Decree No. 443 / 2017 Coll.
Decree amending Decree No. 502 / 2002 Coll., implementing certain provisions of Act No. 563 / 1991 Coll., on Accounting, as amended, for entities that are insurance undertakings, as amended
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15.12.2017
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443
DECLARATION
of 7 December 2017
amending Decree No. 502 / 2002 Coll., implementing certain provisions of Act No. 563 / 1991 Coll., on Accounting, as amended, for entities that are insurance undertakings, as amended
The Ministry of Finance provides pursuant to § 37b (1) of Act No. 563 / 1991 Coll., on Accounting, as amended by Act No. 437 / 2003 Coll., Act No. 304 / 2008 Coll., Act No. 221 / 2015 Coll. and Act No. 462 / 2016 Coll., for the implementation of § 4 (8):
Decree No. 502 / 2002 Coll., implementing certain provisions of Act No. 563 / 1991 Coll., on Accounting, as amended, for entities that are insurance companies, as amended by Decree No. 474 / 2003 Coll., Decree No. 546 / 2004 Coll., Decree No. 399 / 2005 Coll., Decree No. 351 / 2007 Coll., Decree No. 411 / 2009 Coll., Decree No. 421 / 2010 Coll., Decree No. 469 / 2013 Coll. and Decree No. 252 / 2015 Coll., are amended as follows:
1. In Section 1 of the Introductory Part of the provision, the words "and the directly applicable European Union56 'are inserted after the word" unie1'.
Footnote 56 reads as follows:
"56) Regulation (EC) No 1606 / 2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards, as amended by Regulation (EC) No 297 / 2008 of the European Parliament and of the Council."
2. footnote 2 shall read:
"(2) 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."
3. footnote 3 shall read:
"3) Act No. 168 / 1999 Coll., on insurance of liability for damage caused by the operation of a vehicle and amending certain related laws (Act on Insurance of Liability from the operation of a vehicle), as amended."
4. In Article 3 (1), the text "(Article 8 (1)) 'is deleted.
5. In Article 3, the following paragraph 6 is added:
"(6) The entity shall apply the provisions of Decree No 501 / 2002 Coll., implementing certain provisions of Act No 563 / 1991 Coll., on Accounting, as amended, for entities that are banks and other financial institutions, as effective on 31 December 2017, unless otherwise specified. '
6. In Article 5 (3), the words "for items" F.I. "as regards long-term tangible assets, and" B. Long-term intangible assets, "" C.I. Land and buildings "and" C.II. Investments in business groupings, "" C.III.2.b. "OECD bonds" held to maturity "their" are replaced by "asset amounts by item."
7. in Article 5 (3) (a), the word "above" shall be deleted;
8. in Article 5 (3) (b), the text "(Article 32 (2) and Article 33 (7))" shall be deleted;
9. In Article 5 (3) (c), the word "assets' is inserted after the word" amount '.
10. in Article 5 (3) of the will, the first sentence shall be deleted;
11. in Article 5, paragraph 4 is deleted;
Paragraph 5 shall become paragraph 4.
12. in Article 8 (1), the words "an overview of cash flows and" shall be deleted;
13. in Paragraph 8 (5), "Other debts" is replaced by "Other liabilities."
14. in Paragraph 8 (13), the words "special legislation" shall be replaced by the words "law governing the insurance of liability from the operation of the vehicle."
footnote 15 is deleted.
15. in Article 8a (2), the word "damage 52)" shall be replaced by "damage 3";
footnote 52 is deleted.
16. in Article 8a (3), the word "(investment)" shall be deleted;
17. in Paragraph 10, paragraph 1 is deleted;
Paragraphs 2 to 15 shall become paragraphs 1 to 14.
18. Paragraph 10 (2) is deleted.
Paragraphs 3 to 14 shall become paragraphs 2 to 13.
19. footnote 21 reads as follows:
"21) Act No. 90 / 2012 Coll., on Companies and Cooperatives (Act on Commercial Corporations), as amended. '.
20. Paragraph 10 (4) is deleted.
Paragraphs 5 to 13 shall be renumbered paragraphs 4 to 12.
