Decree No. 474 / 2003 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 companies
Valid
Order
Effective from 01.01.2004
Text versions:
01.01.2004
31.12.2003
474
DECLARATION
of 17 December 2003
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
The Ministry of Finance provides, pursuant to § 37b, for the implementation of § 4 paragraphs 8, § 24 paragraphs 4 and 5 and § 28 paragraph 1 of Act No. 563 / 1991 Coll., on Accounting, as amended by Act No. 437 / 2003 Coll., hereinafter referred to as "the Act":
Decree No. 502 / 2002 Coll., implementing certain provisions of Act No. 563 / 1991 Coll., on Accounting, as amended, for entities that are insurance undertakings is amended as follows:
1. In Article 2, the current text becomes paragraph 1 and the following paragraph 2 is added, including footnote 3a:
"(2) This decree does not apply to entities under Sections 19 (9) and 23a of the Act, except as otherwise provided in the Special Legislation (3a).
3a) For example Act No. 586 / 1992 Coll., on Income Tax, as amended. '
2. In the title of Part Two, the words "(Paragraph 18 (4) of the Act) 'are deleted.
3. In the title of Title I, the words "and the method of assembly 'shall be inserted after the word" Scope'.
4. In Article 4 (1), the words "and labelling 'shall be inserted after the words" arrangement'.
5. In Article 4 (5), the sentence "The information for the previous financial year shall be entered net 'is inserted after the first sentence.
6. In Article 5 (3), the words "" F. I. "shall be inserted after the words" in respect of the items, "as regards long-term tangible property, and."
7. In Article 5 (3), "according to the nature of the assets referred to therein 'is replaced by" their'.
8. in Article 5 (3) (b), the words "(Article 32 (2) and Article 33 (7))" shall be inserted after the words "otherwise."
9. In Article 5 (3), in the final part of the text, the first sentence "The movement of assets under these items is entered in the valuation in which they were entered in the balance sheet (balance sheet) at the beginning of the financial year."
10. in Paragraph 8 (7), the words "contributions paid by insurers" shall be replaced by the words "contributions by insurers intended for payment of services pursuant to Sections 24 (2) and 29 (1) of the Vehicle Liability Insurance Act."
11. In Article 8 (8), the sentence "The application of the Guarantee Fund, which relates to the performance referred to in Articles 24 (2) and 29 (1) of the Vehicle Liability Insurance Act, shall be added at the end of the period, equal to the amount of the generation of the relevant technical provisions for the same future commitments."
12. in Article 8 (9), the words "the costs of performance provided by the Guarantee Fund in accordance with Articles 24 (2) and 29 (1) of the Vehicle Liability Insurance Act and the costs of investment," shall be inserted after the words "border insurance,";
13. In Paragraph 8 (9), the sentence "The costs of performance provided by the Guarantee Fund in accordance with Articles 24 (2) and 29 (1) of the Vehicle Liability Insurance Act shall be added at the end of the sentence" The costs of performance provided by the Guarantee Fund in accordance with Articles 24 (2) and 29 (1) of the Vehicle Liability Insurance Act shall be entered under item "I.4. Cost of insurance benefits, net of reinsurance, in the Non-Life Insurance Technical Account. Investment costs shall be entered under item" III.5. Investment costs (investments) "in the Non-Technical Account."
14. in Paragraph 8 (10), the words "the proceeds of contributions from insurers intended for payment of benefits pursuant to Sections 24 (2) and 29 (1) of the Vehicle Liability Insurance and Investment Insurance Act," shall be inserted after the words "Border Insurance,";
15. At the end of Paragraph 8 (10), the sentence "Proceeds from the contribution of insurers to the payment of payments pursuant to Sections 24 (2) and 29 (1) of the Vehicle Liability Insurance Act shall be added under the heading" I.3. Other technical income, net of reinsurance, in the Non-Life Insurance Technical Account. Investment income shall be shown under item "III.3. Investment (investment) income" in the Non-Technical Account. "
16. In Paragraph 8, the following paragraph 11 is inserted after paragraph 10:
"(11) (3) The relevant provisions of Title II, Title III and Title IV shall apply mutatis mutandis to the content of the technical provisions created by the Offices under specific legislation1), 3)."
