Decree of the Ministry of Finance No. 75 / 2000 Coll.
Decree of the Ministry of Finance implementing Act No. 363 / 1999 Coll., on Insurance and on the amendment of certain related laws (Insurance Act)
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75
DECLARATION
Ministry of Finance
of 17 March 2000
implementing Act No. 363 / 1999 Coll., on Insurance and amending certain related acts (Insurance Act)
The Ministry of Finance (hereinafter referred to as "the Ministry") provides, pursuant to § 17 paragraphs 1, 3 and 4, § 18 paragraphs 4, § 21 paragraphs 5 and § 22 paragraphs 1 and 5 of Act No. 363 / 1999 Coll., on Insurance and on the amendment of certain related laws (the Insurance Act) (hereinafter referred to as "the Act"):
Subject matter
This decree regulates
(a) the procedure for determining the level of the equalisation reserve, the conditions for drawing it down, the upper limit of the harmful ratio and the maximum limit of the formation of the equalisation reserve;
(b) the maximum amount of the technical interest rate and the procedure to be determined;
(c) the limits on the composition of the investment of the insurance or reinsurance undertaking; and
(d) the calculation of the minimum solvency margin of the insurance or reinsurance undertaking, the determination of the value of their own resources and the method of reporting solvency.
Procedure for determining the level of the equalisation reserve, its drawing condition, the upper limit of the harmful ratio and the maximum limit of the equalisation reserve
(1) The procedure for determining the amount of the equalisation reserve of an insurance undertaking for each non-life insurance sector under Article 17 (1) of the Act is set out in Annex 1.
(2) The condition for drawing the equalisation reserve is that the actual loss ratio for the insurance sector is higher than the upper limit of the loss ratio for that sector and the reference period calculated as set out in Annex 2. In this situation, the equalisation reserve is drawn on an ongoing basis in accordance with the maturity of the insurance claims arising from fluctuations in the damage caused by the facts independent of the insurance undertaking (Section 17 (1) of the Act).
(3) The upper limit of the damage ratio for the reference period under Article 17 (3) of the Act is determined for the individual non-life insurance sectors as set out in Annex 2.
(4) The maximum threshold for the creation of the equalisation reserve under Article 17 (4) of the Act is calculated for each non-life insurance sector as set out in Annex 3.
Technical interest rate
(1) The maximum technical interest rate is set at 60% of the average interest rate of bonds issued by the Czech Republic with a maturity of at least five years. In order to determine the maximum amount of the technical interest rate, the average interest rate on bonds issued in the last 12 calendar months preceding the year from which the newly determined technical interest rate is to enter into force shall be used.
(2) The maximum technical interest rate is fixed at 2,4%. The Ministry is entitled to adjust the maximum amount of the technical interest rate if the interest rate of bonds issued by the Czech Republic is changed by at least 1 percentage point.
(3) Paragraph 1 shall not apply to insurance contracts:
(a) where the investment risk is borne entirely by the policyholder; or
(b) with one-off premiums agreed for a maximum period of eight years; or
(c) without a share of the profits; or
(d) pension insurance without a right of disposal.
Investment composition limits
(1) The following limits shall be laid down for each item of the financial composition of the insurance or reinsurance undertaking:
(a) government bonds, bonds issued by the Czech National Bank and bonds guaranteed by the Czech Republic up to 75% of the total technical provisions;
(b) bonds issued by banks1) up to 50% of total technical provisions; bonds issued by one bank may not exceed 15% of the total technical provisions;
(c) publicly traded bonds issued by trading companies up to 10% of total technical provisions; bonds issued by one company may not exceed 5% of the total technical provisions;
(d) treasury bills up to 75% of total technical provisions;
(e) publicly marketable municipal bonds (2) up to 10% of total technical provisions; municipal bonds issued by one entity may not exceed 5% of the total technical provisions,
(f) loans, loans and other claims secured by a bank guarantee up to 10% of total technical provisions;
(g) notes which are secured by guarantee of the Bank up to 10% of the total technical provisions;
(h) real estate in the Czech Republic up to 20% of the total technical provisions; the land or building entered as a single property in the cadastral shall not exceed 10% of the total technical provisions;
(i) mortgage bonds up to 30% of the total technical provisions, such liens issued by the same issuer may not exceed 15% of the total technical provisions;
(j) publicly traded shares and units, with the exception of units referred to in (l), up to 10% of total technical provisions; such shares and units issued by one issuer may not exceed 5% of the total technical provisions;
(k) deposit and deposit certificates with banks authorised to operate as a bank in the Czech Republic up to 50% of the total technical provisions; such deposits and certificates with one bank may not exceed 15% of the total technical provisions;
(l) units of open mutual funds up to 10% of total technical provisions; such units issued by one issuer may not exceed 5% of the total technical provisions;
(m) objects and works of artistic cultural value valued by at least two experts up to 5% of the total technical provisions, subject to their insurance in the event of damage, destruction, loss or theft with another insurance undertaking;
(n) sovereign debt issued by the European Investment Bank, the European Bank for Reconstruction and Development or the International Bank for Reconstruction and Development, up to 75% of the total technical provisions and bonds issued by the European Investment Bank and up to 50% of the total technical provisions;
(o) foreign securities traded on the public market of the Member States of the European Union up to 10% of the total technical provisions; securities issued by one issuer may not exceed 5% of the total technical provisions;
(p) foreign securities traded on the public market of the Member States of the Organisation for Economic Cooperation and Development up to 10% of the total technical provisions; securities issued by one issuer may not exceed 5% of the total technical provisions;
(r) loans to insured persons who have entered into a life insurance contract up to 5% of the total technical provisions.
