On Oct. 15, CZC CB issued new draft decree on the reporting of data.
CZC CB issued draft decree amending Decree 305/2016 coll., on statement submission by insurance and reinsurance companies to CZC CB, as amended by Decree 289/2021 coll., including the justification and the valid wording indicating the proposed changes.
Draft Decree Basis
A draft amendment to Decree 305/2016 Coll., was drawn up mainly in connection with new Act 30/2024 Coll. (ZPOV), on insurance responsibility for operation of vehicles.
In the area of reporting, the new law regulates the relevant reporting obligation of the Czech Office of Insurers (CCP) to be forwarded on to the CZC CB, for data collation.
According to current legislation, requirements of Act 277/2009 Coll., on the insurance industry are adequately applied to CCP by Decree, and in area of reporting, the CCP submits reports to CZC CB to the same extent as all insurance and reinsurance firms.
Several national reports are specifically intended for CCP, however, reporting according to Solvency II does not take into account the specific activity of CCP and its differences from the activities of insurance companies and reinsurance companies, in data areas.
The amendment to the Decree cancels several reports and introduces three new ones.
CZC CB waives obligation of CCP to submit statutory reports compiled in accordance with regulations on insurance and reinsurance firm accounting, Insurance company/ reinsurance company's report on organizational structure and qualified participations.
With the effort to minimize the burden related to adjustments to the reporting system of the CCP, new reports on activity and financial situation are modified to take account of specific activity and scope, lower compared to the existing reporting requirements.
Other changes for new requirements or supervisory practice will be taken into account in form of expansion of existing national CCP reports and changes in the methodology.
Reporting by domestic insurance companies / reinsurance companies for supervisory need is governed by SLV2 Regulation 2015/35, supplementing Directive 2009/138.
Other national reporting needs respond to supervisory practice emerging from issue of preventing legalization of proceeds from criminal activity, and financing of terrorism.
Consultation Process
The terms of the draft Decree is being consulted with Czech Association of Insurance Companies, as well as the Czech Office of Insurers, in addition to Ministry of Finance.
The draft Decree is not subject to consultation with the European Central Bank (ECB).
Effectiveness
Effective date of the introduction of the draft Decree is currently set as Jan. 1, 2025.
Dec. 2024 Final Decree Published
On Dec. 2, 2024, CZC PRL published final decree (Decree 352/2024 coll) on the submission of reports by insurance and reinsurance undertakings to CZC CB.
Along with other requirements, submissions on AML/CFT risk information are needed.
