Act No. 188 / 1999 Coll.
Act amending Act No. 58 / 1995 Coll., on Insurance and Financing of Exports with State Aid and supplementing Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended, as amended, Act No. 60 / 1998 Coll.
Valid
Law
Effective from 02.09.1999
Text versions:
02.09.1999
188
THE LAW
of 28 July 1999
amending Act No. 58 / 1995 Coll., on Insurance and Financing of Exports with State Aid and supplementing Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended, as amended, as amended, Act No. 60 / 1998 Coll.
Parliament has decided on this law of the Czech Republic:
Act No. 58 / 1995 Coll., on Insurance and Financing of Exports with State Aid and supplementing Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended, as amended, as amended, Act No. 60 / 1998 Coll., is amended as follows:
1. Paragraph 1, including the title and footnote 1, reads:
Subject matter
This Act provides for State aid
(a) insurance of export credit risks which are:
1. insurance of short-term export credits against non-payment due to territorial or combined territorial and market-unreinsurance commercial risks,
2. insurance of long-term export credits against non-payment due to territorial or combined territorial and market-unreinsurance commercial risks or non-payment due to market-unreinsurance commercial risks;
3. insurance of investments of Czech legal entities abroad against the risk of avoiding the transfer of income from investment, expropriation or politically motivated violent damage;
4. insurance of exporters against losses associated with the preparation and implementation of commercial activities;
5. insurance of loans granted by manufacturers or exporters to finance production intended for export against the risk of default due to the failure of the manufacturer or exporter to comply with the terms of the Export Contract;
6. insurance of bank guarantees or other services provided by the exporter's bank to a foreign exporter against the risk of default of the exporter's contractual obligations under the Export Contract;
7. insurance of foreign exchange loss risks of the Czech koruna against foreign currencies arising in the event of claims due to the difference in the rate applicable in the negotiation of the insurance contract and the rate applicable in the payment of the claims; or
8. reinsurance activity (1) towards foreign credit insurers in respect of insurance provided under points 1 to 3 in connection with the participation of the exporter in the supply of goods or services by an importer carried out by a foreign person, to the extent that the exporter's share of such supplies,
(b) export financing in the form of:
1. the financing of export credits and the provision of export-related financial services, including the financing of the local costs necessary to carry out exports in the importer's country of residence or permanent residence, under conditions favourable to market conditions, in particular in terms of the maturity of the debtor's or the exporter's or producer's obligations and the level of interest rates ("preferential financing"); or
2. Granting part of the interest differences incurred by exporters on lower interest income by them to export supplier credits with a maturity of more than two years compared to the interest costs of exporters associated with the financing of such loans (hereinafter referred to as "remuneration of interest differences").
1) Sections 6 and 7 (2) of Act No. 185 / 1991 Coll., on Insurance. '
Footnotes 1) and 1a) shall be renumbered as footnotes 1a) and 1b), including the footnotes.
2. in Article 2 (u):
"(u) by the insurance engagement, the sum of the values of the insured export credit risks of the insurance contracts in nominal terms, including interest and contractual fees and reinsurance business, reduced by the value of the risks that have already disappeared and the value of the insurance promise contracts of 50% of their nominal value;"
3. in Article 2, the following point (w) is inserted after point (v):
"(w) a foreign credit insurance company, a foreign legal person providing to persons exporting similar insurance from the country of its registered office to an Export Guarantee and Insurance Company (" Export Insurance Company ")."
4. In Article 2, at the end of point (z), the dot is replaced by a comma and the following point (aa) is added:
"(aa) local costs incurred in respect of services and goods which need to be incurred in accordance with an export contract or an agreement between an importer and a foreign person, either for the purpose of carrying out export, or for the completion of a project or work in the country of the importer's registered office or permanent residence, in which the exporter participates in the context of an export contract and which are not financed under more favourable conditions than those under which the export credit will be financed, the amount of the cash payment paid by the importer to the exporter in accordance with the export contract."
5. Paragraph 3 (1) is deleted.
Paragraphs 2 and 3 shall be renumbered paragraphs 1 and 2.
6. In the first sentence of Article 3 (2), the words "Export Guarantee and Insurance Company, a. s. (" Export Insurance Company ") 'are replaced by the words" Export Insurance Company'.
7. in footnote (5a), the following text shall be added at the end:
"Measure České národní banka č. 193 / 1998 Coll., laying down the principles for the classification of credit claims and the making of adjustments to these claims."
8. in Paragraph 6 (1), the following shall be added at the end of the fifth sentence, including footnote 9a: "except for the provisions on the composition of the statutory authority9a)
9a) § 8 paragraphs 2 and 3 of Act No. 21 / 1992 Coll., as amended by Act No. 16 / 1998 Coll. and Act No. 165 / 1998 Coll. '
9. In the second sentence of Paragraph 8 (5), "the following criteria 'is replaced by" at least one of the following criteria'.
Efficacy
This Act shall take effect on the day of its publication.
Klaus v. r.
Havel v. r.
Zeman v. r.
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Regulation Information
| Citation | Act No. 188 / 1999 Coll., amending Act No. 58 / 1995 Coll., on Insurance and Financing of Exports with State Aid and supplementing Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended, as amended, Act No. 60 / 1998 Coll. |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 02.09.1999 |
|---|---|
| Effective from | 02.09.1999 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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