(2) Derivatives related to assets referred to in paragraph 1 that contribute to the reduction of investment risk or facilitate efficient portfolio management shall not exceed 5% of the total technical provisions.
(3) The investments referred to in paragraph 1, with the exception of bonds referred to in paragraph 1 (a), treasury bills referred to in paragraph 1 (d) and foreign government bonds referred to in paragraph 1 (n), relating to one entity or group of entities that are in a controlling and controlling capacity may not exceed 15% of the total technical provisions.
(4) The same security may be included in only one financial line item.
Determination of the value of own resources
(1) The value of own resources (the actual solvency margin) shall be determined as the sum of the values of the items referred to in paragraph 2 (a) to (j), minus the sum of the values of the items referred to in paragraph 2 (k) and (l). When determining the amount of the individual items referred to in paragraph 2, the insurance undertaking shall base itself on the values set out in the accounting chart in accordance with the specific legislation.3)
(2) The actual solvency margin is determined from the following items:
(a) the paid-up capital of a company which is the value of the subscribed capital;
(b) the value of half of the company's outstanding capital, which is half of the value of the subscribed capital;
(c) equity funds, which are share premium accounts, other equity funds and valuation differences in equity; in the case of a negative value, this value is deducted;
(d) a legal reserve which is a reserve fund under a special law, 4)
(e) other profit-making funds, which are the amounts of funds made up of profit after tax outside the social fund;
(f) undistributed profits from previous years,
(g) profit or loss for the financial year;
(h) provisions for other risks and losses, which are the sum of statutory reserves, foreign exchange-rate reserves and other reserves;
(i) the silent reserves from the undervaluation of assets, which is the amount of the reserve resulting from the difference in the value of the assets on the market and the value of those assets entered in the accounts;
(j) other items which are items agreed by the Ministry;
(k) outstanding losses from previous years;
(l) intangible assets which are the value of such assets entered in the accounts if they form part of the capital.
Calculation of the minimum solvency margin and method of solvency reporting
(1) The minimum solvency margin is calculated by the insurance undertaking separately for non-life insurance and for life insurance. The reinsurance undertaking shall calculate the minimum solvency margin mutatis mutandis as the non-life insurance undertaking; The provisions of this decree shall apply mutatis mutandis to the calculation of the solvency of the reinsurance undertaking. The insurance undertaking that carries on the reinsurance business shall calculate the minimum solvency margin separately for the insurance business and separately for the reinsurance business.
(2) In non-life insurance, the minimum solvency ratio shall be the higher value of the two values calculated from the gross premiums written and the cost of the claims referred to in Annex 4.
(3) In life insurance, the minimum solvency margin shall be calculated from the amount of technical provisions and risk capital as set out in Annex 4. Separate from other life insurance, the minimum solvency margin for life insurance for which the policyholder carries the investment risk shall be calculated. Where accident or sickness insurance is carried out as an addition to life insurance, the minimum solvency margin shall be calculated from the gross premiums written in accordance with Annex 4.
(4) Solvency is reported by the insurance undertaking to the Ministry in writing or on a technical data medium to the extent and arrangements corresponding to the solvency reporting template set out in Annex 4.
