260/2011 Sb.
LAW
of 22 March. July 2011,
amending the Act No 340/2006 Coll., on the activities of the institutions
occupational pension schemes of the Member States of the European Union
or of other States which are party to the agreement on the European
economic area, on the territory of the Czech Republic and on an amendment to Act No.
48/1997 Coll., on public health insurance and amending and supplementing
some related laws, as amended by later regulations, as amended by
amended
Parliament has passed the following Act of the Czech Republic:
Article. (I)
Act No 340/2006 Coll., on the activities of institutions for occupational retirement provision
insurance of the Member States of the European Union and other States which are
Contracting Party to the agreement on the European economic area, on the territory of the
The Czech Republic and on an amendment to Act No. 48/1997 Coll., on public health
insurance and amending and supplementing certain related laws, as amended by
amended, as amended by law No 248/2008 Coll. and Act No.
281/2009 Coll., is hereby amended as follows:
1. in the title of the Act, the words ", from the Member States of the European Union or
other States that are party to the agreement on the European
economic area, on the territory of the Czech Republic and on an amendment to Act No.
48/1997 Coll., on public health insurance and amending and supplementing
some related laws, as amended, "shall be deleted.
2. The title of part the first: "GENERAL PROVISIONS".
3. In section 1, paragraph 1, including the footnote No 1 is added:
"(1) this law incorporates the relevant provisions of the European Union ^ 1) and
modifies the
and the conditions of operation of occupational pension) insurance
institutions based in the Czech Republic,
(b)) the operation of occupational pensions institutions
occupational pension schemes, which have been granted a permit to
This activity in another Member State of the European Union than the Czech Republic
or another State which is a Contracting Party to the agreement on the European
economic area, on the territory of the Czech Republic,
c) supervision over the activities of these institutions on the territory of the Czech Republic.
1) directive of the European Parliament and of the Council 2003/41/EC of 3 June 2003. June
2003 on the activities of institutions for occupational retirement provision and
supervision over them. Directive of the European Parliament and of the Council of the EU 2010/78/of
24 September. November 2010, amending Directive 98/26/EC, 2002/87/EC,
2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC,
2006/48/EC, 2006/49/EC, and 2009/65/EC with regard to the competence of the European
supervisory authority (European banking authority), the authority
supervisory authority (European insurance and occupational pensions
insurance) and the European supervisory authority (European securities authority
Securities and markets). ".
4. In section 2, letter a) the following new subparagraph (b)), which read:
"(b)) of the institutions based in the Czech Republic, the institution for occupational retirement provision
the pension scheme, which is operated and established a similar
conditions, as stated in subparagraph (a)) points 1 and 2, ".
The former subparagraph (b)), to (i)) are renumbered as paragraphs (c) to (j))).
5. In section 2, letter d) the following point (e)), which read:
"(e)) the host Member State from another Member State than the Czech Republic,
the social and labour legislation for the area of occupational
pension insurance shall apply to the relationship between the contributor and
a participant ".
Letters e) to (j)) shall become letters (f)) to).
6. In section 2, at the end of the letter) is replaced by a comma and dot is added
letter l), which read:
"l) biometric risks, risks associated with the death, disability, and
longevity. ".
7. in section 2, the following text:
"PART TWO
THE ACTIVITIES OF INSTITUTIONS FOR OCCUPATIONAL RETIREMENT PROVISION FROM OTHER
THE MEMBER STATES OF THE EUROPEAN UNION AND OTHER STATES WHICH ARE CONTRACTING
PARTY TO THE AGREEMENT ON THE EUROPEAN ECONOMIC AREA, ON THE TERRITORY OF THE CZECH
Of the Republic ".
8. In section 3, paragraph 3. 1, after the words "Czech Republic", the words "in accordance with
This section of the Act ".
9. In section 3, paragraph 3. 2, the words "this Act" shall be replaced by the words "this part of the
the law ".
10. In section 6 (1). 2 (a). and the number "63)" is replaced by "65".
11. under section 10, the following parts of the third and fourth, which including headings
and footnote 2 shall be added:
"THE THIRD PART
THE CONDITIONS OF OPERATION OF OCCUPATIONAL PENSIONS
section 10a
(1) the operation of occupational pensions institutions
based in the Czech Republic must be authorised by the authority which is intended
to carry out surveillance under this part of the Act (hereinafter "the supervisory authority").
