Amendment Of The Decree To The Implementation Of The Law On Accounting For Insurance Companies

Original Language Title: změna vyhlášky k provádění zákona o účetnictví pro pojišťovny

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Read the untranslated law here: https://portal.gov.cz/app/zakony/download?idBiblio=56211&nr=474~2F2003~20Sb.&ft=txt

474/2003 Coll.



DECREE



of 17 May. December 2003,



amending Decree No 502/2002 Coll., which implements certain

the provisions of Act No. 563/1991 Coll., on accounting, as amended

regulations for the business units that are insurance companies



The Ministry of Finance shall determine under section 37b to implement section 4, paragraph 4. 8, § 24

paragraph. 4 and 5 and § 28 para. 1 of Act No. 563/1991 Coll., on accounting, in the

amended by Act No. 441/2003 Coll. (hereinafter the "Act"):



Article. (I)



Decree No 501/2002 Coll., which implements certain provisions of the Act

No. 563/1991 Coll., on accounting, as amended, for the accounting

units which are insurance companies, shall be amended as follows:



1. in article 2, the current text shall become paragraph 1 and the following

paragraph 2, which including the footnote 3a):



"(2) this Ordinance shall not apply to the entity in accordance with § 19 para. 9

and Section 23a of the Act, unless a special law ^ 3a) provides otherwise.



3A), for example, Act No. 586/1992 Coll., on income taxes, as amended by

amended. ".



2. In the title of part two, the words "(§ 18 para. 4 of the Act) "are deleted.



3. the title of title I, after the word "Range", the words "and the way

compiling ".



4. In section 4, paragraph 4. 1, after the word "arrangement", the words "and

labelling ".



5. In section 4, paragraph 4. 5, the first sentence shall be inserted after the phrase "Information for past

the financial period shall be indicated in the net. ".



6. in § 5 para. 3, after the words "for the items", the words "" F. "

with regard to the tangible fixed assets, and ".



7. in § 5 para. 3, the words "in accordance with the nature of the assets placed in it"

shall be replaced by the word "their".



8. in § 5 para. 3 (b). (b)) after the word "otherwise" words "(§ 32

paragraph. 2 and § 33 para. 7) ".



9. in § 5 para. 3, the final part of the text is inserted after the first sentence of "Movement

assets in these items is given in awards, in which they were captured in

the balance sheet (balance sheet) at the beginning of the accounting period. ".



10. In § 8 para. 7, the words "paid contributions of insurers"

replaced by the words "prescribed contributions of insurers for payment

transactions referred to in § 24 para. 2 and § 29 para. 1 of the law on insurance

liability in respect of the operation of a vehicle ".



11. In § 8 para. 8 at the end of the following sentence "the use of the guarantee fund

that applies to the transaction referred to in section 24 para. 2 and § 29 para. 1 of the law on

liability insurance of the vehicle, shall be equal to the amount of creation

relevant technical provisions on the same future liabilities. "



12. In section 8 paragraph 1. 9, after the words "frontier insurance," the words

"the cost of implementation is provided by the guarantee fund in accordance with § 24

paragraph. 2 and § 29 para. 1 of the law on liability insurance

the vehicle and the cost of the financial investments, ".



13. in § 8 para. 9 at the end of the phrase "shall be added at the Cost of performance

provided from the guarantee fund in accordance with § 24 para. 2 and § 29 para. 1

the Act on the liability insurance of the vehicle shall be indicated in the item

"4. The cost of claims incurred, net of reinsurance" in the technical

account for non-life insurance. The cost of the financial investments are reported on

the heading "III. 5. The costs of financial placements (investments) "in the

Non-technical account. ".



14. in § 8 para. 10, after the words "of frontier insurance," the words

"revenue from contributions from insurers for payment transactions under section 24

paragraph. 2 and § 29 para. 1 of the law on liability insurance

vehicle and income from financial placements ".



15. In § 8 para. 10 is added at the end of the sentence "the proceeds of the contribution

insurers for payment transactions in accordance with § 24 para. 2 and § 29 para.

1 the Act on the liability insurance of the vehicle shall be provided in

under "i. 3. Other technical income, net of reinsurance "in

Technical account for non-life insurance. Income from investments

shall be indicated under the heading "III. 3. Income from financial placements (investments) "in the

Non-technical account. ".



16. In section 8 shall be inserted after paragraph 10, a new paragraph 11, which read:



"(11) the definition of the technical reserves For the content generated by Offices

in accordance with special laws, předpisů1), (3)) shall apply mutatis mutandis the corresponding

the provisions of title II, of title III, and title IV. ".



