Czech Republic Insurance Industry – Governance, Risk and Compliance
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Czech Republic Insurance Industry Regulation Overview
The insurance industry in the Czech Republic is regulated by the Czech National Bank (CNB). The other bodies that oversee the market are the International Association of Insurance Supervisors (IAIS) and the European Insurance and Occupational Pensions Authority (EIOPA) among others.
The Czech Republic Insurance Industry Governance Regulation research report provides a detailed analysis of the regulations for several insurance types, including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Czech National Bank (CNB)
· International Association of Insurance Supervisors (IAIS) · European Insurance and Occupational Pensions Authority (EIOPA) |
Compulsory Insurances | · Motor third-party Liability Insurance
· Aviation Liability Insurance · Social Security Insurance · Professional Liability Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Czech Republic Insurance Industry – Key Regulators and Legislation
Czech National Bank (CNB): The CNB was incorporated in January 1993 under the Constitution of the Czech Republic. It is governed by public law and vested with the power of administrative authority. The CNB regulates the establishment process of insurance and reinsurance companies, and issues licenses. The competence rights of the CNB, its obligations, and rights are stipulated in the CNB Act. The objectives of the CNB for the insurance industry include enhancing the stability, reliability, transparency, and efficiency of the insurance industry.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
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Czech Republic Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Czech Republic insurance industry are:
- Motor third-party Liability Insurance
- Aviation Liability Insurance
- Social Security Insurance
- Professional Liability insurance
Czech Republic Insurance Industry Analysis by Compulsory Insurances
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Czech Republic Insurance Industry - Company Registration and Operation
Insurers are required to obtain a license to operate in the country. Article 4 of the Insurance Act stipulates that insurers and reinsurers should obtain a license from the CNB to carry out business in the Czech Republic. To develop the insurance sector, the Czech government permits 100% foreign direct investment in the insurance industry.
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Czech Republic Insurance Industry – Taxation
Tax is imposed on insurance premiums within the insurance industry in the Czech Republic. The other taxes imposed are Corporate Income Tax (CIT), Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Any company incorporated or has its management and control in the Czech Republic is considered a resident company for tax purposes. Resident companies are subject to corporate tax on their global income, whereas non-resident companies are taxable only on their income sourced from the Czech Republic. Corporate income tax is imposed at a standard rate of 19% on the taxable income of a company. However, investment funds and pension funds are subject to corporate income tax at a reduced rate of 5% and 0% respectively.
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Scope
This report provides:
- Details of the insurance regulatory framework in the Czech Republic.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations on the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Czech National Bank regulates the Czech insurance industry.
- Composite insurance is not permitted in the Czech Republic. However, a life insurance company can underwrite accident and health insurance.
- Solvency II was implemented across the EU effective from January 1, 2016.
- Motor third-party liability insurance, workmen’s compensation insurance, and air carriers and aircraft operators’ insurance are mandatory in the Czech Republic.
- Non-admitted insurance is not permitted in the Czech Republic. However, insurance and reinsurance companies from EEA or EU Member States are permitted to operate without a license.
Reasons to Buy
- The report gives insights into the insurance regulatory framework in the Czech Republic.
- The report provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Track the latest regulatory changes and expected changes impacting the Czech Republic insurance industry.
- Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
- Understand key regulations and market practices on various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Czech Republic insurance industry?
The Czech National Bank (CNB) is the key regulator of the Czech Republic insurance industry.
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Which are the other bodies that oversee operations in the Czech Republic insurance industry?
The International Association of Insurance Supervisors (IAIS) and the European Insurance and Occupational Pensions Authority (EIOPA) among others oversee the Czech Republic insurance industry.
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Which are the compulsory insurances required within the Czech Republic insurance industry?
Some of the compulsory insurances required within the Czech Republic insurance industry are motor third-party liability insurance, aviation liability insurance, professional liability insurance, and social security insurance among others.
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What are the types of taxes imposed upon the Czech Republic insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in the Czech Republic. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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