Repeal and final provision
Decree No. 52 / 1994 Coll., which provides for the creation, use and location of technical provisions of the insurance undertaking, is hereby repealed.
This Decree shall take effect on 1 April 2000.
Minister:
Doc.
Příloha č. 1
Annex No 1 to Decree No 75 / 2000 Coll.
Procedure determining the amount and formation of the equalisation reserve
(1) The amount of the equalisation reserve formation is determined according to this formula
T = T1 +..... + Tn,
where
| i | je příslušné odvětví neživotního pojištění, i = 1,..., n, | |
| Ti | je tvorba rezervy pro příslušné odvětví stanovená tímto postupem, | |
| T | je celková tvorba rezervy. | |
(2) Calculation of the amount of reserve formation
(a) where:
RPsi + Si × Pi ≤ Mari,
where
| MARi | je maximální výše vyrovnávací rezervy pro i-té odvětví, | |
| ERPSi | je počáteční stav vyrovnávací rezervy na začátku běžného období, | |
| Si | je sazba pro tvorbu rezervy pro i-té odvětví, | |
| Pi | je | |
then the reserve is created They calculate the formula
Ti = Si × Pi
or
(b) If the condition referred to in (a) does not apply, then it shall be calculated from the formula
Ti = Mari - ERPSi
(3) Rates for reserve formation
| Číselné označení podle přílohy k zákonu | Odvětví neživotního pojištění | Sazba pro tvorbu rezervy (Si) | Sazba maximální hranice vyrovnávací rezervy (SMARi,) |
|---|---|---|---|
| 8c | Pojištění škod na majetku jiném než uvedeném v bodech 3-7, způsobených vichřicí | 0,03 | 0,20 |
| 8d | Pojištění škod na majetku jiném než uvedeném v bodech 3-7, způsobených přírodními živly jinými než vichřicí | 0,03 | 0,20 |
| 8e | Pojištění škod na majetku jiném než uvedeném v bodech 3-7, způsobených jadernou energií | 0,75 | 6,00 |
| 8f | Pojištění škod na majetku jiném než uvedeném v bodech 3-7, způsobených sesuvem nebo poklesem půdy | 0,03 | 0,20 |
| 9 | Pojištění jiných škod na majetku jiném než uvedeném v bodech 3-7, vzniklých krupobitím nebo mrazem | 0,03 | 0,20 |
| 14 | Pojištění úvěru | 0,12 | 1,50 |
(4) For the creation of a reserve in other non-life insurance sectors other than those referred to in paragraph 3, the rate set for that insurance sector which is closest to that insurance sector shall be used.
Příloha č. 2
Annex No 2 to Decree No 75 / 2000 Coll.
1. Calculation of the actual harmful ratio
The actual damage ratio for the sector and the reference period shall be calculated in accordance with Article 17 (2) of the Law and its value shall be referred to as LQi.
2. The deterioration in the harmful ratio is quantified according to this formula
ELQi = LQi - MALi × Pi / m,
where
| ELQi | je velikost výkyvu škod v Kč pro jednotlivé (i-té) odvětví pojištění, | |
| MALi | je horní mez škodného poměru, | |
| Pi | je | |
| m | je délka sledovaného období (v letech) | |
3. Calculation of the amount of use of the reserve
The level of use of the equalisation reserve for each insurance sector is determined as the smaller of two variables, from the size of the damage in CZK and from the size of the initial state of the equalisation reserve according to the formula
UERi = MIN ELQi, ERPSi + Ti,
where
| UERi | je částka čerpání vyrovnávací rezervy v Kč pro i-té odvětví pojištění, | |
| MIN | je označení pro operaci výběru minimální částky ze dvou uvedených. | |
4. Upper limit of the injurious ratio for each sector
| Číselné označení podle přílohy k zákonu | Odvětví neživotního pojištění | Horní mez škodného poměru (MALi) |
|---|---|---|
| 8c | Pojištění škod na majetku jiném než uvedeném v bodech 3-7, způsobených vichřicí | 0,65 |
| 8d | Pojištění škod na majetku jiném než uvedeném v bodech 3-7, způsobených přírodními živly jinými než vichřicí | 0,65 |
| 8e | Pojištění škod na majetku jiném než uvedeném v bodech 3-7, způsobených jadernou energií | 0,25 |
| 8f | Pojištění škod na majetku jiném než uvedeném v bodech 3-7, způsobených sesuvem nebo poklesem půdy | 0,65 |
| 9 | Pojištění jiných škod na majetku jiném než uvedeném v bodech 3-7, vzniklých krupobitím nebo mrazem | 0,65 |
| 14 | Pojištění úvěru | 0,95 |
For the creation of a reserve in the other non-life insurance sectors not referred to in this point, the upper limit of the harmful ratio laid down for the insurance sector closest to the insurance sector shall apply.