The present paragraph 11 shall become paragraph 12.



17. in § 9 para. 2 the last sentence reads: "For the purposes of this Ordinance be deemed to

intangible fixed assets goodwill is considered, which contains positive

or a negative difference between the acquisition cost and the fair value at purchase

the acquired assets and liabilities at the time of their acquisition. ".



18. in § 9 para. 2, the last sentence added the sentence "Goodwill is stated

only when the conversion of the accounting unit or part thereof. Transfer of the financial

drive means, in particular the transfer of portfolio under a special

legislation. 1) ".



19. in section 10, paragraph 1. 3, the word "bonds" shall be replaced by the words "debt

papers ".



20. in section 10, paragraph 1. 7 at the end of the following sentence "in item URC.III. 1. lists

Re-insurer and variable-yield securities which are depozitem

in active reinsurance. ".



21. in section 10, paragraph 1. 8, the words "the bonds and other securities with a fixed

the proceeds "shall be replaced by the words" debt securities ".



22. in section 10, paragraph 1. 8 (a). and), the word "bonds" shall be deleted and the word

"issued" shall be inserted the word "their".



23. in section 10, paragraph 1. 8 (a). and), the word "bonds" shall be replaced by

"Debt securities" and after the words "custom dluhopisy24)"

the words "or other private debt securities".



24. in section 10, paragraph 1. 8, the final part of the text added the sentence "Valuable

papers in the URC.III. 2. is divided into securities, which are held

for the purpose of trading or available for sale and securities held-to-

maturity. In the URC.III. 2. lists the re-insurer and debt

papers that are depozitem in active reinsurance. In the URC.III. 2.

further state debt securities from items C. II. 2. or (C). II. 4.,

only if they are held for trading or available for sale. ".



25. in paragraph 12 of section 10 including the footnotes # 28) and no. 29):



(12) the item "URC.III. 7. Other financial investments "contains the financial

the location of the (investment) that are not included in items URC.III. 1. up to

URC.III. 6. This item shall also indicate the objects and works of art

cultural values under special legislation. ^ 28) lists are here

also positive or negative fair value of derivatives. ^ 29) not applicable here

value of underlying instruments; This value is stated in the notes to the financial

statements. Unless stated otherwise, if operation with derivatives or other

operations with securities are not in contradiction with specific legal

regulations on the insurance industry, a business unit of the marketing of derivatives and

securities shall apply mutatis mutandis, the relevant provisions of Decree No.

501/2002 Coll., which implements certain provisions of Act No. 563/1991

Coll., on accounting, as amended, for the accounting unit,

banks and other financial institutions.



28) § 21 para. 1 (b). m) of the law on the insurance industry.



29) § 21 para. 1 (b). r) law on the insurance industry. ".



26. in section 10, paragraph 1. 13 (a). (c)), the words "the bonds and other securities

fixed income "shall be replaced by the words" debt securities ".



27. in section 10, the following paragraph 3 is added:



(15) financial investments (investments), where applicable,

include accrued accessories. ".



28. in section 11 (1) 4, the first sentence, including footnote # 31)

repealed.



29. in § 12 para. 1 at the end of the following sentence "does not include a specific

assets accrued accessories, it is stated in the item "G.I. accrued interest

and rent ".".



30. in § 12 para. 3 in the item, the words "in the financial

institutions "shall be replaced by the words" with financial institutions ".



31. In article 12, paragraph 4, including footnote # 34) repealed.



The present paragraph 5 shall become paragraph 4.



32. In § 13 para. 1 at the end of the following sentence "there are no

the amounts accrued under section 10(4) of the accessories. 15. ".



33. In § 13 para. 2, the second sentence shall be deleted.



34. In § 13 para. 4, the words "or" G.I. Accrued interest and rent ""

replaced by the words "or" G. II. Deferred acquisition costs

the Treaty ' ".



35. In section 14 is at the end of paragraph 2 the following sentence including notes below

line no. 35a) "in subheading b) are given their own shares or own

interim certificates, own shares. ^ 35a)



for example, 35A) § 120, 161d and 161f commercial code. ".



36. In § 14 para. 6, the words "reserve for own shares and" are deleted.



37. In article 16(1). 7 items in the designation, the words "technical provisions"

replaced by the words "reserve".