21. In Paragraph 10 (4), the words "and influence not to be given under" C.II.1.: Shares in controlled persons' and "C.II.3. The term" Reinsurers' is replaced by "Reinsurers'.
22. in Paragraph 10 (5):
"(5) The item" C.III.2. Debt securities "includes fixed-income securities, including accrued accessories, namely fixed-interest securities and variable-interest securities, where its variability is determined in advance in relation to the rates used on the market for specified dates or periods. The item contains the redeemable debt securities of the reinsurer that are an active security deposit, debt securities provided as collateral in repurchase transactions and debt securities provided by loan. This item does not include own debt securities that are reported under" G.V. Other liabilities "of liabilities and debt securities that are reported under" C.II.2. "and" C.II.4. "of assets."
23. In Paragraph 10 (6), the words "the proportion to which it is entitled 'are replaced by the words" holdings held by an entity in which'; the words "on means invested together 'are replaced by the words" invested jointly with'; and the words "and 'are inserted after the words" entities'.
24. In Article 10 (9), the words "including the fair value of embedded derivatives separated from the host instrument 'are inserted after the words" the value of derivatives' and the last sentence is deleted.
25. in Article 10 (10) (a), the words "on the balance sheet of the insurance undertaking which takes over the reinsurance (hereinafter referred to as the reinsurance undertaking)" shall be deleted; the words "the reinsurance undertaking" shall be replaced by the words "the reinsurer," the words "(hereinafter referred to as the first insurer) shall be deleted; and the words" the reinsurer with the first insurer "shall be replaced by the words" the reinsurer with the insurance undertaking. "
26. in Article 10 (10) (b), the words "the reinsurer to the original insurer" shall be replaced by the words "the insurer to the insurer" and the words "the insurer to the insurer" shall be replaced by the words "the insurer to the insurer."
27. in Article 10 (10) (c), the word "first insurer" shall be replaced by "insurance undertakings," the words "go to" shall be replaced by "stay in" and the word "insurer" shall be replaced by "insurer."
28. In Article 10 (11), the words "the source of funding is the technical reserve referred to under" D. Technical provisions for life insurance, if the policyholder is the holder of the investment risk "liabilities" shall be replaced by the words "the value is used to determine the value or return of the insurance relating to a particular investment fund, as well as the investments intended to cover the liabilities provided for by a specific index," the words "these investments also include" shall be replaced by "this item also includes" and the word "carried out" shall be replaced by the word "held."
29. Paragraph 10 (12) is deleted.
30. Paragraph 11 (1) and (2), including footnotes 29a and 30, are deleted.
Paragraphs 3 to 5 shall be renumbered paragraphs 1 to 3.
31. in Article 11 (1), the word "insurer" shall be replaced by "insurer."
32. Paragraph 12 (1) is deleted.
Paragraphs 2 to 4 shall be renumbered paragraphs 1 to 3.
33.
"32) Act No. 89 / 2012 Coll., Civil Code, as amended. '
34. in Paragraph 12 (1) (c), "related" is replaced by "related."
35. in Article 12 (2) (b), the words after the comma are deleted and footnote 33 is deleted:
"33) Act No. 191 / 1950 Coll., exchange and cheque, as amended."
36. In the last sentence of Article 13 (1), the words "pursuant to Article 10 (15) 'are deleted.
37. in Article 13 (2), the words "the amount shown, which is the revenue of subsequent periods," shall be replaced by the words "the yield interest and the rent reached on the balance sheet date, which has not yet become due, unless otherwise specified."
38. In Article 13 (3), the words "the amounts indicated, which are future costs', are replaced by the words" the cost of insurance contracts that are differentiated in time '.
39. in Paragraph 13 (4), "(a)" is replaced by "this entry."
40. Paragraph 14 (1) is deleted.
Paragraphs 2 to 6 shall be renumbered paragraphs 1 to 5.
41. in Paragraph 14 (4), the words "in accounting" shall be deleted and the words "free of charge" shall be inserted after the words "resources."