Příloha č. 3
Annex 3 to Decree No 75 / 2000 Coll.
Calculation of the maximum threshold for the formation of the buffer
The maximum reserve limit is calculated using the formula
MARi = SMARi × Pi / m,
where
SMARi is the rate for the maximum reserve limit for the ith insurance sector.
Příloha č. 4
Annex No 4 to Decree No 75 / 2000 Coll.
| Vykazování solventnosti | |
| Pojišťovna: .......................................................................................... | |
| se sídlem: .......................................................................................... | |
| VÝPOČET SOLVENTNOSTI | |
| k datu: .................. | |
| kurs 1 EUR = .................. Kč k uvedenému datu |
REAL SOLVENCY RATE (SMS)
| 1. Splacené základní jmění společnosti | .................... | |
| a) minimální výše základního jmění pro provozování neživotního pojištění | .................... | |
| b) minimální výše základního jmění pro provozování životního pojištění | .................... | |
| 2. Polovina nesplaceného základního jmění | .................... | |
| 3. Kapitálové fondy | ||
| a) emisní ážio | .................... | |
| b) ostatní kapitálové fondy | .................... | |
| c) oceňovací rozdíly z majetkových účastí | .................... | |
| 3 = 3a + 3b ± 3c | .................... | |
| 4. Zákonný rezervní fond | .................... | |
| 5. Ostatní fondy ze zisku | .................... | |
| 6. Zisk nebo ztráta | ||
| a) nerozdělený zisk minulých let | .................... | |
| b) neuhrazená ztráta minulých let | .................... | |
| 7. Výpočet podle výsledků | ||
| a) výsledek technického účtu k neživotnímu pojištění | .................... | |
| b) výsledek technického účtu k životnímu pojištění | .................... | |
| c) hospodářský výsledek za účetní období | .................... | |
| 7 = 7c - 7a - 7b | .................... | |
| 8. Rezervy na ostatní rizika a ztráty | ||
| a) zákonné rezervy | .................... | |
| b) rezerva na kursové ztráty | .................... | |
| c) ostatní rezervy | .................... | |
| 8 = 8a + 8b + 8c | ................... | |
| 9. Nehmotný majetek, pokud je součástí základního jmění | .................... | |
| 10. Tiché rezervy vzniklé z podhodnocení aktiv | .................... | |
| 11. Jiné položky | .................... | |
| 12. Budoucí zisky ze životního pojištění | ||
| a) předpokládaný roční zisk | .................... | |
| b) průměrná zbývající doba trvání pojistných smluv | .................... | |
| 12 = 0,5 x 12a x 12b | ||
| 13. Částka plynoucí z nezillmerování nebo částečného zillmerování rezerv pojistného životních pojištění | ||
| a) výše rozdílu | .................... | |
| b) neamortizované pořizovací náklady v aktivech | .................... | |
| 13 = 13a - 13b | .................... | |
| 14. Předepsané hrubé pojistné neživotního pojištění (P1) | ..................... | |
| 15. Předepsané hrubé pojistné životního pojištění (P2) | ..................... | |
| 16. Předepsané hrubé pojistné celkem (P) | ||
| P = P1 + P2 | ..................... | |
| 17. Dílčí výpočet (S) | ||
| S = (1) + (2) + (3) + (4) + (5) + (6a) + (7) + (8) + (10) + (11) - (1a) - (1b) - (6b) - (9) | ..................... | |
| 18. Skutečná míra solventnosti neživotního pojištění (SMSnp) | ||
| 19. Skutečná míra solventnosti životního pojištění (SMSzp) | ||
MINIMUM SOLVENCY OF NON-LIFE INSURANCE (MMSnp)
| A. Výpočet z objemu pojistného | |
| (1) Předepsané hrubé pojistné | .................... |
| z toho: | |
| (2a) 18% z částky do výše 10 mil. EUR včetně | ................... |
| (2b) 16% z částky převyšující 10 mil. EUR | ................... |
| Celkem: (2) = (2a) + (2b) | ................... |
| Korekční koeficient K1 za sledované účetní období | |
| (3a) Náklady na pojistná plnění na vlastní vrub | ................... |
| (3b) Celkové náklady na pojistná plnění | ................... |
| K1 = (3a) / (3b) | ................... |
| Je-li hodnota K1 větší než 0,5, pak | |
| (MMSnp)A = (2) x K1 | ................... |
| Je-li hodnota K1 nejvýše rovna 0,5, pak | |
| (MMSnp)A = (2) x 0,5 | ................... |
