Czech Republic : Pilot Assessment of Governance of the Insurance Sector

This assessment of the governance of the Czech insurance sector has three objectives: (1) develop a set of best practice benchmarks for assessing the governance of insurance sectors in the Europe and Central Asia Region and elsewhere, (2) conduct a trial assessment of the Czech insurance governance framework against these benchmarks, and (3) provide recommendations on ways of further improving the corporate governance of the Czech insurance sector. The benchmarks and the assessment are found in Annex I and a list of recommendations is presented in Annex II. As this is a pilot assessment, the final report should be seen as no more than a work-in-progress. Nevertheless, it is expected that it will play a useful role in contributing to guidelines for strong corporate governance of insurers in both developed and emerging markets. It could also lay the basis for further governance-based reforms of the Czech insurance sector and provide a baseline assessment for measurement of the reforms.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2006-03
Subjects:	ACCESS TO INFORMATION, ACCOUNTING, ACCOUNTING RULES, ACCOUNTING STANDARDS, ADVOCACY GROUP, ARBITRAGE, ASSET CLASS, AUDIT COMMITTEE, AUDIT COMMITTEES, AUDITS, BALANCE SHEETS, BANK GUARANTEE, BANK RISK, BANKING SECTOR, BANKRUPTCY, BANKRUPTCY LEGISLATION, BILLS OF EXCHANGE, BOND, BOND MARKET, BONDS, BORROWER, BROKER, BROKER-DEALER, BUSINESS ENVIRONMENT, BUSINESS RISKS, CAPITAL ALLOCATION, CAPITAL MARKET, CAPITAL MARKETS, CAPITAL REQUIREMENTS, CAPITALIZATION, CASH TRANSFERS, CENTRAL BANK, CHECKS, CIVIL CODE, CLAIMANTS, CODE OF CONDUCT, COLLECTIVE INVESTMENT, COMMERCIAL CODE, COMPANY LAW, CONFLICT OF INTEREST, CONFLICT OF INTERESTS, CONFLICTS OF INTEREST, CONSUMER PROTECTION, CONTRACTUAL SAVINGS, CORPORATE BONDS, CORPORATE FRAUD, CORPORATE GOVERNANCE, CORPORATE GOVERNANCE FRAMEWORK, CORPORATE GOVERNANCE REFORM, CORPORATE INSIDERS, CREDIBILITY, CREDIT INSTITUTIONS, CREDIT UNIONS, CREDITOR, CREDITORS, DEBT AGREEMENT, DEPOSIT, DEPOSITS, DERIVATIVE, DERIVATIVE CONTRACTS, DERIVATIVE INSTRUMENTS, DERIVATIVES, DEVELOPING MARKETS, DIRECT ACCESS, DISCLOSURE DOCUMENTS, DISCLOSURE REQUIREMENTS, DUE DILIGENCE, ECONOMIC DEVELOPMENT, EMERGING MARKETS, EQUITIES, EXCHANGE RATES, EXPENDITURE, EXPENDITURES, EXPOSURE, EXPOSURES, FIDUCIARY RESPONSIBILITY, FINANCIAL ASSETS, FINANCIAL CONGLOMERATE, FINANCIAL CONGLOMERATES, FINANCIAL CONTRACTS, FINANCIAL INFRASTRUCTURE, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INTEGRATION, FINANCIAL MANAGEMENT, FINANCIAL SECTOR, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SERVICES, FINANCIAL STATEMENTS, FIXED INCOME, FIXED INCOME SECURITIES, FOREIGN INSURERS, GLOBAL RISK, GOVERNANCE ISSUES, GOVERNANCE MECHANISMS, GROSS DOMESTIC PRODUCT, HOLDING, HOLDING COMPANIES, INCENTIVE STRUCTURES, INCOMES, INDUSTRIAL COUNTRIES, INFORMATION TECHNOLOGY, INSTITUTIONAL INVESTORS, INSURANCE, INSURANCE ACTIVITIES, INSURANCE COMPANIES, INSURANCE COMPANY, INSURANCE INDUSTRY, INSURANCE MARKET, INSURANCE MARKETS, INSURANCE PENETRATION, INSURANCE POLICY, INSURER, INTEREST RATES, INTERNAL AUDIT, INTERNAL CONTROL, INTERNAL CONTROLS, INTERNATIONAL BEST PRACTICES, INTERNATIONAL FINANCE, INTERNATIONAL STANDARD, INTERNATIONAL STANDARDS, INVESTING, INVESTMENT FUNCTION, INVESTMENT FUND, INVESTMENT PROJECTS, INVESTMENT RISK, INVESTMENT RISKS, JOINT STOCK COMPANIES, JOINT STOCK COMPANY, JOINT-STOCK COMPANY, JURISDICTIONS, LEGAL FRAMEWORK, LEGAL PROTECTION, LEGAL PROVISION, LEGAL PROVISIONS, LEGAL REGIME, LEGAL SYSTEMS, LENDERS, LEVEL OF RISK, LIABILITY, LIFE INSURANCE, LIFE INSURANCE COMPANIES, LIFE INSURANCE COMPANY, LIFE INSURANCE CONTRACT, LIFE INSURANCE POLICY, LIFE INSURANCE PRODUCTS, LIFE INSURANCES, LIFE-INSURANCE, LIMITED LIABILITY, LIMITED LIABILITY COMPANIES, LIQUIDATION, LIQUIDITY, LOCAL BUSINESS, LONG-TERM OBLIGATIONS, MARKET CAPITALIZATION, MARKET DISCIPLINE, MARKET ECONOMY, MARKET MECHANISMS, MARKET PLAYER, MARKET SHARE, MINORITY SHAREHOLDERS, MONEY LAUNDERING, MORTGAGE, MORTGAGE BONDS, MUTUAL FUNDS, NATIONAL BANK, PARTICULAR COUNTRY, PENSION, PENSION FUND, PENSION FUNDS, PENSION LAW, PENSIONS, PORTFOLIO, PORTFOLIO MANAGEMENT, PRIVATE PENSION, PRIVATE SECTOR DEVELOPMENT, PROTECTION OF POLICYHOLDERS, RAPID GROWTH, REAL ESTATE, REGULATOR, REGULATORY CAPITAL, REGULATORY FRAMEWORK, REINSURANCE, REPUTATION, RESERVES, RETURN, RETURNS, RISK MANAGEMENT, RISK MANAGEMENT SYSTEM, RISK MANAGEMENT SYSTEMS, RISK PREMIUM, SCANDALS, SECURITIES, SECURITIES MARKETS, SECURITIES REGULATORS, SEPARATE ASSET, SHAREHOLDER, SOLVENCY, STOCK EXCHANGE, STOCK EXCHANGES, STOCK OPTIONS, STOCKS, STRONG CORPORATE GOVERNANCE, STRONG GOVERNANCE, SUBORDINATED DEBT, SUPERVISORY AUTHORITIES, SUPERVISORY AUTHORITY, SUPERVISORY BOARD, SUPERVISORY BOARDS, TAX, TRANSITION COUNTRIES, TRANSITION ECONOMIES, TRANSPARENCY, TREASURY, TRUSTEE, VALUATION, VALUATIONS,
Online Access:	http://documents.worldbank.org/curated/en/2006/03/16426773/czech-republic-pilot-assessment-governance-insurance-sector https://hdl.handle.net/10986/12795
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