Decree No. 96 / 2006 Coll.
Decree amending Decree No. 303 / 2004 Coll., implementing certain provisions of the Insurance Act
Valid
Effective from 01.04.2006
Contents
Čl. I
Oddíl I. (pojištění pouze pro případ smrti, pojištění pouze pro případ dožití, pojištění pro případ dožití se stanoveného věku nebo dřívější smrti, pojištění spojených životů, životní pojištění s vrácením pojistného, svatební pojištění nebo pojištění pros
Oddíl II. (pojištění pro případ úrazu nebo nemoci, je-li doplňkem ostatních životních pojištění)
Oddíl III. (životní pojištění spojené s investičním fondem)
Oddíl IV. (Kapitálové činnosti)
Čl. II
Čl. III
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96
DECLARATION
of 9 March 2006
amending Decree No. 303 / 2004 Coll., implementing certain provisions of the Insurance Act
The Ministry of Finance provides pursuant to § 17 paragraphs 1, 3 and 4, § 18 paragraphs 4, § 21a paragraph 3 (c) and § 7 and § 22 paragraphs 1, 5 and 9 of Act No. 363 / 1999 Coll., on Insurance and on the amendment of certain related laws (Act on Insurance), as amended by Act No. 39 / 2004 Coll. and Act No. 377 / 2005 Coll.:
Decree No. 303 / 2004 Coll., implementing certain provisions of the Insurance Act, is amended as follows:
1. Paragraph 2 (2) reads as follows:
"(2) The equalisation reserve may be drawn if the harmful ratio for the insurance sector is higher than the upper limit of the harmful ratio for that sector set out in the table in Annex 1 to this Regulation. '
2. in Article 4 (1) (b), the words "bonds issued by one bank may not exceed 20% of the total technical provisions" shall be deleted;
3. In Article 4 (1) (c), the words "with bonds issued by one company not exceeding 5% of the total technical provisions' are deleted.
4. in Article 4 (1) (e), the words "where municipal bonds issued by one entity may not exceed 5% of the total technical provisions," shall be deleted;
5. In Article 4 (1) (f), the words "the same borrower may be granted a loan up to a maximum of 5% of the total technical provisions' are deleted.
6. in Article 4 (1) (i), the words "where mortgage bonds issued by the same issuer may not exceed 20% of the total technical provisions," shall be deleted;
7. In Article 4 (1) (j), the words "shares issued by one issuer may not exceed 5% of the total technical provisions' are deleted.
8. in Article 4 (1) (n), the words "20% of total technical provisions" shall be deleted;
9. in Article 4 (2) (a), the words "securities issued by one issuer may not exceed 5% of the total technical provisions," shall be deleted;
10. In Article 4 (3), the first sentence is replaced by the following: "Total technical provisions shall mean the sum of technical provisions relating to all life insurance sectors listed in Part A of Annex 1 to the Insurance Act, except for the technical provisions arising from those insurance contracts for which the claims comply with the provisions of the Insurance Act (4), and the sum of technical provisions relating to all non-life insurance sectors listed in Part B of Annex 1 to the Insurance Act."
footnote 4:
"(4) Paragraph 21b (1) and (2) of the Insurance Act."
11. in Article 4 (4), the words "relating to one person or to a group of persons who are controlled and controlled, are limited to 15%" shall be replaced by the words "relating to at least two persons within the group (holding), 15%";
12. in Paragraph 4, the following paragraph 5 is inserted after paragraph 4:
"(5) The investments referred to in paragraph 1, with the exception of points (a), (d), (h), (k), (l), (m), (f), granted to national or regional or local authorities or to international organisations of which one or more Member States is a member, and the investments referred to in paragraph 2, with the exception of point (d), shall be limited to 5% of the total technical provisions for one person. The limit for one person under the first sentence may be increased to 10% of the total technical provisions, provided that the insurance undertaking does not invest more than 40% of the total technical provisions in the first sentence for persons for whom it invests more than 5% of the total technical provisions. ';
Paragraph 5 shall become paragraph 6.