| B. Výpočet z nákladů na pojistná plnění | ||
| (1) | Počet let, za která jsou následující položky uváděny (délka referenčního období) | .................... |
| (2a) | Náklady na pojistná plnění v referenčním období | .................... |
| (2b) | Hrubá výše rezervy na pojistná plnění na konci referenčního období | ................... |
| (2c) | Hrubá výše rezervy na pojistná plnění na začátku referenčního období | ................... |
| (2) = (2a) + (2b) - (2c) | ................... | |
| Průměrná roční hodnota: | ||
| (3) = (2) / (1) | ................... | |
| Z toho: | ||
| (4a) 26% z částky do výše 7 mil. EUR včetně | ................... | |
| (4b) 23% z částky převyšující 7 mil. EUR | ................... | |
| (4) = (4a) + (4b) | ................... | |
| Je-li hodnota korekčního koeficientu K1 větší než 0,5, pak | ||
| (MMSnp)B = (4) x K1 | ................... | |
| Je-li hodnota korekčního koeficientu K1 nejvýše rovna 0,5, pak | ||
| (MMSnp)B = (4) x 0,5 | ................... | |
| Minimální míra solventnosti neživotních pojištění: | ||
| MMSnp = max {(MMSnp)A, (MMSnp)B} | ................... | |
MINIMUM LIVE INSURANCE SOLVENCY (MMSZp)
1. FOR ENVIRONMENTAL INSURANCE, INSURANCE COVERAGE, IF THE INVESTMENT RISK IS NOTIFIED
| A. Výpočet z objemu technických rezerv | |
| (1) Hrubá výše technických rezerv | .................... |
| Korekční koeficient K2 za sledované účetní období: | |
| (2) Čistá výše technických rezerv | .................... |
| K2 = (2) / (1) | ................... |
| Je-li hodnota K2 větší než 0,85, pak | |
| (MMSzp)1.A = (1) x K2 x 0,04 | ................... |
| Je-li hodnota K2 nejvýše rovna 0,85, pak | |
| (MMSzp)1.A = (1) x 0,85 x 0,04 | ................... |
| B. Výpočet z rizikového kapitálu | |
| (1a) Rizikový kapitál k životním pojištěním s výjimkou dočasných pojištění pro případ smrti s pojistnou dobou nejvýše 5 let | .................... |
| (1b) Rizikový kapitál k dočasným pojištěním pro případ smrti s pojistnou dobou delší než 3 roky a kratší než 5 let | .................... |
| (1c) Rizikový kapitál k dočasným pojištěním pro případ smrti s pojistnou dobou nejvýše 3 roky | ................... |
| Korekční koeficient K3 za sledované účetní období: | |
| (2a) Rizikový kapitál na vlastní vrub | ................... |
| Celkový rizikový kapitál: | |
| (2b) = (1a) + (1b) + (1c) | ................... |
| K3 = (2a) / (2b) | ................... |
| Je-li hodnota K3 větší než 0,5, pak | |
| (3a) = (1a) x K3 x 0,003 | ................... |
| (3b) = (1b) x K3 x 0,0015 | ................... |
| (3c) = (1c) x K3 x 0,001 | ................... |
| Je-li hodnota K3 nejvýše rovna 0,5, pak | |
| (3a) = (1a) x 0,5 x 0,003 | ................... |
| (3b) = (1b) x 0,5 x 0,0015 | ................... |
| (3c) = (1c) x 0,5 x 0,001 | ................... |
| (MMSzp)1.B = (3a) + (3b) + (3c) | ................... |
| Minimální míra solventnosti k životním pojištěním podle bodu 1.: | |
| (MMSzp)1. = (MMSzp)1.A + (MMSzp)1.B | ................... |
2. FOR ENVIRONMENT WITH INVESTMENT RISK
| A. Výpočet z objemu technických rezerv | |
| (1) Hrubá výše technických rezerv | .................... |
| Korekční koeficient K4 za sledované účetní období: | |
| (2) Čistá výše technických rezerv | ................... |
| K4 = (2) / (1) | ................... |
| Je-li hodnota K4 větší než 0,85, pak | |
| (MMSzp)2.A = (1) x K4 x 0,01 | ................... |
| Je-li hodnota K4 nejvýše rovna 0,85, pak | |
| (MMSzp)2.A = (1) x 0,85 x 0,01 | ................... |
| B. Výpočet z rizikového kapitálu | |
| (1) Celkový rizikový kapitál | .................... |
| Korekční koeficient K5 za sledované účetní období: | |
| (2) Rizikový kapitál na vlastní vrub | .................... |
| K5 = (2) / (1) | ................... |
| Je-li hodnota K5 větší než 0,5, pak | |
| (MMSzp)2.B = (1) x K5 x 0,003 | ................... |
| Je-li hodnota K5 nejvýše rovna 0,5, pak | |
| (MMSzp)2.B = (1) x 0,5 x 0,003 | ................... |
| Minimální míra solventnosti k životním pojištěním podle bodu 2.: | |
| (MMSzp)2. = (MMSzp)2.A + (MMSzp)2.B | ................... |
3.