42. In Paragraph 14, paragraph 6 is added:
"(6) The item" A.V. Undistributed profit or loss of past financial years "includes profit or loss for previous financial years that has not been distributed and loss for previous financial years that has not been paid. The item also includes changes in accounting methods and corrections to major errors in previous financial years. In the absence of major error corrections, these corrections shall be reported under the relevant items of the profit and loss account of the current period. ';
43. Paragraph 16 (1) and (2) are deleted.
Paragraphs 3 to 11 shall be renumbered paragraphs 1 to 9.
44. in Article 16 (1), the words "and subheadings C.1.b, C.2.b, C.3.b, C.4.b, C.4.b), (C.6.b) and (D.b) of the liabilities shall contain the value of the collateral which" shall be replaced by "the technical provisions shall be reported in gross amount and value of the collateral. The value of collateral 'and the last sentence are deleted.
45. in Article 16 (2), the sentences of the second and third paragraphs are deleted and the word "premiums" is replaced by the word "premiums."
46. In Paragraph 16 (4), the word "insurance premiums' is inserted after the words" arising from 'and the second sentence is deleted.
47. in Article 16 (5), the words "policy holders" shall be replaced by the words "policy holders," the words "person" shall be replaced by the words "person" and the words "already" shall be inserted after the words "those amounts."
48. In Paragraph 16 (6), the words "inter alia 'are replaced by the words" in particular', the words "after the end of the accounting year 'and the second sentence are deleted and the words" and other numerical parameters' are inserted after the words "interest rate '.
49.Paragraph 16 (8) reads:
"(8) Under the heading" F. Deposits in the case of passive hedges, "an entity shall disclose the debts arising from guarantee deposits composed of or taken over by the reinsurers under the reinsurance contract. These debts cannot be settled with each other against the reinsurers. If an entity has accepted a security in the form of securities that have been transferred to its property, this item shall include the amount that the entity owes to the reinsurer under that guarantee, including accrued accessories. ';
50. Paragraph 16 (9) is deleted.
51. in the first sentence of Article 16a (2), the words "and other numerical parameters" and the words "pursuant to Article 16 (5)" shall be inserted after the words "interest rate."
52. Paragraph 17 shall be deleted, including the title.
53. Paragraph 18 (1) and (2), including footnotes 30 and 40, are deleted.
Paragraphs 3 to 7 shall be renumbered paragraphs 1 to 5.
54. In Paragraph 18 (1), the words "the amounts to bridge the shortage of funds due to the default of debt claims on debt issued 'are replaced by the words" in particular debt securities issued, debts due, outstanding debt securities issued, and also own debt securities and liabilities arising from short-term debt sales. Liabilities arising from short sales of shares and units shall be reported under "G.V. Other liabilities"'.
55. In Paragraph 18 (2), the words "from notes and their balance sheets, from debt certificates issued," and the words ", subsidy debts" shall be deleted and footnote 41 shall be replaced by footnote 12.
56. in Article 18 (3), the words "under Article 10 (5) or Article 15 (8)" shall be deleted;
57. Paragraph 18 (4) is deleted.
Paragraph 5 shall become paragraph 4.
58. In Paragraph 18 (4), the words "subheading (a) 'are replaced by the words" this entry' and the words "also 'are inserted after the words" to be entered'.
59. in Paragraph 19 (1) (e), the word "reinsurance undertaking" is replaced by the word "reinsurers."
60. In Article 19 (2), the word "reinsurers' is replaced by the word" reinsurers'.
61. in Article 19 (4), the word "reinsurers" is replaced by the word "reinsurers."
62. In the first and last sentences of Article 19 (5) (a), the word "reinsurance undertakings" shall be replaced by the word "reinsurers," the words "authorised to pay for the financial year to persons entitled to benefit" shall be replaced by the word "reinsurers."
