and at the same time the volume of written premiums from this

the insurance industry has exceeded the amount of $ 1 0000 0000 per year during

the reference period.



In the case of the risks listed under no 18 in industry section B of the annex No. 1

of the Act, the amount of claims costs shall be the costs

assurance undertaking bears with regard to the assistance given.



Furthermore, let S = (N-V + RK-RZ)/t.



The second result of the required solvency margin for non-life insurance

calculated as the



[0.26 * min {42 900 000 K; S} + 0.23 * max {0; S-42 900 0000 to}] *

Max {0.5; PZ}.



II. the calculation of the required solvency margin for life assurance



1. The first result (of the sector and even a), A and b), and (II), and (IX))



These items are not included in the amounts payable to any

' sjednávaným along with life insurance.

Let HR gross reserves in life insurance,

CR net reserves in life insurance,

Rk1 gross bits non-negative risk capital for life insurance with the exception of temporary

insurance against death with the insurance period of no more than 5 years,

RK2 gross bits non-negative risk capital to temporary insurance in case of death

with the insurance period of no longer than 3 years, but not more than 5 years,

RK3 gross bits non-negative risk capital to temporary insurance in case of death

with the insurance period of no more than 3 years,

PZ the ratio between net and gross amount of bits non-negative risk capital.



The first result of the required solvency margin for life assurance,

calculated as the

0.04 * HR * max {CR/HR; 0.85} + [0.003 * RK1 RK2 0.0015 + * + 0.001 * RK3] * max {PZ; 0.5}.



2. the second outcome of the (industry and (c)))



The second result shall be calculated mutatis mutandis, in the manner specified in part I of this

of the annex.



3. the third outcome of the (industry and III and VII and VIII)



These items are not included in the amounts payable to any

' sjednávaným along with life insurance related to

Investment Fund.

Let HR1 gross reserves in life insurance the corresponding trade insurance company

bears the investment risk,

Hr2 gross amount of life insurance reserves, corresponding to the trade, when the investment risk

shall be borne by the policy-holder and the administrative costs included in the premium is fixed for the

For more than five years,

PZ the ratio between net and gross amount of the technical provisions corresponding to the life insurance

associated with the investment fund,

SN NET administrative expenses of the last financial period corresponding to the trade investment

the risk is borne by the policyholders and the administrative costs included in the premium is not fixed

fixed for a period exceeding five years,

HRK gross bits non-negative risk capital for insurance policies covering the risk of death,

CRK NET bits non-negative risk capital for insurance policies covering the risk of death.



The third result of the required solvency margin for life assurance,

calculated as the



[0.04 + 0.01 * * HR1 HR2] * max {CA. 0.85} + 0.25 * SN + HRK * 0.003 * max {CRK/HRK; 0.5}.



4. the fourth result (sector VI)

Let HR gross reserves in life insurance,

CR net reserves in life insurance.



The fourth outcome of the required solvency margin for life assurance,

calculated as the

0.04 * HR * max {CR/HR; 0.85}.



5. the fifth result (and)



The fifth result required solvency margin for life assurance,

calculated as 1% of the assets pertaining to the industry and in the.



6. the sixth result (and IV)



The sixth result required solvency margin for life assurance,

calculated as the sum of the



and the calculated result) as the fourth result, part II. of this annex and



(b)) the result calculated in accordance with section I of this annex.



Annex 4



The procedure for calculation of the adjusted solvency margin of the insurance undertaking or domestic

domestic reinsurance



The adjusted solvency margin of the USp is calculated as follows:



USP = A-B,



where



n

A = the SUM of the DMSP + qi DMSi,

I = 1



n n

B = sum + SUM UHPi + qi PMSP * PMSi,

I = 1 i = 1



where the DMSP available solvency margin the insurance holding company or reinsurance undertaking,

of an insurance undertaking or a reinsurance undertaking from a third State from a third State or capital

insurance holding the person or persons, mixed financial holding



Qi proportional share of the insurance holding company or a reinsurance undertaking, an insurance holding

persons or mixed financial holding of the person, the insurance company from a third State or

reinsurance undertaking from a third State to the capital of the i-th controlled or associated with

insurance undertaking, reinsurance undertaking, insurance holding the person or smíšenéfinanční

the holding of the person



DMSi available solvency margin and the related insurance undertaking or the controlled or

