Regulatory Alerts2010-08-27
Official Information of 27 August 2010 regarding certain obligations of insurance intermediaries
The Czech National Bank issued this official information to clarify the regulatory obligations of insurance intermediaries under Act No. 38/2004 Coll., specifically addressing the definition of preparatory work and the standard of professional care. The document mandates that intermediaries must conduct thorough client needs analyses, document their recommendations, and provide transparent information regarding their representation and remuneration. It further stipulates that multi-tier distribution networks must implement robust internal controls to ensure subordinate agents and employees adhere to professional standards and consumer protection requirements.
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