38. In article 16(1). 8 in the final part of the text is supplemented with the phrase "Deposit

If passive collateral to include accrued accessories. ".



39. In § 17 paragraph 2. 3 the words "E 2. The provision for income tax "shall be replaced by

the words "E 2. Provision for taxes ".



40. in section 18 para. 4, the word "bonds" shall be replaced by the words "debt

securities ".



41. In article 18, paragraph 5 shall be deleted.



Paragraphs 6 to 8 shall be renumbered as paragraphs 5 to 7.



42. In section 18 para. 5 at the end of the phrase "shall be added here are no

the amounts accrued under section 10(4) of the accessories. 15 or section 15 para. 8.

It does not cover specific liabilities accrued accessories, it is stated in the


the "H.I. accrued expenses and deferred income".



43. In section 18 para. 6, the second and third sentence shall be deleted.



44. In § 19 para. 3 the words "perhaps the insurance reserves"

replaced by the words "reserve for unearned premiums".



45. In section 19 para. 5 (b). (b)), the word "non-refundable" shall be replaced by

"the return".



46. In § 19 para. 7, the word "II. 8." shall be replaced by the "II. 8. a)" and

the first sentence, the following sentence "the item marked" 7. b) "in the technical account

for non-life insurance and the item marked "II. 8. b)" in the technical account

for life insurance include state change of deferred acquisition

costs. ".



47. In section 19 para. 7, the last sentence is: "the acquisition costs include both

direct costs, in particular the acquisition commissions or establishment costs

the file, so the indirect costs, especially the cost of advertising or overhead

the costs of negotiating and concluding insurance contracts insurance. ".



48. In § 19 para. 8 in the last sentence after the words "tangible fixed

assets, "the words" which is not financial positioning (investments)

According to section 10, ".



49. In section 19 para. 9, after the word "Income" is inserted after the word "of" and the words

"The costs of financial placements" are replaced by the words "financial costs

the location ".



50. in § 19 para. 9, the following shall be added in the final part of the text of the sentence "in this

the item shall be indicated also interest income and expense. For their content

shall apply mutatis mutandis the provisions of § 44 para. 3 and 4 of the Decree No.

501/2002 Coll., which implements certain provisions of Act No. 563/1991

Coll., on accounting, as amended, for the accounting unit,

banks and other financial institutions. ".



51. In section 19 para. 10 (a). and), after the words "non-life insurance"

the words "(item i.2.)".



52. In section 20 (2). 1, the second sentence shall be deleted.



53. In section 20 (2). 2, the second sentence shall be deleted.



54. In section 20 (2). 3 (b). and), after the words "items (C) and (D) assets."

the words "and depreciation".



55. In section 20 (2). 3 (b). (c)), the word "reserve" shall be replaced by

"Reserves".



56. In section 20 (2). 5 (b). (c)), the word "reserve" shall be replaced by

"Reserves".



57. In paragraph 22 of the paragraph. 1 (b). (d)), the words "F (IV). Other assets "are replaced by

the words "F (IV). Other assets ".



58. In paragraph 22 of the paragraph. 1 at the end of paragraph 1, the period is replaced by a comma and

the following point l) is added:



"l) on the share of reinsurers in the item" other technical expenses "

or "other technical income". ".



59. In paragraph 22 of the paragraph. 2 (a). (b)), for the words "50% of its capital"

shall be replaced by "decisive influence on its capital".



60. in paragraph 22 of the paragraph. 3, the word "bonds" shall be replaced by the words "debt

securities ".



61. In paragraph 22 of the paragraph. 4, the figure "1" is replaced by the figure "2".



62. In section 22, the following paragraph 6 is added:



"(6) For placing the information on securities and derivatives are used

mutatis mutandis, the relevant provisions of Decree No. 501/2002 Coll., which

implementing some of the provisions of Act No. 563/1991 Coll., on accounting, in the

as amended, for the accounting units, which are banks and

in other financial institutions. ".



63. In the second, the head of the fourth chapter five shall be inserted, which including

Title:



"HEAD IN THE



STATEMENT OF CHANGES IN EQUITY



§ 23a



Statement of changes in equity includes in particular an increase or

the reduction in net assets during the accounting period according to the valuation principles

used in the financial statements, the differences from changes in accounting methods, accounting

cases relating to relations with the partners, payment of a dividend or

other shares on profit. ".



64. In the title of part four of the words "§ 4 paragraph 2. 2 "shall be replaced by ' paragraph 4

paragraph. 8 and § 24 para. 4 and 5 and § 28 para. 1. "



65. In sections 25 and 26, the heading "(§ 4 para. 2 and section 27 para. 4 of the law) "

repealed.