13. in Article 4 (6), the words "paragraph 1" shall be deleted;
14. in Paragraph 6 (2) (e), the word "next" is replaced by the word "future."
15. in Article 6 (6) (b), the words "if they do not have an exceptional character" shall be inserted after the words "valuation differences."
16. in Paragraph 7 (2), the first sentence is: "In life insurance, the required solvency margin shall be calculated on the basis of the results for the different categories of life insurance as defined in Annex 2 to this Decree in the calculation of the required solvency margin, Sections I to IV."
17. in Paragraph 7 (2), the fifth sentence is: "The required solvency margin shall be equal to the sum of all the results for the individual groupings of the life insurance sector according to the first sentence."
18. in Paragraph 9 (1):
"(1) An adjusted calculation of the solvency of an insurance undertaking that carries out a participation in at least one insurance undertaking or reinsurance undertaking, a bank, a savings or credit cooperative, an electronic money institution or a securities dealer (hereinafter referred to as" the associated financial person ') resulting in an adjusted solvency margin for that insurance undertaking (hereinafter referred to as "the holding company') shall be treated as a calculation of two items. The first item is the sum of the available solvency margin of the insurance holding company and of the corresponding solvency ratios of the related financial entities that are insurance or reinsurance undertakings and of the corresponding equity values of the related financial entities that are not insurance or reinsurance undertakings. The second item is the sum of the book values of the individual shares of the insurance holding company in the related financial entities on the date of drawing up the financial statements and required solvency margin of the insurance holding company and of the corresponding amounts of the required solvency ratios of the related financial entities that are insurance or reinsurance undertakings and of the corresponding capital requirements of the related financial entities that are not insurance or reinsurance undertakings. The adjusted solvency margin of the holding undertaking shall be equal to the difference between the two items. ';
19. in Paragraph 9 (2), the word "holding company" shall be deleted;
20.
"Annex No 1 to Decree No 303 / 2004 Coll.
Procedure determining the amount, the creation and drawing of the equalisation reserve
(1) The amount of the equalisation reserve shall be determined in accordance with the formula:
T = T1 +... + Tn,
where
i is the relevant non-life insurance sector, i = 1,..., n;
This is the creation of a balancing reserve for the relevant sector as determined in accordance with point (2);
T is the total creation of the equalisation reserve.
(2) Calculation of the amount of the equalisation reserve formation
(a) Where they apply:
ERPsi + Si * PBi ≤ Mari,
where
Mari is the maximum level of the equalisation reserve for the ith sector;
ERPsi is the initial position of the buffer at the beginning of the current period;
Si is the rate for creating a buffer for the ith sector;
PBi is a net earned premium from the ith sector in CZK during the current period;
* means the numerical action of multiplication
then the amount of the equalisation reserve They calculate the formula
Ti = Si * PBi,
or
(b) If the condition referred to in (a) does not apply, then it shall be calculated from the formula
Ti = Mari - ERPsi.
(3) Calculation of the maximum threshold for the formation of the equalisation reserve
The maximum threshold for the formation of the Mari equalisation reserve is calculated using the formula
Mari = SMARi * PMi,
where
SMARi is the rate for the maximum buffer for the ith insurance sector,
PMi is the value of the maximum net earned premiums for the reference period from the ith sector in CZK.
(4) Calculation of the amount of the compensatory provision
The amount of the buffer for the ith insurance sector shall be determined as less than two variables according to the following formula:
UERi = min {(LQi - MALi) * PBi, ERPsi + Ti},
where
UERi is the amount of drawing the equalisation reserve in CZK for the ith sector;
LQi is a harmful ratio for the sector under Section 17, Section 2 of the Act;
Mali is the upper limit of the harmful ratio.