Paragraph 11 shall become paragraph 12.
17. In Paragraph 9 (2), the last sentence is: "For the purposes of this decree, a goodwill shall be regarded as a long-term intangible asset which contains a positive or negative difference between the cost of purchase and the fair value of the assets acquired and liabilities at the time of acquisition."
18. in Paragraph 9 (2), the sentence "Goodwill shall be added after the last sentence only when the entity or part thereof is transferred. The transfer of a part of an entity means, in particular, the transfer of an insurance strain under the special rule 1) '.
19. in Article 10 (3), "bonds" is replaced by "debt securities."
20. In Section 10 (7), the sentence "In item C.III.1., the hedging entity and variable-yield securities which are deposits on active collateral are added at the end. '
21. in Paragraph 10 (8), "Bonds and other fixed-income securities" shall be replaced by "Debt securities."
22. in Article 10 (8) (a), the word "bonds" shall be deleted and the word "theirs" shall be inserted after the word "issued."
23. in Article 10 (8) (a), the word "bonds" shall be replaced by the words "debt securities" and the words "own bonds" shall be replaced by "own debt securities";
24. In Section 10 (8), in the final part of the text, the sentence "Securities under heading C.III.2. are broken down into securities held for trading or for sale and securities held for maturity is added. In item C.III.2., the hedging entity also lists the debt securities that are deposits under active collateral. In addition, in item C.III.2., debt securities from items C.II.2. or C.II.4. are reported only if they are held for trading or for sale. ';
25. in Article 10 (12), including footnotes 28) and 29):
"(12) Item" C.III.7. Other investments' include investments (investments) that are not included in items C.III.1. to C.III.6 of assets. This item also includes articles and works of artistic cultural value under special legislation. 28) This also includes both positive and negative fair value of derivatives. 29) The value of underlying instruments shall not be reported; This figure is shown in the notes to the financial statements. Unless otherwise specified, unless derivatives or other securities transactions are contrary to specific insurance legislation, entities shall apply mutatis mutandis the relevant provisions of Decree No 501 / 2002 Coll., implementing certain provisions of Act No 563 / 1991 Coll., on Accounting, as amended, to entities that are banks and other financial institutions.
28) Paragraph 21 (1) (m) of the Insurance Act.
29) Paragraph 21 (1) (r) of the Insurance Act. '
26. in Paragraph 10 (13) (c), "Bonds and other fixed-income securities" is replaced by "Debt securities."
27. In Section 10, the following paragraph 15 is added:
"(15) The investments (investments) eligible include accrued accessories. '
28. in Article 11 (4), the first sentence, including footnote 31, shall be deleted;
29. In Paragraph 12 (1), the sentence "If the specific assets of the accrued accessories are not included, this is indicated under" G.I. Accrued interest and rent. "'
30. in Article 12 (3), the words "in financial institutions" shall be replaced by the words "in financial institutions."
(31) Paragraph 12 (4), including footnote 34, is deleted.
Paragraph 5 shall become paragraph 4.
32. In Article 13 (1), the sentence "No amounts of accrued accessories under Article 10 (15) shall be added at the end."
33.In Paragraph 13 (2), the second sentence is deleted.
34. in Paragraph 13 (4), the words "or" G.I. Accrued interest and rent "shall be replaced by" or "G.II. Deferred purchase costs for insurance contracts"; "
35. in Paragraph 14, the sentence, including footnote 35a), shall be added at the end of paragraph 2. '; 35a)
35a) For example, Sections 120, 161d and 161f of the Commercial Code. '
36. In Article 14 (6), the words "own equity reserve and 'are deleted.
37.In Article 16 (7) of the heading "Technical provisions" is replaced by "Technical provisions."
38. In Paragraph 16 (8) in the final part of the text, the sentence "Deposits for passive collateral include accrued accessories."