This institution shall be subsequently entered in the list of institutions based
in the Czech Republic, which also lists all the Member States, in
which the institution is based in the Czech Republic. Supervisory authority
shall inform the European insurance and
occupational pensions ^ 2).
(2) the sole subject of the activities of the institutions based in the Czech Republic
is the operation of occupational pension schemes, and
the resulting activities.
(3) the institution is based in the Czech Republic must be driven by persons
that are credible and have the training and experience necessary for the
management of the institution. In the event that these persons do not have sufficient technical
education and practice, this institution is obliged to employ consultants who
fulfil these conditions. To determine the trust achieved professional
education and the practice of law shall apply mutatis mutandis to govern
the insurance industry.
(4) the pension plan institutions based in the Czech Republic must comply with the
the conditions referred to in section 6 and each participant with him must be demonstrably
familiar. The participant must be sufficiently informed of the conditions
the pension scheme, in particular the rights and obligations of persons involved in the
pension plan and the financial, technical and other risks associated
with the pension plan and on the nature and distribution of those risks.
(5) institutions based in the Czech Republic must fulfil the information
obligations to participants and beneficiaries set out in section 7 (2). 2 to 6
Similarly.
(6) the institution is based in the Czech Republic must prepare and at least
once every 3 years to review a written statement of investment policy
policy. This statement must, without delay, in the case of each edit
major changes to its investment policy. The policy statement
investment policy provides information, in particular on the
and the methods of evaluation of the investment risk),
(b)) established the risk management procedures,
(c) the strategic placement of assets) with regard to the nature and duration of the
pension commitments.
(7) institutions based in the Czech Republic must observe the proper
Administrative and accounting procedures and internal control mechanisms
appropriate to the nature of its activities.
(8) the institution is based in the Czech Republic to draw up the annual accounts of the
accounts and annual reports taking into account each pension scheme
According to the law governing the accounting. The annual accounts and information
in the annual report must be complete and clearly drawn up and approved by the
persons responsible for the management of the institution.
(9) the contributor must be a different legal entity or business physical
a person from an institution based in the Czech Republic. The assets of the institution are
based in the Czech Republic does not fall into the estate of the contributor, in
If his bankruptcy.
(10) the contributor may not guarantee for the payment of retirement benefits.
section 10b
Supervisory authority is entitled to
and require from institutions), based in the Czech Republic the granting of
information on all matters relating to its activities or transfer
all documents relating to its activities and the trend with such
also on the Board of Directors and other persons responsible for the
management of the institution, based in the Czech Republic,
b) supervise relationships between the institution headquartered in the Czech
Republic and other companies or between institutions, headquartered in the Czech
Republic of each other, if the transfer tasks to other legal
the person or institution based in the Czech Republic and if these relationships
affect the financial situation of the institution, based in the Czech Republic, or
are material way relevant for effective supervision;
(c)), request the institution is based in the Czech Republic the granting of
regular statement of investment policy principles, the annual
accounts and annual reports, and all the documents necessary to
purposes of supervision; These documents may include internal preliminary
reports, actuarial valuations and detailed assumptions, studies of
assets and liabilities, the evidence of consistency with the investment-policy principles,
evidence of contributions, reports of persons responsible for
the audit of the annual accounts,
(d) to perform inspection activities of the institution) located in the Czech Republic in
its premises and, in the case of delegated tasks, checks that are
activities are carried out in accordance with the law.
section 10 c
(1) the Supervision Authority is entitled to against the institution, based in the Czech
Republic and against persons in its leadership to take all measures
including administrative and financial nature that are appropriate and necessary
to prevent or remedy the irregularities detrimental to the interests of the participants
or beneficiaries.
(2) the Supervision Authority is entitled to restrict or prohibit the free disposal of the
the assets of the institution is based in the Czech Republic, in particular in cases where the
This institution has failed to establish sufficient technical provisions to the obligations of the
business or has insufficient assets to cover the technical provisions,
or does not have regulatory capital.
(3) the Supervision Authority is in the interest of the participants and beneficiaries of benefits
shall be entitled to convert part or all of the powers of the persons operating
the institution is based in the Czech Republic to an appropriate agent.