(5) Rate for the creation of the equalisation reserve and rate for the maximum buffer threshold
| Číselné označení podle přílohy č. 1 k zákonu o pojišťovnictví | Odvětví neživotního pojištění | Sazba pro tvorbu vyrovnávací rezervy Si | Sazba maximální hranice vyrovnávací rezervy SMARi |
|---|---|---|---|
| 14 | Pojištění úvěru | 0,12 | 1,50 |
| 8 | Pojištění škod na majetku jiném než uvedeném v bodech 3 až 7, způsobených požárem, výbuchem, vichřicí, přírodními živly jinými než vichřicí, jadernou energií, sesuvem nebo poklesem půdy | 0,03 | 0,20 |
| 9 | Pojištění jiných škod na majetku jiném než uvedeném v bodech 3 až 7 vzniklých krupobitím nebo mrazem | 0,03 | 0,20 |
| 15 | Pojištění záruky (kauce) | 0,12 | 1,50 |
For the creation and maximum level of the equalisation reserve in other non-life insurance sectors not listed in the table, the rate set for the insurance sector closest to the insurance sector shall be used.
(6) Upper limit of the injurious ratio for each sector
The upper limit of the Mali harmful ratio is equal to that given in the table below:
| Číselné označení podle přílohy č. 1 k zákonu o pojišťovnictví | Odvětví neživotního pojištění | Horní mez škodného poměru MALi |
|---|---|---|
| 14 | Pojištění úvěru | 0,95 |
| 8 | Pojištění škod na majetku jiném než uvedeném v bodech 3 až 7, způsobených požárem, výbuchem, vichřicí, přírodními živly jinými než vichřicí, jadernou energií, sesuvem nebo poklesem půdy | 0,65 |
| 9 | Pojištění jiných škod na majetku jiném než uvedeném v bodech 3 až 7, vzniklých krupobitím nebo mrazem | 0,65 |
| 15 | Pojištění záruky (kauce) | 0,95 |
In the case of the creation of this reserve for the non-life insurance sector, which is not listed in this table, the upper limit of the harmful ratio established for that insurance sector which is closest to that insurance sector shall apply. ';
21. Annex No 2 shall read as follows:
"Annex No 2 to Decree No 303 / 2004 Coll.
22. Annex 3 reads as follows:
"Annex 3 to Decree No 303 / 2004 Coll.
Comments on the template Reporting of solvency
COMMUNICATION FOR CALCULATION OF SOLVENCY FOR ENVIRONMENTAL INSURANCE
1. All items in the solvency calculation are shown in thousands of CZK.
2. The results of the calculations, except for the calculation of correction coefficients, shall be rounded to the whole unit. The correction coefficients shall be rounded to two decimal places.
3. The solvency statement shall be supplemented by a separate comment containing the list and amounts of the individual items included in point 4 of Part A Other items; a nominal list of the assets and the amount of the individual items included in point 5 of Part A of the Intangible Assets where they form part of the capital; the value of the own shares held by the insurance undertaking deducted under point 1 of Part A of the paid-up capital.
4. The inclusion of the items in Part C is subject to prior written approval by the Ministry. The comments on the solvency statement for the inclusion of these items include an appeal to the Ministry's letter approving this procedure.
5. The solvency statement shall be supplemented by a detailed comment setting out the specific accounts for each item of insurance or reinsurance undertaking.
I. DISTRIBUTION OF SOLVENCY
(1) Paid-up capital - the value of the subscribed paid-up capital shall be entered after deduction of the value of the own shares held by the insurance undertaking, of class 4, of the accounting group Capital and capital funds. If an insurance undertaking includes in this item the value of the issue premium and of the accounting grade 4, the accounting group Capital and Capital Funds shall indicate in the notes its amount.
(2) Reserves which do not correspond to insurance obligations,
(2a) the legal reserve - the value of the reserve created under the Commercial Code, from account class 4, the profit group of the Funds and the economic result of previous financial years shall be reported,
(2b) other reserves and capital funds - the amount of other reserves (generated by profit), of account class 4, of the profit group of the Funds and of the economic result of past financial years and of other equity funds from account class 4, of the account group Capital and of the equity funds.
(3) Transfer of profit and loss,
(3a) non-distributed profit of past financial years - the amount of the transfer of profit from the years preceding the last financial year, after deduction of unpaid losses, from class 4, the profit accounting group of the Funds and the economic result of previous financial years,
(3b) the undistributed profit of the last financial year - the amount of the undistributed profit of the last closed financial year, minus the outstanding loss and dividends to be paid, shall be reported from class 4 of account group Economic income.