the reinsurance undertaking or the capital of the i-th controlled or associated with pojišťovacíholdingové

the person or persons, mixed financial holding



UHPi the book value of the share and the items under section 16(1). 4 the insurance holding company or

reinsurance undertakings, insurance holding person, or a mixed financial holding

a person from a third State, insurance or reinsurance undertaking of the third státuv the i-th-controlled

or associated with an insurance company, a reinsurance undertaking, an insurance holding company and the person or

mixed financial holding person,



PMSP required solvency margin the insurance holding company or reinsurance undertaking,

of an insurance undertaking or a reinsurance undertaking from a third State from a third State,



PMSi-required solvency margin and the related insurance undertaking or the controlled or

reinsurance undertaking.



Annex 5



The range of data on domestic insurance undertaking or in the reinsurance undertaking, on the composition of domestic

shareholders or members of the Group of which it is part, and its activities,

including financial indicators



(1) the particulars of the insurance undertaking or in the reinsurance undertaking, domestic domestic are



and trading company), legal form, address of the registered office and identification number

domestic insurance undertaking or of the reinsurance undertaking in accordance with domestic commercial

the register,



(b) the date of registration) of the insurance or reinsurance undertaking in the commercial register,

including the date of registration of the last changes, indicating the purpose of the most recent changes



c) amount of capital registered in the commercial register,



(d)) the amount of the paid-up capital,



(e)) the type, form, shape, and number of issued shares, indicating their

nominal value, if there is a domestic insurance company or domestic

reinsurance undertaking is a joint stock company,



f) data on the acquisition of own shares or interim certificates and other

of the securities, the nature, form, shape, and number of,

If it is an insurance undertaking or a reinsurance undertaking domestic domestic joint-stock

companies,



g) details of the capital increase, when the capital was

increased since the last publication, and it



1. the method and scope of the capital increase,



2. If the new shares are issued, national insurance or domestic

reinsurance undertaking shall publish the kind, form, shape, and number of issued shares with

an indication of the nominal value, a range of repayment of the newly subscribed shares and deadline

for the repayment of the newly subscribed shares,



3. when the capital increase from own resources, domestic

the insurance undertaking or the reinsurance undertaking shall publish the amount of the domestic,

the capital increase shall be marked with its own resources, of which the basic


capital increases. Domestic insurance undertaking or reinsurance undertaking which is a domestic

joint-stock companies, indicating whether it is increasing the nominal value of the shares

and if you are increasing the amount increases,



h) organisational structure of the insurance or reinsurance undertaking domestic domestic with

specifying the number of organizational units, and the number of employees (FTE

status),



I) data on members of the supervisory body, the members of the Board of Directors of domestic

the insurance undertaking or of the reinsurance undertaking domestic



1. the name, or names, and surname, including titles,



2. the function, date from when the person performs the appropriate function,



3. previous experience and qualifications for the performance of functions,



4. membership in the bodies of other legal persons,



5. the aggregate amount of loans, loans granted to domestic insurance undertaking or

domestic reinsurance undertaking Supervisory Board members or the Audit Commission, the members of the

of the Board of the insurance undertaking or of the reinsurance undertaking, domestic, domestic,



6. the aggregate amount of guarantees issued by a domestic insurer or domestic

reinsurance undertaking for the members of the Supervisory Board or the Audit Committee, the members of the

of the Board of the insurance undertaking or of the reinsurance undertaking, domestic, domestic.



(2) data on the composition of the shareholders or members of the domestic insurance undertaking or

domestic reinsurance Data of shareholders or members of the domestic

the insurance undertaking or of the reinsurance undertaking with a qualified domestic participation in the domestic

the insurance undertaking or in the reinsurance undertaking, domestic, with the



and of the shareholders or members) who are legal persons, domestic

the insurance undertaking or the reinsurance undertaking shall publish the national trade name or

name, legal form, address of the registered office and the amount of the share of voting rights

in the preparation,



(b)) of the shareholders or members who are natural persons, domestic

the insurance undertaking or the reinsurance undertaking shall publish the national name or names,

and last name and the amount of the share of the voting rights.