(4) the Supervision Authority may prohibit or restrict the activities of the institutions
based in the Czech Republic, in particular if this institution
and) to protect adequately the interests of the participants and beneficiaries,
b) fulfils the conditions for their operation,
c) fails seriously in its obligations under the rules of the
It is subject,
(d)) in the case of cross-border activity does not comply with the requirements of the social and
labour legislation of the host Member State applicable to
occupational pensions.
(5) the decision referred to in paragraph 4, the supervision authority shall notify the
The European authority for the insurance and occupational pensions
the insurance.
§ 10 d
(1) the institution is based in the Czech Republic creates the commitments of their
the pension plans of technical reserves.
(2) adequate technical provisions for all pension plans,
They provide cover against biometric risks and/or guarantee either yield
of the investment, or the amount of benefits.
(3) the calculation of technical provisions shall make and confirm the actuary
each year, on the basis of actuarial methods. Actuary
a person must be enrolled in the list of responsible insurance mathematicians
According to the law governing the insurance industry.
(4) the calculation of technical provisions shall be carried out according to the following principles:
and the minimum amount of the technical reserves) shall be calculated sufficiently
prudent actuarial valuation, taking account of all the
commitments for benefits and for contributions in accordance with the pension plans
institutions, which amount must be sufficient to
continue in the pensions and benefits already paid to beneficiaries and to
reflect the commitments resulting from the growing pension rights
participants; the economic and actuarial assumptions chosen for
assessment of the liabilities shall also elect a prudently taking account of the
reasonable size adverse deviations,
b) correspond to the maximum interest rate the maximum technical interest rate
set by the Czech National Bank according to the law governing the
the insurance sector, taking into account the yield on the corresponding assets
held by the institution and the future investment returns or the market proceeds
Government bonds or the bonds of high quality,
(c)) the biometric tables used for the calculation of the technical provisions are
based on the precautionary principle with regard to the main characteristics of the
groups of participants and pension plans, and in particular the expected changes in the
significant risks,
(d) the method and basis of calculation) technical provisions are usually from one
the accounting period on the other do not change, if any, differences can, however, be
justified by a change of legal, demographic or economic circumstances,
the assumptions on which they are based.
(5) institutions based in the Czech Republic is obliged to permanently possess
sufficient and appropriate assets to cover the technical provisions for all
operated by pension plans.
(6) in the event that the institution is based in the Czech Republic does not comply with
the obligation referred to in paragraph 5, the supervisory authority is entitled to authorise
the adoption of a recovery plan in order to ensure compliance with the requirements referred to in paragraph
5. The recovery plan must meet the following requirements:
and) institutions based in the Czech Republic creates a specific plan to
Re-establish the required amount of assets to cover fully the technical
provisions in due time, and get acquainted with this plan participants, or
their representative,
(b)) when drawing up the recovery plan shall take into account the specific situation of
the institution is based in the Czech Republic, in particular, to the structure of assets and
liability, risk profile, liquidity plan, the age profile of the participants with
entitled to receive retirement benefits, the newly developed plans and plans
the previous plans of the functioning on the basis of nekapitálovém or just
partly capital on full funding,
(c)) the institution is based in the Czech Republic is obliged to in the event of termination
pension plan at the time, when he was allowed a recovery plan, create a procedure to
transfer of the assets and the corresponding liabilities to another financial institution, or
a similar body, this procedure also with information about their
pension plan to communicate supervisory authority and a general description of the procedure in the
accordance with the principles of confidentiality, make available to the participants, or their
the representatives.
(7) in the case of cross-border activity must be technical provisions for
all operated by pension plans fully funded. If these
the conditions are not met, the supervisory authority pursuant to section 10 c.
§ 10e
(1) the institution is based in the Czech Republic, in the event that provides
the guarantee of the liability to cover against biometric risk, or guarantees a particular
the yield of the investment or the amount of benefits, must be permanently available, additional
the assets above the technical provisions to serve as a countervailing
reserve. The amount of these assets reflects the type of risk and State of assets for all
operated by pension plans. These assets shall not be
foreseeable liabilities and serve as a reserve for the removal of the derogations
between the expected and actual expenses and profits.