39. in Paragraph 17 (3), "E.2. income tax reserve" is replaced by "E.2. tax reserve";
40. In Paragraph 18 (4), the word "bonds' is replaced by" debt securities'.
41.Paragraph 18 (5) shall be deleted;
Paragraphs 6 to 8 shall become paragraphs 5 to 7.
42. In Article 18 (5), the following sentence is added at the end: "No amounts of accrued accessories under Article 10 (15) or Article 15 (8) shall be entered. If they do not include specific liabilities of accrued accessories, this shall be reported under" H.I. Accidents and revenue. "'
43. In Paragraph 18 (6), the sentences of the second and third paragraphs are deleted.
44. In Article 19 (3), the words "provisions for outstanding premiums' are replaced by" provisions for outstanding premiums'.
45. in Paragraph 19 (5) (b), the word "non-refundable" is replaced by the word "recovered."
46. in Article 19 (7), "II.8" is replaced by "II.8.a)" and after the first sentence the sentence "The entry marked" I.7.b) "is inserted in the Non-Life Insurance Technical Account and the entry marked" II.8.b) "in the Life Insurance Technical Account contains a change in the status of deferred acquisition costs."
47. The last sentence of Paragraph 19 (7) reads: "Cost of purchase includes both direct costs, in particular purchase commission or the cost of setting up the file, and indirect costs, in particular advertising costs or overheads of insurance and insurance contracts."
48. In Article 19 (8), the words "which is not a financial location (investment) pursuant to Article 10 'shall be inserted in the last sentence after the words" long-term tangible assets'.
49. In Paragraph 19 (9), the word "z 'shall be inserted after the word" Revenue' and the words "Investment costs' shall be replaced by" Investment costs'.
50. In Section 19 (9), in the final part of the text, the sentences "Interest income and expenses are also entered in this item. Paragraph 44 (3) and (4) 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 shall apply mutatis mutandis to their content. '
51. the words "(entry I.2)" shall be inserted after the words "non-life insurance."
52. In Paragraph 20 (1), the second sentence is deleted.
53.In Paragraph 20 (2), the second sentence is deleted.
54. in Article 20 (3) (a), the words "depreciation" shall be inserted after the words "items C. and D. of assets";
55. in Paragraph 20 (3) (c), "Reserve" is replaced by "Reserves."
56. in Paragraph 20 (5) (c), "Reserve" is replaced by "Reserves."
57. in Paragraph 22 (1) (d), "F.IV. Other assets" is replaced by "F.IV. Other assets."
58. In Paragraph 22 (1), the dot is replaced by a comma at the end of paragraph 1 and the following point (l) is added:
"(l) the share of reinsurance undertakings in the items" Other technical costs "or" Other technical revenues. "'
(59) In Paragraph 22 (2) (b), "50% of its capital" is replaced by "the decisive influence on its capital."
60. In Paragraph 22 (3), the word "bonds' is replaced by" debt securities'.
61. in Paragraph 22 (4), "1" is replaced by "2."
62. In Paragraph 22, paragraph 6 is added:
"(6) The relevant 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 shall apply mutatis mutandis to the disclosure of information on securities and derivatives. ';
63. in Part Two, the following Title 5 is inserted after the fourth head:
OVERVIEW ON CHANGES IN OWN CAPITAL
An overview of changes in equity shall include, in particular, an increase or decrease in net assets during the financial year in accordance with the valuation principles used in the financial statements, differences in accounting methods, accounting cases related to relations with members, dividend payments or other profit participation. ';
64. In the heading of Part Four, "Paragraph 4 (2) 'is replaced by" Paragraph 4 (8a), paragraphs 24 (4) and (5) and 28 (1)'.
65. In Sections 25 and 26, the heading "(K § 4 (2) and 27 (4) of the Act)" is deleted.
66. In Paragraph 25 (2), "paragraph 1 'is replaced by" paragraph 1';
67. In Article 26 (2), the words "at the end of the balance sheet day or at another time at which the accounts are drawn up 'are replaced by the words" at the time when the accounts are drawn up'.