(4) Other items - the sum of the individual items shall be reported.
(5) Intangible assets transferred to share capital - the value of the long-term intangible assets transferred to share capital shall be reported.
(6) Fund for future allocations - an amount which cannot be allocated to policy holders, but which is not included under (2) and (3).
(7) Half of the outstanding capital - as approved by the Ministry, half of the value of the subscribed capital, up to a maximum of 50% of the lower value of the required and available solvency margins, of account grade 4, of the account group Capital and of the equity funds. This item may be included only if the part of the capital paid up has reached at least one quarter of that capital.
(8) Future gains on life insurance - the amount after approval by the Ministry, on request justified by the actuary responsible, the value of half of the product of the estimated annual profit and the average remaining duration of the insurance contracts, but up to a maximum of 25% of the lower value of the required and available solvency margins, and if not already included in the Valuation Differences,
8a) estimated annual profit - the average profit from life insurance over the last 5 years,
(b) the average remaining life of insurance contracts - the average remaining life of insurance contracts, if less than or equal to 6 years. Otherwise, a value of 6 years shall be used.
(9) The difference resulting from non-zillmering or partial zillmering of life insurance provisions is reported in the value agreed by the Ministry in the event that the premium reserve of normally paid insurance is not zillmetered or is zillmeted at a lower rate than the initial cost rate contained in the premium,
(a) the amount of the difference - for each contract, the difference between the amount of the zillmetered or partially zillmetered premium reserves and the amount of the reserve zillmeted at the initial cost rate included in the premium. The difference may not exceed 3,5% of the risk capital for which zillmering is possible,
9b) non-amortised cost in assets - the value of non-amortised cost of insurance contracts included in insurance assets, item Claims on direct insurance operations.
(10) Valuation differences - the amount resulting from any difference in the market value of the assets and the value of those assets entered in the accounts.
II. REQUIREMENTS FOR SOLVENCY
Oddíl I. (pojištění pouze pro případ smrti, pojištění pouze pro případ dožití, pojištění pro případ dožití se stanoveného věku nebo dřívější smrti, pojištění spojených životů, životní pojištění s vrácením pojistného, svatební pojištění nebo pojištění pros
These items do not include amounts due to any additional insurance agreed with life insurance.
A. First result
(a) Gross life insurance provisions - the status of the life insurance provision corresponding to direct business and active reinsurance, including the share of reinsurance undertakings at the end of the reporting period, from class 4, the technical provisions accounting group.
(b) The net amount of life insurance provisions - to be reported - is the holding of the life insurance provision corresponding to direct business and active reinsurance, net of reinsurance at the end of the reporting period, of account class 4, of the technical provisions accounting group.
B. Second result
(a) Gross amount of non-negative risk capital - items (a1) - (a3) shall always include the sum of the risk capital for each contract of the relevant insurance group, including the share of reinsurance undertakings.
(b) The ratio between the net and gross amounts of non-negative risk capital - the ratio of the sum between the risk capital and the gross amount of non-negative risk capital shall be reported.
(1) Gross premiums written - the amount of gross premiums written for accident or sickness insurance, if complementary to other life insurance, from account class 6, shall be entered in the group of technical account for life insurance.
(2) Gross premiums written - the amount of the premiums written as a result of the insurance against accidents or illness, if complementary to other life insurance, from account class 6, the group of technical account for life insurance.
(3) Amount of premiums corresponding to taxes and charges - the amounts of premiums corresponding to taxes and charges, if collected with premiums and included in the gross premiums prescribed.
(a) K is the course for conversion of EUR to CZK shown on the front page of the solvency statement, i.e. EUR 1 = K CZK. Items (a1) and (a2) shall be determined by the following procedure:
(a1) If (4) ≤ 50 000 * K, the amount (4) * 0,18 shall be given; * means the numerical action of multiplication.