63. In Article 19 (6) (a), the word "settlement" shall be inserted after the word "settlement," the word "insured" shall be replaced by "policy holders," the words "or bonuses and discounts" shall be deleted after the words "which are" credited, "the words" in the reserve for bonuses and discounts "shall be deleted, the words" used "shall be replaced by" used, "and the words" in the case that these amounts represent the distribution of premiums or profits resulting from all or only some of the operations, after deduction of the amounts provided in the previous "shall be replaced by" to the extent that they represent the distribution of surplus or profits resulting from all or some of the amounts granted in the previous operations. "
(64) In Article 19 (6) (b), the word "such" and the words "(a) in the case of partial reimbursement of claims on the basis of" shall be replaced by "which constitute partial repayment of premiums on the basis of experience in performance."
65. In Paragraph 19 (6) of the wills, the word "reinsurance undertakings" is replaced by the word "reinsurers."
66. In Paragraph 19 (7), the sentence "Cost of acquisition 'is inserted after the second sentence:" Costs arising from the conclusion of contracts'; the words "the establishment of a file 'are replaced by the words" the preparation of insurance documents or the inclusion of an insurance contract in the insurance portfolio' and the word "i 'is inserted after the word" such'.
67.In Paragraph 19 (8), the word "premium" is replaced by "bonuses."
68. In Paragraph 19 (9) (d), the words "production" are replaced by the words "production" and the words "debt securities held-to-maturity which are not measured at fair value in accordance with § 27 (1) (c) of the Act and are reported under heading C.III.2.b)" are replaced by the words "debt securities and to participants having the character of a holding having a decisive or significant influence, unless such participation is valued at equivalence."
69. in Article 19 (10) (a), the word "(investment)" shall be deleted;
70. in Paragraph 19 (10) (b), the word "(investment)" shall be deleted;
71. in Article 19 (11), the word "(investment)" and the words "under Article 29" shall be deleted;
72.In Paragraph 20 (3) (a), the sentences of the second and third are deleted.
73.In Article 20 (3) (d), the word "differences" is replaced by "losses" and "under Article 24 (6) (b) of the Act; in the case of fair value measurements, the exchange rate difference is part of that value and is not reported separately 'is deleted.
74. Paragraph 20 (4) is deleted.
Paragraphs 5 to 7 shall be renumbered paragraphs 4 to 6.
75. in Article 20 (4), at the end of point (a), the words "except insurance claims," shall be added.
76. In Article 20 (4) (d), the word "differences" is replaced by "profits" and "under Article 24 (6) (b) of the Act; in the case of fair value measurements, the exchange rate difference is part of that value and is not reported separately 'is deleted.
77. Paragraph 20 (5) and (6) are deleted.
78. Paragraph 22 of the introductory part of the provision in paragraph 1 states: "An entity shall provide at least information in the financial statements in an annex '.
79.In Paragraph 22 (1) (h), the word "premium" is replaced by "bonuses."
80.In Article 22 (1) (k), the word "reinsurers" is replaced by the word "reinsurers."
81. In § 22 (1) (l):
"(l) on extraordinary costs and revenues, their amount and character, ';
82. in Paragraph 22 (1), the dot is replaced by a comma at the end of point (m) and the following points (n) and (o) are added:
"(n) the methods used to calculate the individual technical provisions,
(o) for each group of fixed-term tangible and intangible assets with a purchase price, gains, losses and transfers during the financial year, the final balance at the end of the financial year, and similar information on the rights and weightings relating to such assets, or the amount of interest if the entity decides that they are part of the valuation of assets. "
83. In Paragraph 22 (2) (a), the words "tangible and intangible fixed assets" shall be inserted after the word "amortisation" and the words "shall be added at the end of the text; for investments recognised at cost, the information on their fair value shall be given, for investments recognised at fair value, the cost thereof shall be reported, and the entity shall also disclose the valuation method used for each individual investment item."
84. in Article 22 (2) (g), the words "contingent liabilities and contingent collateral provided, specifying their nature and form" shall be inserted after the words "commitments," and the words "in this case this information is used to determine the financial position" shall be deleted;
85. in Article 22 (2) (n), the word "paid" shall be replaced by the word "granted," the words "both in monetary and non-monetary form" shall be deleted and the words "due to their function" shall be inserted after the word "supervisory bodies."