66. In § 25 para. 2, the words "referred to in paragraph 1" shall be replaced by

"referred to in paragraph 1".



67. In section 26 para. 2, the words "at the end of the balance sheet date or to another

the time to which the financial statements are drawn up, "shall be replaced by" to the

the time of the presentation of financial statements ".



68. In section 26 para. 3, in the introductory part of the text is inserted after the phrase "if it is not

objectively possible to determine the market value of the share, the awards

using the equity method (consideration) ".



69. In section 26 para. 3 the second sentence, the words "for which it awards

using the equity method (consideration), "be deleted.



70. In paragraph 27, the title "(§ 4 para. 2 and section 27 para. 4 of the Act) "is deleted.



71. In section 27 para. 3 the words "to the end of the balance sheet date or to another

the time to which the financial statements are drawn up, "shall be replaced by" to the

the time of the presentation of financial statements ".



72. In paragraph 28, the title "(§ 4 para. 2 and section 27 para. 4 of the Act) "is deleted.



73. In paragraph 29, the title "(§ 4 para. 2 and section 27 para. 4 of the Act) "is deleted.



74. In section 29 para. 4, after the words "securities", the words "and

other financial placements (investments). "



75. In section 29 para. 5, the phrase "to the items of the profit and loss account according

paragraph 2 shall be transferred at the time of the award pursuant to § 27 para. 2 of this

Ordinance. "is replaced by the phrase" at the time of implementation, in particular in sales,

stated valuation differences transferred to the profit and loss account items

in accordance with paragraph 2. The same happens for objects and works of art

cultural values under a special legal regulation, 28)

be given in the item "URC.III. 7. Other financial investments ".



76. In section 29 paragraph 6 is added:



"(6) the revaluation reserve pursuant to paragraph 1 for financial investments

(investments) that are the content of the item "URC.III. Other financial investments

In addition to the objects and works of art cultural values and derivatives according to

special legal předpisu28), 29) and securities held-to-

due date (URC.III. 2), the items are entered in the profit and

the losses referred to in paragraph 2. Valuation differences referred to in paragraph 1 are

held-to-maturity are reported under the heading "a. IV. Other

capital funds ' liabilities and at the time of implementation, in particular in sales,

stated valuation differences transferred to the profit and loss account items

in accordance with paragraph 2. ".



77. In section 29, paragraph 7 is added:



"(7) the gains referred to in paragraph 1 in respect of financial investments

(investments), which is the content of the entries ' (C). IV. Deposits at active

ensure "and item" d. financial placements of life insurance, if the

investment risk is the policy-holder "shall be indicated in the items of the statement of

profit and loss account in accordance with paragraph 2. ".



78. In section 29 para. 8 (a). (b)) and in section 29 para. 8 (a). (c)), the words "Other

technical provisions "shall be replaced by" other investments ".



79. In section 29 para. 8 (a). (c)), after the words "the same word

"accounting".



80. in section 29 para. 9 at the end of the following sentence "to the items of the income statement

losses in the non-technical account labeled "III. 3 c)" or "III. 5 (b))"

converted at the time of the decision of the Court on the application for registration

the conversion in the commercial register. ".



81. In paragraph 31, the title "(§ 4 para. 2 and § 25 para. 4 of the Act) "is deleted.



82. In § 31 para. 1, after the words "file asset", the words "or

the costing method in the acquisition of more than one ingredient of the asset transfer or

the transition ".



83. In paragraph 32, the words "in the title of § 4 paragraph 1 (K. 2 of the Act) "are deleted.



84. In article 32, paragraph 5, including footnote No 46) is repealed.



85. In paragraph 33, the words "in the title of § 4 paragraph 1 (K. 2 and § 28 para. 1 of the law) "

shall be deleted.



86. In § 33 para. 1 the words "buildings that are real estate and

shall be shown in the item headed "financial placements (investments)" assets "

shall be deleted.



87. In § 33 para. 5, the words "2 and 3 ' shall be replaced by" 3 and 4 ".



88. In article 33, paragraph 6, including footnote No 47) repealed.



Paragraphs 7 and 8 shall be renumbered as paragraphs 6 and 7.



89. In § 33 paragraph 7 is added:



"(7) in accordance with the provisions of section 28 of the Act is also not depreciated assets that are

the content of the entries ' (C). financial placements (investments) "and" (D).

the location of life insurance, if investment risk

the policy-holder "," E. I. receivables arising from direct insurance operations "and" e. II.