If (4) > 50 000 * K, the amount shall be 50 000 * K * 0,18.
(a2) If (4) > 50 000 * K, the amount of [(4) - 50 000 * K] * 0,16 shall be reported, otherwise the value of the item (a2) shall be zero.
(b) The ratio between the cost of own claims and the total cost of claims - the ratio between the cost of claims, net of the share of reinsurance undertakings and the total cost of claims (i.e. including the share of reinsurance undertakings), attributable to accident or illness insurance, shall be reported if it is complementary to other life insurance.
These items do not include amounts due to any additional insurance agreed with life insurance related to the IF.
A. First result
(a1) The gross amount of technical provisions corresponding to the business where the insurance undertaking bears the investment risk - the status of the life insurance provision corresponding to direct business and the active life insurance provision related to the investment fund where the investment risk is borne by the insurance undertaking, including the share of reinsurance undertakings, from accounting class 4, the technical provisions accounting group.
(a2) Gross amount of technical provisions corresponding to trade where the investment risk is borne by the policyholder - the status of the life insurance provision, if the policyholder is the bearer of the investment risk, including the share of reinsurance undertakings corresponding to direct business and the active life insurance related to the investment fund where the investment risk is borne by the policyholder, from the accounting class 4, the technical provisions accounting group. Only insurance for which the life of the insurance contract exceeds 5 years shall be taken into account and the premium on the administrative costs included in the insurance policy shall be fixed for at least 5 years.
(b) The ratio between the net and gross technical provisions - the ratio between the net (i.e. net from reinsurance) and the gross (i.e. including reinsurance) share of technical provisions corresponding to life insurance linked to the IF.
(f) 25% of the net administrative costs of the last financial year - 25% of the net administrative costs of the last financial year corresponding to the business where the investment risk is borne by the policyholder and the premium on the administrative costs included in the insurance policy is not fixed for more than 5 years. In this context, net administrative costs are the administrative management of the insurance sector.
B. Second result
These items include only amounts relating only to insurance contracts covering the risk of death.
(a) Amount of insurance provisions - to be reported gross of life insurance provisions relating to capital activities, from class 4 of account group Technical provisions.
COMMUNICATION FOR CALCULATION OF SOLVENCY FOR NON-ENVIRONMENTAL INSURANCE
1. All items in the solvency calculation are shown in thousands of CZK.
2. The results of the calculations, except for the calculation of correction coefficients, shall be rounded to the whole unit. The correction coefficients shall be rounded to two decimal places.
3. The solvency statement shall be supplemented by a separate comment containing the list and amounts of the individual items included in point 5 of Part A Other items; a nominal list of the assets and the amount of the individual items included in point 6 of Part A of the Intangible Assets where they form part of the capital; the value of the own shares held by the insurance undertaking deducted under point 1 of Part A of the paid-up capital.
4. The inclusion of the items in Part B shall be subject to prior written approval by the Ministry. The comments on the solvency statement for the inclusion of these items shall include an appeal to the Ministry's letter approving the procedure.
5. The solvency statement shall be supplemented by a detailed comment indicating which specific accounts the insurance or reinsurance undertaking accounts for each item.
I. DISTRIBUTION OF SOLVENCY
(1) Paid-up capital - the value of the subscribed paid-up capital shall be entered after deduction of the value of the own shares held by the insurance undertaking, of class 4, of the accounting group Capital and capital funds. If an insurance undertaking includes in this item the value of the issue premium, of account class 4, the accounting group Capital and equity funds, it shall indicate in the notes its amount.
(2) Reserves which do not correspond to insurance obligations,
(2a) the legal reserve - the value of the reserve created under the Commercial Code, from account class 4, the profit group of the Funds and the economic result of previous financial years shall be reported,
(2b) other reserves and capital funds - the amount of other reserves (generated by profit), of account class 4, of the profit group of the Funds and of the economic result of past financial years and of other equity funds from account class 4, of the account group Capital and of the equity funds.
