2006年-世界发展银行全球_Czech_Republic___Pilot_Assessment_of_Governance_of_the_Insurance_Sector_49页_560kb

报告摘要

Summary of the Pilot Assessment of Governance of the Insurance Sector in the Czech Republic

Core Content

This report is a pilot assessment of the corporate governance of the Czech insurance sector, conducted by the World Bank in 2005. It aims to evaluate the current governance framework against best practice benchmarks and provide recommendations for improvement. The assessment is part of a broader Financial Sector Assessment Program (FSAP) and is intended to contribute to the development of guidelines for strong corporate governance in both developed and emerging markets.

Main Objectives

Develop best practice benchmarks for assessing corporate governance in the insurance sector.
Conduct a trial assessment of the Czech insurance governance framework against these benchmarks.
Provide recommendations for improving the corporate governance of the Czech insurance sector.

Key Findings

Governance Framework

Corporate governance in the Czech insurance sector was found to be inadequate despite recent improvements.
Supervisory boards generally follow legal requirements, but not all are effective. Audit committees are rare.
There is no mandatory separation of life and non-life business within established insurers.
Some actuarial valuations are accepted without review, which is a concern for financial transparency.
Enterprise risk management (ERM) is not universally adopted across the sector.
The supervisory approach is primarily audit-based, which is expected to change with the consolidation of financial sector supervisors in 2006.

Legal and Regulatory Environment

The Insurance Act (Act No. 363/1999 Coll.) regulates the legal form of insurance companies, allowing them to be joint-stock companies or cooperatives.
The act was amended to align with EU standards, particularly the "third-generation" EC directives.
The Act on Insurance Contracts (2005) introduced new disclosure obligations for insurers.
The Act on Financial Conglomerates (2005) introduced supplementary supervision and risk management procedures for cross-border financial groups, which is expected to enhance oversight.

Sector Overview

The insurance sector in the Czech Republic has shown accelerated growth in terms of penetration and density.
Insurance penetration (premium income / GDP) increased from 2.3% in 1993 to 4.2% in 2004.
Insurance density (premium per capita) rose from 97 USD in 1993 to 431 USD in 2004.
The sector is highly concentrated, with the five largest companies accounting for over 75% of premiums, and the largest insurer holding 37%.
Foreign ownership is common among the largest insurers, with four out of five being controlled by foreign strategic owners.

Financial and Risk Management Issues

Technical provisions and reserves are essential for life insurers to meet long-term obligations.
Internal controls, risk management, and audit functions are critical for ensuring the financial stability of insurance companies.
The current regulatory approach is not fully aligned with EU directives, particularly the Solvency II model and European Passport for insurance intermediaries.
The bankruptcy system remains inadequate, though revised insolvency legislation is under discussion.

Key Recommendations

Strengthen the independence and effectiveness of supervisory boards.
Implement mandatory separation of life and non-life business.
Ensure audit committees are established in all insurance companies.
Promote enterprise risk management (ERM) across the sector.
Enhance transparency and disclosure in financial reporting.
Improve supervisory approaches to be more risk-based and market-oriented.
Enhance regulatory capacity and supervisory resources.
Update legislation, including the Commercial Code, Insurance Act, and Bankruptcy and Composition Act, to align with international standards.
Support the implementation of the Solvency II model and the Wind Up Directive.

Conclusion

The Czech insurance sector has made significant progress in recent years, but governance remains a challenge. The sector is at a critical stage, where public reliance on insurance products is increasing, particularly in life insurance and pensions. As a result, the need for stronger governance and regulation is becoming more pressing. The report serves as a baseline assessment and a guideline for future reforms, emphasizing the importance of transparency, accountability, and effective supervision.

References

The assessment is based on two World Bank missions to the Czech Republic in 2005.
It draws on previous financial sector studies and international standards such as the IAIS Core Principles, OECD Corporate Governance Principles, and Basel II.
The Czech Insurance Association (ČAP) is a key stakeholder and supports the reforms outlined in the report.