68. In Article 26 (3), in the introductory part of the text, the sentence "If it is not objectively possible to determine the market value of the share, the valuation of the equivalents (consideration) shall be used."
69. In the second sentence of Paragraph 26 (3), the words "for which the valuation of equivalents (consideration) is used 'are deleted.
70. In Section 27, the heading "(K § 4 (2) and § 27 (4) of the Act) 'is deleted.
71. in Article 27 (3), the words "at the end of the balance sheet day or at another time at which the accounts are drawn up" shall be replaced by the words "at the time when the accounts are drawn up."
72. In Section 28, the heading "(K § 4 (2) and § 27 (4) of the Act) 'is deleted.
73. In Section 29, the heading "(K § 4 (2) and § 27 (4) of the Act) 'is deleted.
74. In Paragraph 29 (4), the words "and other investment (investment)" shall be inserted after the words "securities."
75. In Paragraph 29 (5), the sentence "The items of the profit and loss account referred to in paragraph 2 shall be transferred at the time of the valuation referred to in paragraph 27 (2) of this Order." shall be replaced by the sentence "At the time of implementation, in particular the sale, those valuation differences shall be transferred to the items of the profit and loss account referred to in paragraph 2. The same applies to objects and works of artistic cultural value under special legislation, 28) which are listed under" C.III.7. Other investments "."
76. Paragraph 29 (6) reads:
"(6) Valuation differences referred to in paragraph 1 for investments (investments) that are included under item" C.III. Other investments "excluding objects and works of artistic cultural value and derivatives under special legislation28), 29) and held-to-maturity securities (item C.III.2) shall be reported under profit and loss account items in accordance with paragraph 2. The valuation differences referred to in paragraph 1 for held-to-maturity securities shall be reported under" A.IV. Other equity funds "liabilities and at the time of implementation, in particular sales, shall be transferred to profit and loss account items in accordance with paragraph 2. ';
77.Paragraph 29 (7) reads as follows:
"(7) Valuation differences referred to in paragraph 1 for investments (investments) which are included in item" C.IV. The "D" and "Investment for life insurance, if the policyholder is the bearer of the investment risk," shall be reported under the profit and loss account items referred to in paragraph 2. ';
78.In Articles 29 (8) (b) and 29 (8) (c), "Other technical provisions" is replaced by "Other investments."
79.In Paragraph 29 (8) (c), the word "accounting officer" shall be inserted after the word "same."
80. In Paragraph 29 (9), the sentence "To the item of the profit and loss account in the Non-Technical Account marked" III.3.c) "or" III.5.b) "shall be added at the end of the decision of the Registry Court on the application for registration of the transformation. ';
81. In § 31, the heading "(K § 4 (2) and § 25 (4) of the Act)" is deleted.
82. In Article 31 (1), the words "or valuation method when acquiring more than one asset component by transfer or transfer 'are inserted after the words" set of assets'.
83. In Paragraph 32, the words "(K 4 (2) of the Act) 'are deleted from the title.
84.Paragraph 32 (5), including footnote 46, is deleted.
85. In § 33, the words "(K § 4 (2) and § 28 (1) of the Act) 'are deleted from the title.
86. In Paragraph 33 (1), the words, "real estate buildings, which are listed under" C.I. Investment "shall be deleted.
87.In Article 33 (5), "2 and 3" is replaced by "3 and 4."
88.Paragraph 33 (6), including footnote 47, is deleted.
Paragraphs 7 and 8 shall be renumbered paragraphs 6 and 7.
89.Paragraph 33 (7) reads as follows:
"(7) Under the provisions of Section 28 of the Act, assets which are the contents of the items" C. Investment (investment) "and" D. Investment of life insurance, if the policyholder is the bearer of investment risk, "" E.I. Claims on direct insurance operations "and" E.II. Claims on reinsurance operations. "
90. In Paragraph 34, the words "(K 4 (2) of the Act) 'are deleted from the heading.
91. In Article 35, the words "(K § 4 (2) and 7 (6) of the Act) 'are deleted from the title.
92. In Paragraph 35 (1), in the introductory part of the text, the word "prohibition 'is inserted after the word" infringement'.