(3) Transfer of profit and loss,
(3a) non-distributed profit of past financial years - the amount of the transfer of profit from the years preceding the last financial year, after deduction of unpaid losses, from class 4, the profit accounting group of the Funds and the economic result of previous financial years,
(3b) the undistributed profit of the last financial year - the amount of the undistributed profit of the last closed financial year, minus the outstanding loss and dividends to be paid, shall be reported from class 4 of account group Economic income.
(4) Half of any additional contributions during the accounting year - to be reported for cooperatives; half of any additional contributions during the accounting year but up to a maximum of half the difference between the maximum and actual contributions requested, and not more than 50% of the lower value of the required and available solvency margins.
(5) Other items - the sum of the individual items shall be reported.
(6) Intangible assets transferred to share capital - the value of the long-term intangible assets transferred to share capital shall be reported.
(7) Half of the unpaid capital - to be reported, on the basis of the approval of the Ministry, half of the value of the subscribed capital, but up to a maximum of 50% of the lower value of the required and available solvency margins, of account grade 4, of the account group Capital and of the equity funds. This item may be included only if the part of the capital paid up has reached at least one quarter of that capital.
(8) Valuation differences - the amount resulting from any difference in the market value of the assets and the value of those assets entered in the accounts.
II. REQUIREMENTS FOR SOLVENCY
A. First result
The first result is the last closed financial year.
(1) Gross premiums written - the amount of gross premiums written or earned from direct insurance, if higher, from class 6, the non-life insurance technical account group. The insurance related sectors 11, 12 and 13 of point B of Annex 1 to the Insurance Act shall be increased by 50%.
(2) Gross premiums written - the premiums written shall be reported as a result of active non-life reinsurance, class 6, technical non-life insurance account group.
(3) Amount of premiums corresponding to taxes and charges - the amounts of premiums corresponding to taxes and charges, if collected with premiums and included in the gross premiums prescribed.
(a) K is the course for conversion of EUR to CZK shown on the front page of the solvency statement, i.e. EUR 1 = K CZK. Items (a1) and (a2) shall be determined by the following procedure:
(a1) If (4) ≤ 50,000 * K, the amount (4) * 0,18 shall be reported.
If (4) > 50 000 * K, the amount shall be 50 000 * K * 0,18.
(a2) If (4) > 50 000 * K, the amount of [(4) - 50 000 * K] * 0,16 shall be reported, otherwise the value of the item (a2) shall be zero.
(b) The ratio between the cost of claims including the change in the holding of the own contribution provision and the total cost of claims including the change in the holding of the provision for claims during the reference period - the ratio between the cost of claims including the change in the holding of the own contribution provision and the total cost of claims including the change in the holding of provisions (i.e. including the share of reinsurance undertakings).
B. Second result
The amount of the cost of insurance claims, including the provisions for insurance claims relating to sectors 11, 12 and 13 of point B of Annex 1 to the Insurance Act, shall be increased by 50%.
(0) The length of the reference period in Section B. The second result is the period of the last three financial years. The reference period for insurance undertakings which operate credit insurance to a substantial extent is the last seven financial years against windstorm, hail or frost. For insurance undertakings carrying out insurance activities for a shorter period than the prescribed duration of the reference period, the number of full accounting periods for which the necessary data are available shall be used. The amount of premiums written for the insurance sector was 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 the amount of premiums written for that insurance sector exceeded CZK 1 000 000 per year during the reference period.
(1) Gross cost of claims in the reference period - the amount of the total cost of claims, including the share of reinsurance undertakings in the reference period (i.e. the sum of the amounts at the end of each year included in the reference period), from account class 5, the accounting group of the Non-Life Account. In the case of risks classified under sector 18 in point A of Annex 1 to the Act, the amount of the insurance claims costs shall be equal to the costs borne by the insurance undertaking in respect of the assistance provided. These costs shall be calculated in accordance with the national provisions of the Member State in whose territory the head office of the insurance undertaking is situated.
(2) Gross cost of active reinsurance during the reference period - the amount of the total cost of claims, including the share of active reinsurance undertakings in the reference period (i.e. the sum of the amounts at the end of each year included in the reference period), from account class 5, the non-life insurance technical account group.
