Regulatory Alerts2016-01-01
Decree No. 305/2016 Coll. on reporting by insurance and reinsurance undertakings to the Czech National Bank
The Czech National Bank issued Decree No. 305/2016 Coll. to regulate the content, form, frequency, and deadlines for reports submitted by domestic and foreign insurance and reinsurance entities. The decree mandates specific quarterly and annual financial and statistical submissions, such as balance sheets and profit and loss statements, with strict electronic transmission requirements using designated secure channels. It further establishes procedures for correcting submitted data, defining organizational prerequisites for reporting, and setting transitional deadlines for the initial implementation of these reporting obligations.
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