| Výpočet z objemu pojistného | |
| (1) Předepsané hrubé pojistné | .................... |
| Z toho: | |
| (2a) 18% z částky do výše 10 mil. EUR včetně | ................... |
| (2b) 16% z částky převyšující 10 mil. EUR | ................... |
| Celkem: (2) = (2a) + (2b) | ................... |
| Korekční koeficient K6 za sledované účetní období | |
| (3a) Náklady na pojistná plnění na vlastní vrub | ................... |
| (3b) Celkové náklady na pojistná plnění | |
| K6 = (3a) / (3b) | ................... |
| Je-li hodnota K6 větší než 0,5, pak | |
| (MMSzp)3. = (2) x K6 | ................... |
| Je-li hodnota K6 nejvýše rovna 0,5, pak | |
| (MMSzp)3. = (2) x 0,5 | ................... |
| Minimální míra solventnosti životních pojištění celkem: | |
| MMSzp = (MMSzp)1. + (MMSzp)2. +(MMSzp)3. | ................... |
Total life and non-life insurance
| Neživotní pojištění: | |
| Skutečná míra solventnosti SMSnp | .................... |
| Minimální míra solventnosti MMSnp | .................... |
| Výše garančního fondu pro neživotní pojištění | ................... |
| Životní pojištění: | |
| Skutečná míra solventnosti SMSzp | ................... |
| Minimální míra solventnosti MMSzp | ................... |
| Výše garančního fondu pro životní pojištění | ................... |
Signature
| Vypracoval (příjmení a jméno): | ................................................................................................ | |
| podpis: | ................................................................................................ | |
| Datum: ......................... | .............................................................................. (podpis odpovědného pojistného matematika) Telefon: Fax: | |
| Schvaluji: | .............................................................................. (razítko pojišťovny a podpis jejího generálního ředitele) | |
LEGEND FOR CALCULATION OF SOLVENCY
(a) all the items in the solvency calculation are shown in thousands of CZK,
(b) the results of the calculations, except for the calculation of correction factors, shall be rounded to the whole unit. The correction coefficients shall be rounded to two decimal places,
(c) the solvency calculation shall be accompanied by a separate comment containing the nominal list and the amounts of the individual items included in points 8 (c) and 9 in the part relating to the calculation of the actual solvency margin;
(d) the inclusion of the items in points 10, 11, 12 and 13 in the part concerning the calculation of the actual solvency margin shall be subject to prior written permission by the Ministry. The comment on the calculation shall include, where these items are included, an appeal to the Ministry's letter of approval.
REAL SOLVENCY RATE
1. The company's paid-up capital - the value of the subscribed paid-up capital shall be reported according to the analytical record of the 401 account.
(a) Minimum amount of basic capital for the operation of non-life insurance - the amount determined according to the non-life insurance sector of the insurance undertaking, pursuant to § 9 (1) (b) and § 9 (2) of the Act.
(b) Minimum amount of capital for the operation of life insurance - the amount determined in accordance with Paragraph 9 (1) (a) of the Act, if the insurance undertaking operates life insurance.
2. Half of the outstanding capital - half of the value of the subscribed capital shall be reported according to the analytical record of the 401 account.