(2) for the purposes of calculating the minimum amount of the additional assets, the analogy
apply the rules laid down by law governing the insurance industry.
section 10f
(1) the institution is based in the Czech Republic invests in accordance with
the principle of prudence, while
and) assets shall be invested with a view to the best benefit of the participants and
the beneficiaries; in the case of a potential conflict of interests shall ensure that the institution is based in
The Czech Republic, or the entity which manages its portfolio, in order to
investments are carried out exclusively in the interest of the participants and beneficiaries,
(b)) the assets shall be invested in such a way as to ensure the security,
quality, liquidity and profitability of the portfolio,
(c)) the assets shall be invested mainly on regulated markets and investment in
assets which are not admitted to trading on a regulated financial
markets, must in any event be kept to prudent levels,
(d)) investment in financial derivatives are possible, if they contribute to the
a reduction of investment risks or facilitate efficient portfolio management,
It must be carefully assessed, taking into account the underlying assets and must
be included in the evaluation of the assets of the institutions; the institution is based in the Czech
the Republic must not expose excessive risk, on the one
counterparties and other operations with financial derivatives,
e) assets shall be properly diversified in such a way as to avoid excessive
reliance on any particular asset, issuer or group of
undertakings and accumulations of risk in the portfolio as a whole,
f) investments in assets of the same issuer or by issuers belonging to the
the same group may not institution based in the Czech Republic to issue
excessive concentration of risk,
(g)) investment in the sponsoring undertaking shall be no more than 5%
the entire portfolio, and, when the sponsoring undertaking belongs to a group,
investment in the undertakings belonging to the same group as
the sponsoring undertaking shall not be more than 10% of the portfolio,
(h)) to contribute institution based in the Czech Republic,
It has to be investment in these sponsoring undertakings carried out prudently
and it must be suitable taking account of the need for diversification,
I) assets held to cover the technical provisions shall also be invested
in a manner appropriate to the nature and duration of the expected future retirement
of benefits.
(2) the institution is based in the Czech Republic must not accept a loan or
Act as a guarantor of third persons. The loan is permitted only on grounds of
liquidity, and it only as long as necessary.
(3) the institution is based in the Czech Republic may invest
and) up to 70% the assets covering the technical provisions or of the whole portfolio
for plans, in which the participants bear the investment risks in shares,
negotiable securities treated as shares,
and bonds issued by companies that are admitted to trading on a
regulated markets,
(b)) up to 30% of the assets covering technical provisions in assets denominated in
currencies other than the currency in which the liabilities are expressed,
(c)) on the capital markets.
§ 10 g
(1) the institution is based in the Czech Republic, which wants to be financed
an undertaking established in another Member State, must have prior authorization
supervisory authority. Supervisory authority shall immediately inform the granting of this
to enable the European insurance and occupational pensions
the insurance.
(2) the intention to accept financial contributions from a company established in another
Member State supervisory authority must be notified in advance.
(2) in the notice referred to in paragraph 2 shall indicate the institutions headquartered in the Czech
Republic of the following information:
and) the host Member State host Member States, or
(b) the name of the sponsoring undertaking),
(c)) the main characteristics of the pension scheme to be operated for
the sponsoring undertaking.
(4) if the supervision authority has no reason to doubt that the internal
the structure of the institution is based in the Czech Republic, its financial situation,
the good repute and professional qualifications and experience of leading persons are
compatible with the activities proposed in the host Member State,
shall, within 3 months after receipt of all the information referred to in paragraph 3 of these
information to the competent authorities of the host Member State and subsequently
inform the institution is based in the Czech Republic.
PART THE FOURTH
COMMON PROVISIONS
section 70.
Institutions for occupational retirement provision must not be on the territory of the Czech
Republic to settle.
2) European Parliament and Council Regulation (EU) no 1094/2010 of 24 March.
November 2010 establishing a European supervisory authority (European institution
for the insurance and occupational pensions), to change the
decision No 716/2009/EC and repealing Commission decision 2009/79/EC ".
The second part is referred to as part of the fifth and the third part
is referred to as part of the sixth.
Article. (II)
The effectiveness of the
This Act shall take effect on the date of its publication.
Němcová in r.
Klaus r.
Nečas in r.