86. In Paragraph 22 (2) (o), the words "written down or waived" shall be inserted after the words "any due."
87.In Paragraph 22 (2), the comma at the end of point (s) is replaced by a dot and point (t) is deleted.
88. Paragraph 22 (4) is deleted.
Paragraphs 5 to 9 shall be renumbered paragraphs 4 to 8.
89. Paragraph 22 (5) is deleted.
Paragraphs 6 to 8 shall become paragraphs 5 to 7.
90. In Paragraph 22 (5) (a), the words "a higher consolidation unit (Paragraph 39 (2)) to which an entity as controlled or controlled entity belongs" shall be replaced by the words "drawing up consolidated financial statements of the widest group of entities to which an entity as consolidated entity belongs."
91. in Paragraph 22 (5) (b), the words "a lower consolidation unit (Paragraph 39 (2)) entering a consolidation unit as referred to in (a) to which an entity belongs as a controlled or controlled entity" shall be replaced by "drawing up consolidated financial statements of the narrowest group of entities to which an entity as a consolidated entity belongs."
92.In Paragraph 22 (5), the dot is replaced by a comma at the end of point (c) and the following points (d) and (e) are added:
"(d) the new accounting methods used compared to the previous accounting year, the reasons for their application and the effect on the entity's financial result and equity;
(e) information on net turnover, broken down by category of activity and by geographic market, where such categories and markets differ significantly from one another in terms of how the provision of services is organised; the information may not be provided if its disclosure would seriously harm any entity to which it relates; information on the omission of such data shall always be included in the notes in the financial statements. ';
93.Paragraph 22 (7) reads as follows:
"(7) If an entity carries out discounting or deductions for the provision for outstanding claims in non-life insurance, it shall disclose:
(a) the total amount of provisions before discounting or deduction;
(b) categories of claims on claims that have been discounted or for which deductions have been made; for each such category of claims as well as the methods used, in particular the rate chosen for estimates listed in Annex 1, Part D. (1) (g) (3) and (5); and
(c) the criteria used to estimate the time remaining for the payment of refunds. "
94. Paragraph 23 (1) is deleted.
Paragraphs 2 to 8 shall be renumbered paragraphs 1 to 7.
95.In Paragraph 23 (1) (d), "expenditure" is replaced by "costs."
96.In Article 23 (1) (e), the words "which include the relevant items of the balance sheet and the profit and loss account 'are deleted.
97.In Article 23 (2), "paragraph 2 (a) to (e)" is replaced by "paragraph 1."
98. In Article 23 (3), "paragraph 3 'is replaced by" paragraph 2' and "at least 'is inserted after" information'.
99. In Paragraph 23, the words "and the result of the collateral 'shall be added at the end of paragraph 4.
100. In Section 23 (5) of the introductory part of the provision, the words "paragraph 5 'are replaced by the words" paragraph 4'.
101. In Article 23 (5) (c), "bonuses' is replaced by" bonuses' and "bonuses' is replaced by" bonuses'.
102. In Paragraph 23 (5), the comma at the end of point (c) is replaced by a dot and point (d) is deleted.
103. In Paragraph 23 (7), the word "overall 'is inserted after the word" information on'.
104. Article 25 shall be deleted;
105. Paragraph 26 (1) and (2) are deleted.
Paragraphs 3 to 5 shall be renumbered paragraphs 1 to 3.
106. Paragraph 26 (1) reads as follows:
"(1) An entity may recognise a proportion under item" A.II.1. Shares in controlled persons' and "A.II.3 Shares with significant influence" to measure equivalence. "
107. In Paragraph 26 (2), the word "(countervalue) 'is deleted.
108. In Article 26 (2) (a), the words "the purchase price of the share, after the exclusion of goodwill," shall be deleted and the words "the goodwill included in the purchase price shall be added at the end of the letter and the valuation of the share shall subsequently be added."
109. In Paragraph 26 (2) (a) (1), the word "reduced 'is replaced by" reduced'.
110. In Paragraph 26 (2) (a) (2), "increased" is replaced by "increased," "reduced" is replaced by "reduced," the words "controlled persons or persons under significant influence" are inserted after "lost," and the words "acquisition time" are replaced by "acquisition date."
