Regulatory Alerts2016-01-01
Decree No. 307/2016 Coll. on Applications under the Insurance Act
The Czech National Bank issued Decree No. 307/2016 Coll. to establish the specific requirements, formats, and technical standards for applications submitted under the Insurance Act. The decree details the mandatory documentation for domestic and third-country insurance and reinsurance undertakings seeking authorization, including business plans, proof of capital, and governance descriptions. It further specifies the necessary information regarding key function holders, qualifying shareholders, and branch managers to ensure compliance with trustworthiness and competence standards.
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