Act No. 23 / 2006 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, and Act No. 166 / 1993 Coll., as amended
Valid
Effective from 26.01.2006
23
THE LAW
of 20 December 2005
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, and Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended
Parliament has decided on this law of the Czech Republic:
Amendment of the Act on Insurance and Export Financing with State Aid
Act No. 58 / 1995 Coll., on Insurance and Financing of Exports with State Aid and on Addition to Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended, as amended, Act No. 60 / 1998 Coll., Act No. 188 / 1999 Coll. and Act No. 282 / 2002 Coll., is amended as follows:
1. in Paragraph 1 (2), at the end of point (h), the dot is replaced by a comma and the following points (i) and (j) are added:
"(i) reinsurance business vis-à-vis credit insurers in respect of export insurance against market-unreinsurance territorial and market-unreinsurance commercial risks,
(j) insurance and reinsurance of loans to SMEs with permanent residence or registered office in the Czech Republic. "
2. Paragraph 3 (2) reads as follows:
"(2) The granting of the supported financing is subject to the provision of collateral under Section 8 (5), unless the insurance of export credit risks insurable by the Export Guarantee and Insurance Company (" Export Insurance Company ') is agreed pursuant to Section 1 (2).'
3. In Article 4 (1), the third sentence is deleted.
4. In Article 4 (2) (c), the words "in which the Export Insurance Corporation is a majority shareholder 'are replaced by the words" in which the Export Insurance Corporation has at least a 30% share of the capital'.
5. In Article 4, the following sentences are added at the end of paragraph 7, including footnote 5b: "For insurance cases with exceptionally high insurance risk, the Ministry of Finance shall, by way of derogation from determining the ratio in the first sentence, the ratio between the amount of the reserves and the funds referred to in paragraph 3 and the amount of the claims and the share of the export insurance undertaking in the claims, using those reserves and funds. For the purposes of this Act, an exceptionally high insurance risk is understood as normally uninsurable insurance risk5b) arising from the territorial and combined commercial and territorial risks and the risk of default due to the failure of the manufacturer or exporter to meet the conditions of an export contract for which the national economic interest of the State is to comply.
5b) § 3 (m) of Act No. 37 / 2004 Coll., on Insurance Contract and on the amendment of Related Acts (Insurance Contract Act). '
6. In Paragraph 6 (1), the fourth sentence is deleted and in the fifth sentence, the words "with the exception of the provisions on the composition of the statutory authority9a) 'are deleted.
footnote 9a is deleted.
7. In Article 6, the sentence "The costs associated with the operation of the supported financing shall be added at the end of paragraph 2, in particular, to the part of the interest income which remains available at an amount equal to a fixed premium of 100 basis points on the interest rate used to provide the supported financing."
8. In Article 6 (12), the first and second sentences are replaced by the following: "In order to cover losses incurred by the export bank resulting from the operation of the supported financing, subsidies are granted from the State budget. The losses shall consist of differences between the interest income accounted for in the provision of long-term supported financing (8a), reduced by interest income as referred to in paragraph 2, interest income on the temporary use of financial resources for the supported financing and the interest cost charged on the acquisition of resources, fees agreed in writing between the creditor and the export bank, linked to the acquisition of such financial resources, the cost of drawing up reserves and the adjustment appropriations under the special provisions governing the formation of reserves and adjustments for banks, the difference between income from financial derivatives operations and the costs associated with these operations, the differences in exchange rates and other costs which the export bank has demonstrated in the acquisition of financial resources. '
9. Paragraph 6 (15) is deleted.
Paragraphs 16 and 17 shall become paragraphs 15 and 16.
Amendment to the Supreme Audit Office Act
In § 12 (2) of Act No. 166 / 1993 Coll., on the Supreme Audit Office, the sentence "If the Chamber of Deputies does not elect a new member of the Office, the President of the Office shall submit a new proposal to the Chamber of Deputies within 40 days of the date on which the new member of the Office was not elected."
EFFECTIVE
This Act shall take effect on the day of its publication.
Zaoralek v. r.
Klaus v. r.
Paroubek v. r.
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Regulation Information
| Citation | Act No. 23 / 2006 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, and Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 26.01.2006 |
|---|---|
| Effective from | 26.01.2006 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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