Regulatory Alerts2016-01-01
Decree No. 306/2016 Coll. Implementing the Insurance Act
The Czech National Bank issued Decree No. 306/2016 Coll. to implement specific provisions of the Insurance Act and directly applicable European Union legislation regarding insurance supervision. The decree establishes detailed rules for calculating the Solvency Capital Requirement using both the standard formula and internal models, while also defining methodologies for group solvency calculations and public disclosure obligations. It further specifies technical definitions, validation standards for internal models, and procedures for handling third-country undertakings operating within the Czech Republic.
Share