111. In Paragraph 26 (2) (a) (3), the word "reduced" shall be replaced by the word "reduced"; the word "increased" shall be replaced by the word "capital"; the words "controlled persons or persons under significant influence" shall be inserted and the words "controlled persons or persons under significant influence" shall be added at the end of the point.
112. In Article 26 (2) (b), the words "or loss' are deleted and the words" (counter) mentioned 'are replaced by the words "mentioned'.
113. In Paragraph 26 (2), the words "entities' shall be added at the end of point (c); If an entity is required to offset the negative equity of the company in which it exercises a decisive or material influence on the basis of a guarantee or a control contract, it shall constitute a reserve '.
Article 114 (27) is deleted;
115. In Paragraph 28, the present text becomes paragraph 1 and the following paragraphs 2 and 3 are added:
"(2) The calculation of technical provisions shall be based on recognised methods of insurance mathematics.
(3) The valuation differences for technical provisions shall be reported under the relevant item of the profit and loss account indicating the formation or use of that provision and under the relevant item of the technical provisions in liabilities. ';
116. Paragraph 29 (1) is deleted.
Paragraphs 2 to 9 shall be renumbered paragraphs 1 to 8.
117. In Article 29 (1), the words "under paragraph 1 'and the words" except for valuation differences for technical provisions' are deleted.
118. Paragraph 29 (2) is deleted.
Paragraphs 3 to 8 shall be renumbered paragraphs 2 to 7.
119. In Article 29 (2), the words "as referred to in paragraph 1 u 'are replaced by the words" realisable', "and other investments which are included in the item" C.II. Investments in business groupings', "and the words" as referred to in paragraph 2 'are deleted and at the end of the text of the paragraph the sentence "If there is evidence that the value (impairment) of the realisable security has been reduced permanently, this loss shall be entered in the profit and loss account without undue delay'.
120. Paragraph 29 (3) and (4) are deleted.
Paragraphs 5 to 7 shall be renumbered paragraphs 3 to 5.
121. In Paragraph 29 (3), the words "paragraph 1 '," (investment)' and the words "paragraph 2 'are deleted.
122. In Article 29 (4), the introductory part of the provision reads: "In the case of hedging derivatives for which it is used '.
123. In Article 29 (4) (a):
"(a) the fair value hedge method, the valuation differences are shown in the relevant items of the profit and loss account;"
124. In Article 29 (4) (b), the words "where future changes are ensured 'are replaced by the words" collateral method'; the words "cash flows' shall be inserted after the words", valuation differences relating to the hedged risk 'and the words "under paragraph 2' shall be deleted.
125. In Article 29 (4) (c), the words "in cases where the monetary risk resulting from the provision is ensured 'are replaced by the words" in the foreign exchange interest'; the words "in the foreign exchange interest 'are replaced by the words" associated with foreign exchange interests'; the words "valuation differences relating to foreign exchange risk are deleted '; the words" in paragraph 2' are deleted;
126. In Paragraph 29 (5), the semicolon is replaced by a comma and the words "for securities, shares and derivatives, valuation differences are to be indicated under this Order 'are replaced by the words" unless otherwise specified'.
127. In Article 32 (2), the word "(countervalue) 'is deleted.
128. In Section 32 (3), the second sentence is deleted, the words "bonds held to maturity 'are replaced by the words" investments', the words "under Section 27 (1) (c) of the Act and are reported under heading C.III.2.b) 'are deleted and the words" creation and' are inserted after the word ", '.
129. In Section 32, the following paragraph 5 is added:
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Regulation Information
| Citation | Decree No. 443 / 2017 Coll., amending Decree No. 502 / 2002 Coll., implementing certain provisions of Act No. 563 / 1991 Coll., on Accounting, as amended, for entities that are insurance undertakings, as amended |
|---|---|
| Regulation Type | Order |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 15.12.2017 |
|---|---|
| Effective from | 01.01.2018 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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