19th November 2012

Government: Amendment to the Act on Insurance

The Government approved the proposal of the Ministry of Finance on the amendment of the Act on Insurance (zákon o pojišťovanách). The aim of the Bill is to lower informational and duty asymmetry of insurance agents supplying insurance contracts for insurance houses. The Bill also aims at strengthening the position of consumers at the insurance market. The Ministry expects unification of categories in which the financial companies may register in order of gaining the license to provide insurance services. The current state of categorization may confuse consumers as each category imposes different duties on the insurance institution and of course different rights for consumers. The Ministry also intends to stipulate informational duties on insurance companies towards the consumers.
The Bill is heading to the Chamber of Deputies.
For further information regarding the Bill, click here (explanatory report).

Members of the American Chamber of Commerce in the Czech Republic