10th June 2013

Committee on Budget: Insurance Agents Act to be amended

At its last session, the Committee on Budget discussed the proposed Insurance Agents Act (zákon o pojišťovacích zprostředkovatelích). Currently, there are several different categories of agents that may offer their financial (insurance) products to customers. The number of categories stems from the fact that financial market offers compounded products (life and pension insurance combined with saving financial product). However, the various categories are not obliged to be treated within a single legal framework. The aim of the governmental Act is to simplify the process of insurance contracting by reducing the number of agents categories. Furthermore, the Bill unifies the process of legal framework of insurance agents supervision; the supervision of insurance market should be conducted by the Czech National Bank.

The Bill is heading to the second reading (to be discussed at the next meeting of the Chamber of Deputies on 11 June).

For further information, click here (explanatory report).

Members of the American Chamber of Commerce in the Czech Republic