(3) Gross amount of the provision for claims at the end of the reference period - the status of the provision for non-life insurance and for active reinsurance, including the share of reinsurance undertakings, at the end of the last year included in the reference period, from account class 4, the technical provisions accounting group.
(4) The proceeds obtained from the regressions - the value of the proceeds obtained from the regressions, if they are not already included in the gross cost of the claims (points 1 and 2), and if they have not already been deducted on the basis of Paragraph 19 (5) (b) of Decree No 502 / 2002 Coll. as amended.
(5) Gross amount of the provision for claims at the beginning of the reference period - the status of the provision for non-life insurance and active reinsurance, including the share of reinsurance undertakings, at the beginning of the first year included in the reference period, shall be reported from account class 4, the technical provisions accounting group.
(b) K is the course for conversion of EUR to CZK shown on the front page of the solvency statement, i.e. EUR 1 = K CZK. Items (b1) and (b2) shall be determined by the following procedure:
(b1) If (a) ≤ 35000 * K, the amount (a) * 0,26 shall be reported.
If (a) > 35000 * K, the amount shall be 35 000 * K * 0,26.
(b2) If (a) > 35000 * K, the amount of [(a) - 35000 * K] * 0,23 shall be reported, otherwise the value of the item (b2) shall be zero.
(c ') The ratio between the cost of claims, including the change in the holding of the own contribution provision and the total cost of claims, including the change in the holding of the provision for claims during the reference period - the ratio between the totals of net and total (i.e. including the share of reinsurance undertakings) claims costs shall be reported at the end of each year included in the reference period.
SUBJECT MATTER FOR THE CALCULATION OF SOLVENCY FOR INSURANCE COMPETITIVES WHICH COMPLETELY OPERATE INSURANCE UNDER THE INSURANCE SECTOR OF LIFE AND NON-LIFE INSURANCE
1. All items in the solvency calculation are shown in thousands of CZK.
2. The results of the calculations, except for the calculation of correction coefficients, shall be rounded to the whole unit. The correction coefficients shall be rounded to two decimal places.
3. The solvency statement shall be supplemented by a separate comment containing the list and amounts of the individual items included in point 5 of Part A Other items; a nominal list of the assets and the amount of the individual items included in point 6 of Part A of the Intangible Assets where they form part of the capital; the value of the own shares held by the insurance undertaking deducted under point 1 of Part A of the paid-up capital.
4. The inclusion of the items in Part C is subject to prior written approval by the Ministry. The comments on the solvency statement for the inclusion of these items shall contain an appeal under the letter of the Ministry approving the procedure.
5. The solvency statement shall be supplemented by a detailed comment indicating which specific accounts the insurance or reinsurance undertaking accounts for each item.
I. DISTRIBUTION OF SOLVENCY
(1) Paid-up capital - see. Comments on the calculation of solvency for non-life insurance undertakings (or Comments on the calculation of solvency for life insurance undertakings), Part I. Available solvency margin, point (1).
(2) Reserves that do not correspond to insurance obligations - see. Comment on the calculation of solvency for non-life insurance undertakings (or Comment on the calculation of solvency for life insurance undertakings), Part I. Available solvency margin, point (2).
Contents
Čl. I
Oddíl I. (pojištění pouze pro případ smrti, pojištění pouze pro případ dožití, pojištění pro případ dožití se stanoveného věku nebo dřívější smrti, pojištění spojených životů, životní pojištění s vrácením pojistného, svatební pojištění nebo pojištění pros
Oddíl II. (pojištění pro případ úrazu nebo nemoci, je-li doplňkem ostatních životních pojištění)
Oddíl III. (životní pojištění spojené s investičním fondem)
Oddíl IV. (Kapitálové činnosti)
Čl. II
Čl. III
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Regulation Information
| Citation | Decree No. 96 / 2006 Coll., amending Decree No. 303 / 2004 Coll., implementing certain provisions of the Insurance Act |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 22.03.2006 |
|---|---|
| Effective from | 01.04.2006 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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