3. Capital funds
(a) issue account balance 402
(b) Other equity - balance of account 403
(c) valuation differences in equity - balance of the 404 account; in the case of a negative value, it is deducted.
4. Legal reserve - the balance of the account 411, i.e. the amount of the reserve created under the Commercial Code.
5. Other profit funds - the amount of funds made up of profit after tax outside the social fund, i.e. the balance of the account 412 minus the social fund status.
6. Profit or loss
(a) undistributed profit of past years - balance of account 413
(b) outstanding loss of past years - balance of account 414
7. Calculation by Results
(a) result of the non-life insurance technical account - balance of account 712
(b) result of the life insurance technical account - balance of account 713
(c) profit or loss for the financial year - balance of account 711
8. Provisions for other risks and losses
(a) statutory reserves - balance of account 451
(b) exchange-rate loss provision - balance of account 452
(c) other provisions - balance of account 459. The insurance undertaking shall indicate in the Annex to calculate solvency the nominal list and the amount of the individual reserves.
9. Intangible assets if they form part of a capital - the value of intangible assets which are part of a capital is reported. The insurance undertaking shall indicate in the Annex to the solvency statement the nominal list of such assets and the amount of each item.
10. Silent provisions from the undervaluation of assets - amount of the reserve arising from the difference in the value of the assets on the market and the value of those assets recorded in the accounts. The amount approved by the Ministry shall be indicated.
11. Other items - the nominal list and the amount of individual items approved by the Ministry.
12. Future gains on life insurance
(a) projected annual profit - average profit from life insurance over the last 5 years. The amount approved by the Ministry shall be indicated.
(b) average remaining life of insurance contracts - average remaining life of insurance contracts, if less than or equal to 10 years. Otherwise the value of 10 years shall be used. Indicate the value approved by the Ministry.
13. The amount resulting from the non-zillmering or partial zillmering of life insurance provisions shall be reported if the provision of premiums normally paid is not zillmetered or is zillmeted at a lower rate than the initial cost rate contained in the insurance.
(a) the amount of the difference - for each contract, the difference between the amount of the unzillmetered or partially zillmetered premium reserve and the amount of the zillmeted reserve at the initial cost rate included in the premium. The amount approved by the Ministry shall be indicated.
(b) non-amortised cost in assets - the value of the non-amortised cost of insurance contracts included in insurance assets (analytic record of the 391 account for life insurance) shall be reported.
14. Gross non-life insurance premiums written (P1) - balance of account 601
15. Gross life insurance premiums written (P2) - balance of account 621
MINIMUM LIABILITIES OF NON-LIFE INSURANCE
A. Calculation of premiums
(1) Gross premiums written - balance of account 601.
(2) K is the EUR / CZK conversion rate shown on the front page of the Solvency calculation, i.e. EUR 1 = K CZK. Items (2a) and (2b) are determined by the following procedure:
| (2a) Je-li (1) <= 10 000 x K, uvede se částka (1) x 0,18. | |
| Je-li (1) > 10 000 x K, uvede se částka 10 000 x K x 0,18. | |
| (2b) Je-li (1) > 10 000 x K, uvede se částka [(1) - 10 000 x K] x 0,16, v opačném případě je hodnota položky (2b) rovna nule. | |
(3a) This is the total amount of subordinated mutual member accounts that meet the criteria for Tier 1.
(3b) Total cost of claims (balance of account 501).
B. Calculation of claims costs
(1) The length of the reference period - is set at 3 years; for insurance undertakings which, to a substantial extent, carry out credit insurance against windstorm, hail or freezing, that period shall be set at 7 years. For insurance undertakings carrying out insurance activities for a shorter period than the prescribed duration of the reference period, the number of full years for which the necessary data are available shall be used. The amount of premiums written for the insurance sector is equal to 4% of the total premiums written for all non-life insurance sectors operated in at least one year of the reference period, while exceeding the amount of premiums written for that insurance sector of CZK 1 000 000 per year or per reference period.
(2a) This is the total amount of subordinated mutual member accounts that meet the criteria for Tier 1.
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Regulation Information
| Citation | Decree of the Ministry of Finance No. 75 / 2000 Coll., implementing Act No. 363 / 1999 Coll., on Insurance and on the amendment of certain related laws (Insurance Act) |
|---|---|
| Regulation Type | Order |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 31.03.2000 |
|---|---|
| Effective from | 01.04.2000 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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