(3) Information on the structure of the Group's domestic insurance undertaking, or

domestic reinsurance undertaking included, are



and) information on persons in relation to the domestic insurance undertaking or

domestic reinsurance undertaking controlling entities, where appropriate, the majority

Companion, which includes



1. trade name or name, legal form and the address of such

of the person; in the case of a natural person, the name or names, first and last name,



2. direct or indirect interest in the capital of domestic insurance companies

or domestic reinsurance undertaking in the preparation,



3. direct or indirect share of the voting rights of domestic insurance companies

or domestic reinsurance undertaking in the preparation,



4. how, on the basis of which the domestic insurance undertaking or domestic

reinsurance undertaking controlled entity, if it is not a share of the capital

or of the voting rights,



5. the aggregate amount of the claims of domestic insurance companies or domestic

reinsurance undertakings and a summary of commitments, domestic insurance companies or domestic

reinsurance undertakings in respect of such persons,



6. the aggregate amount of the securities, which has the domestic insurance undertaking, or

domestic reinsurance undertaking in assets and which are emitted by these persons, and

the aggregate amount of liabilities of the insurance undertaking or of the reinsurance undertaking, domestic inland from

These securities,



7. a summary of the insurance undertaking or the reinsurance undertaking domestic domestic

issued guarantees for such persons, and a summary of the domestic

the insurance undertaking or reinsurance undertaking taken domestic guarantees from such

persons.

If the person who is the direct controlling company domestic insurance companies

or domestic reinsurance, a Bank, a securities dealer, foreign

Bank or a foreign person providing investment services, it is sufficient

the publication of the information referred to in subparagraph (a)) only for the controlling person.



(b)) information about people that are in relation to the domestic insurance undertaking or

domestic reinsurance undertaking controlled by the parties, or in which the domestic

the insurance undertaking or the reinsurance undertaking domestic majority, which

includes



1. trade name or name, legal form and the address of such

of the person,



2. direct or indirect share of domestic insurance companies or domestic

reinsurance undertaking in the capital as a percentage,



3. direct or indirect share of domestic insurance companies or domestic

reinsurance undertaking of voting rights percentage



4. how, on the basis of which the domestic insurance undertaking or domestic

reinsurance undertaking is a controlling entity, if it is not holding in the

capital or of the voting rights,



5. the number, nominal value and the acquisition cost of shares or the amount of, and

the acquisition cost of shares acquired in such a person, and changes in

during the accounting period,



6. the aggregate amount of the claims of domestic insurance companies or domestic

reinsurance undertakings and a summary of commitments, domestic insurance companies or domestic

reinsurance undertakings in respect of such persons,



7. the aggregate amount of the securities, which has the domestic insurance undertaking, or

domestic reinsurance undertaking in assets and which are emitted by such persons,

and a summary of the commitments of these securities,



8. a summary of the insurance undertaking or the reinsurance undertaking domestic domestic

issued guarantees for such persons and summary of domestic insurance company

or domestic reinsurance company received guarantees from such persons,



(c)) a graphical representation of the group, which includes all controlled and

associated with the domestic insurance undertaking or of the reinsurance undertaking, all domestic

its controlling person, and all controlled by or associated persons

persons of an insurance or reinsurance undertaking domestic domestic. If

the controlling person of an insurance or reinsurance undertaking domestic domestic are subject to

supervision in a group or supervision on a consolidated basis, or

supplementary supervision of the financial conglomerate and post information

his group, the graphical representation can only include controlled and

associated with the domestic insurance undertaking or the reinsurance undertaking and all domestic

its controlling person



(d) if the domestic insurance undertaking or) domestic reinsurance undertaking or its

a controlling person is subject to the obligation to comply with the revised peace

the solvency of the insurance undertaking, or domestic, domestic reinsurance undertaking shall indicate that

a person is included in the calculation of the adjusted solvency margin.