Receivables from reinsurance operations ".".



90. in paragraph 34 the words "is in the title of § 4 paragraph 1 (K. 2 of the Act) "are deleted.



91. In paragraph 35, the words "in the title of § 4 paragraph 1 (K. 2 and § 7 (2). 6 of the Act) "

shall be deleted.



92. In § 35 para. 1, in the introductory part of the text after the word "violation" is inserted

the word "prohibition".



93. In § 35 para. 2, after the words "own bonds", the words "or

other debt securities ".



94. Under section 37 is in the title the words "(§ 4 para. 2 of the Act) "are deleted.



95. In article 37, paragraph 3 shall be deleted.



96. In the heading of part five, the words "§ 22 para. 3, § 23 para. 2 "

replaced by the words "§ 4 paragraph 2. 8. "



97. In § 38 paragraph 1(a). 3, after the words "other the consolidating accounting unit"

the words "or the consolidating foreign persons".



98. In section 40 para. 3, the word "written" shall be replaced by the word "accounting".



99. In paragraph 5 of section 40 including the footnotes No. 49) and no. 50)

repealed.



100. In paragraph 43 (a). I), the words "financial assets" shall be replaced by

"financial investments" and the words "and the way they are posted;

If it was not a security, share and derivative fair valued or

using the equity method, an entity shall indicate the reasons for, and the possible amount of repair

the entry "shall be deleted.



101. In paragraph 43, at the end of the letter k) dot is replaced by a comma and the following

the letter l) is added:




"l) information about insurance pursuant to section 23 in the consolidation unit.".



102. In the title of title V, the term "insurance" shall be replaced by

"insurance business".



103. in annex No. 1 of the "assets" in item (C). II. 2. the word

"Bonds" shall be replaced by the words "debt securities".



104. in annex No. 1 of the "assets" in item (C). II. 4. the word

"Bonds" shall be replaced by the words "debt securities".



105. in annex No. 1 of the "assets" in item URC.III. 2. the words

"Bonds and other fixed-income securities" are replaced by the words

"Debt securities".



106. in annex No. 1 of the "assets", the entry "URF.III. Own shares

or its own interim certificates, its own shares (with an indication of their

nominal value or, in the absence of this value, their

book value) "is deleted.



107. in annex No. 1 of the "assets" under asset item G.I., ' annuities

(pensions) ' shall be replaced by the word "rent".



108. in annex No. 1 under "liabilities" in the A.I. is added

subheading (b)), which read as follows:



"(b)) of its own shares or interim certificates, own your own business shares

(with an indication of their nominal value or, in the absence of this value, with

their accounting par value) ".



109. in annex No. 2 of the "technical account for non-life insurance"

item (I). 5. the word "amendments" is replaced by "change".



110. in annex No. 2 of the "II. Life-assurance technical account "

item (II). 1 c), the words "reinsurers ' share ' is replaced by

"net of reinsurance".



111. in annex No. 2 of the "II. Life-assurance technical account "

item (II). 2. the word "ab) ' is replaced by ' (aa))" and the word

"real estate" is inserted into the brackets.



112. in annex No. 2 of the "II. Life-assurance technical account "

item II. 6. b), the word "in order to ensure" shall be replaced by "ensure".



113. in annex 3, in the table portion of the text beginning with the words "Balance

to 1. 1.200Z "and ending with the words" balance 31. 12.200Z "is deleted.



Article II



Transitional provisions



1. unless otherwise provided for in point 2, the provisions of this Ordinance,

do not apply to the financial statements and the consolidated financial statements prepared

for the accounting period commenced before the effective date of this order.



2. The provisions of article. I, points 24, 66-69, 71, 74 to 80 and 97 can book

the units to use when compiling the financial statements for the accounting period

started in 2003.



3. depreciation financial placements (investments) made to 31.

in December 2003, the effective date of this Ordinance does not continue. So far

accumulated depreciation-settled with the appropriate item of the financial position

(investment), without affecting profit or loss of the accounting unit.



Article. (III)



The effectiveness of the



This Decree shall enter into force on 1 January 2000. January 2004, with the exception of the provisions

article. I, point 1, which shall apply for the first time in the accounting period closest to the

following the financial year in which it entered the accession treaty

The Czech Republic to the European Union enters into force.



Minister:



Mgr. Sobotka in r.