93. In Paragraph 35 (2), the words "or other debt securities' are added after the words" own bonds'.
94. In Paragraph 37, the words "(K 4 (2) of the Act) 'are deleted from the title.
95.Paragraph 37 (3) shall be deleted;
96. In the heading of Part Five, "§ 22 (3), § 23 (2) 'is replaced by" § 4 (8)'.
97. In Paragraph 38 (3), the words "or consolidated foreign persons" shall be inserted after the words "other consolidated entities."
98. In Paragraph 40 (3), the word "written 'is replaced by the word" accounting officer'.
(99) Paragraph 40 (5), including footnotes 49) and 50) shall be deleted.
100. In Article 43 (i), the words "financial assets' are replaced by the words" investment (investments) 'and the words "and the manner in which they are entered; If the security, share and derivative has not been measured at fair value or equity, the entity shall state the reasons and, where applicable, the amount of the allowance' is deleted.
101. In Paragraph 43, at the end of point (k), the dot is replaced by a comma and the following point (l) is added:
"(l) information on the insurance referred to in Article 23 for the consolidation whole."
102. In the title of the head V 'over insurance' is replaced by 'in insurance';
103. In Annex 1, under item C.II.2., the word "Bonds' is replaced by" Debt securities'.
104. In Annex No 1, under item C.II.4., "Bonds' is replaced by" Debt securities'.
105. In Annex 1, Part "Assets', under item C.III.2.," Debt securities and other fixed-income securities' is replaced by "Debt securities'.
106. In Annex 1, part "Assets', item" F.III. Own shares or own interim certificates, own shares (indicating their nominal value or, if they do not have that value, their carrying amount) ';
107. In Annex 1, under asset item G.I., the words "rent (pensions) 'are replaced by the words" rent'.
108. In Annex 1, Part "Liabilities', entry A.I., the following entry (b) is added:
"(b) own shares or own interim certificates, own shares (indicating their nominal value or, if they do not have that value, their book value)."
109. In Annex 2, Part "I. Non-life insurance technical account ', item I.5., the word" Amendments' is replaced by the word "Change '.
110. In Annex No 2, Part "II, Technical Account for Life Insurance ', item II.1.c, the words" share of reinsurance undertakings' are replaced by the words "net of reinsurance '.
111. In Annex No 2 to Part II of the Technical Account for Life Insurance under heading II.2., the word "ab) 'is replaced by" aa)' and the word "real estate 'is inserted in brackets.
112. In Annex No 2, Part II, Technical Account for Life Insurance, item II6.b, the word "capture 'is replaced by" reinsurance'.
113. In Annex 3, in the table, the part of the text starting with "Balance at 1.1.200Z 'and ending with" Balance 31.12.200Z' is deleted.
Transitional provisions
1. Unless otherwise provided for in point 2, the provisions of this Order shall not apply to the financial statements and consolidated financial statements drawn up for the financial years beginning before the date of application of this Order.
2. Points 24, 66 to 69, 71, 74 to 80 and 97 of Article I may be used by entities to draw up financial statements for the financial years beginning in 2003.
3. In the depreciation of investments (investments) acquired by 31 December 2003, the date of application of this decree shall not be continued. The existing rights are settled with the relevant investment item (s), without affecting the entity's financial result.
Efficacy
This Decree shall enter into force on 1 January 2004, with the exception of the provisions of Article 4 (1) (a) and (b) thereof. I, point 1, which shall apply for the first time in the accounting year closest to that in which the Treaty of Accession of the Czech Republic to the European Union entered into force.
Minister:
Sobotka v. r.
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Regulation Information
| Citation | Decree No. 474 / 2003 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 |
|---|---|
| Regulation Type | Order |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 31.12.2003 |
|---|---|
| Effective from | 01.01.2004 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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