(4) data on the activities of the insurance undertaking or of the reinsurance undertaking, domestic, domestic,

including financial indicators are



and business) (activities) registered in the commercial register,



(b) an overview of the activities actually carried out),



(c) an overview of the activities) the exercise or grant was the Czech

National Bank Limited, or suspended,



(d) domestic insurance undertaking or balance sheet) domestic reinsurance undertakings,



e) profit and loss account of the insurance undertaking or of the reinsurance undertaking, domestic, domestic,



f) real and nominal (notional) values of the derivatives collectively for derivatives

agreed for the purpose of provisioning and collectively for the derivatives negotiated for

the purpose of trading or speculation,



g) ratios of an insurance or reinsurance undertaking domestic domestic



1. indicators of solvency for life insurance, non-life insurance,

collateral-the available solvency margin, required level

solvency, the amount of the guarantee fund, the ratio of the lesser of the

the solvency margin and the required solvency margin and the ratio of the amount of the guarantee

the Fund and the total of the items referred to in section 27,



2. the adjusted solvency margin as at the date of the financial statements

including its calculation, broken down according to the appropriate subsection of section 32, in

If it is above the domestic insurance undertaking or a reinsurance undertaking domestic

supervised in a group according to § 87 para. 1 (b). a) and b) of the law on

the insurance industry,



3. return on average assets (ROAA)-100% of the Profit or loss for the

accounting period/total assets,



4. the return on average equity (ROAE)-100% of the profit or

loss for the financial year/shareholders ' equity,



5. "combined ratio" in the non-life insurance-100% (the cost of the

insurance claims, including changes in the provision for outstanding claims,

net of reinsurance + net operating expenses)/deserved

premiums, net of reinsurance.



Selected provisions of the novel



Article. (II) Decree No. 326/Sb.



Transitional provision



Domestic insurance company and the insurance company from a third State modifies its control and

control system in accordance with Decree No. 434/2009 Coll., in the version in force from

the effective date of this Ordinance, within 3 months from the date of

entry into force of this Decree.



1) first Council Directive 73/239/EEC of 24 June 1993. July 1973 on the coordination of

laws, regulations and administrative provisions relating to access to the activity in

direct insurance other than life assurance and its exercise, as amended by directives

Council 76/580/EEC, 84//641/EHS, 87/343/EEC, 87/344/EEC, 88/357/EEC,

90/618/EEC, 92/49/EEC, directives of the European Parliament and Council Directive 95/26/EC,

2000/26/EC, 2002/13/EC, 2002/87/EC, 2005/1/EC, 2005/68/EC and

2006/101/EC.



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.



European Parliament and Council Directive 98/78/EC of 27 June 2002. October 1998 on the

the supplementary supervision of insurance undertakings and reinsurance undertakings in an insurance or

reinsurance group, as amended by the directive of the European Parliament and of the Council

2002/87/EC, 2005/1/EC and 2005/68/EC.




European Parliament and Council Directive 2005/68/EC of 16 December 2002. November

2005 on reinsurance and amending Council Directives 73/239//EHS, 92/49/EEC as well as the

as well as directives 98/78/EC and 2002/83/EC, as amended by the directives of the European Parliament

and Council 2007/44/EC and 2008/37/EC.



2) Law No. 125/2008 Coll. on transformation of trade companies and

cooperatives, as amended.



3) § 25 para. 1 of law No 197/2004 Coll. on bonds, as amended by

amended.



4) Article. 1, article 30 et seq. the Act No. 191/1950 Coll., bills and cheques Act, in

as amended.



5) Act No. 337/1992 Coll., on administration of taxes and fees, as amended

regulations.



6) section 24 of the Act No. 168/1999 Coll., on liability insurance

caused by operation of the vehicle and amending certain related laws

(law on the liability insurance of the vehicle), as amended

regulations.



7) § 1 (b). f) of Act No. 219/1995 Coll., the Foreign Exchange Act, as amended by

amended.



8) section 37 of Act No. 256/2004 Coll., on the capital market, in

as amended.



§ 26 para. 1 (b). and) point 3 of Act No. 189/2004 Coll., on collective

investment, as amended.



9) § 19 para. 9 of Act No. 563/1991 Coll., on accounting, as amended by

amended.



10) Law No 284/2009 Coll. on payment systems.



11) Act No. 21/1992 Coll., on banks, as amended.



12) articles 6 and 7 or 8 of Decree No 347/2006 Coll., shall be carried out

some of the provisions of the law on financial conglomerates directive.



13) section 23 of 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 the financial conglomerates directive),

in the wording of later regulations.



14) 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 the financial conglomerates directive),

in the wording of later regulations.



15) Decree No. 433/2009 Coll. on the method of submission, form and

elements of the statements of the insurance and reinsurance undertakings.



16) § 6 para. 4 of Act No. 277/2009 Coll., on insurance.