World Bank2013-03-182013-03-182006-03https://hdl.handle.net/10986/12795This 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.en-USCC BY 3.0 IGOACCESS TO INFORMATIONACCOUNTINGACCOUNTING RULESACCOUNTING STANDARDSADVOCACY GROUPARBITRAGEASSET CLASSAUDIT COMMITTEEAUDIT COMMITTEESAUDITSBALANCE SHEETSBANK GUARANTEEBANK RISKBANKING SECTORBANKRUPTCYBANKRUPTCY LEGISLATIONBILLS OF EXCHANGEBONDBOND MARKETBONDSBORROWERBROKERBROKER-DEALERBUSINESS ENVIRONMENTBUSINESS RISKSCAPITAL ALLOCATIONCAPITAL MARKETCAPITAL MARKETSCAPITAL REQUIREMENTSCAPITALIZATIONCASH TRANSFERSCENTRAL BANKCHECKSCIVIL CODECLAIMANTSCODE OF CONDUCTCOLLECTIVE INVESTMENTCOMMERCIAL CODECOMPANY LAWCONFLICT OF INTERESTCONFLICT OF INTERESTSCONFLICTS OF INTERESTCONSUMER PROTECTIONCONTRACTUAL SAVINGSCORPORATE BONDSCORPORATE FRAUDCORPORATE GOVERNANCECORPORATE GOVERNANCE FRAMEWORKCORPORATE GOVERNANCE REFORMCORPORATE INSIDERSCREDIBILITYCREDIT INSTITUTIONSCREDIT UNIONSCREDITORCREDITORSDEBT AGREEMENTDEPOSITDEPOSITSDERIVATIVEDERIVATIVE CONTRACTSDERIVATIVE INSTRUMENTSDERIVATIVESDEVELOPING MARKETSDIRECT ACCESSDISCLOSURE DOCUMENTSDISCLOSURE REQUIREMENTSDUE DILIGENCEECONOMIC DEVELOPMENTEMERGING MARKETSEQUITIESEXCHANGE RATESEXPENDITUREEXPENDITURESEXPOSUREEXPOSURESFIDUCIARY RESPONSIBILITYFINANCIAL ASSETSFINANCIAL CONGLOMERATEFINANCIAL CONGLOMERATESFINANCIAL CONTRACTSFINANCIAL INFRASTRUCTUREFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INTEGRATIONFINANCIAL MANAGEMENTFINANCIAL SECTORFINANCIAL SECTOR DEVELOPMENTFINANCIAL SERVICESFINANCIAL STATEMENTSFIXED INCOMEFIXED INCOME SECURITIESFOREIGN INSURERSGLOBAL RISKGOVERNANCE ISSUESGOVERNANCE MECHANISMSGROSS DOMESTIC PRODUCTHOLDINGHOLDING COMPANIESINCENTIVE STRUCTURESINCOMESINDUSTRIAL COUNTRIESINFORMATION TECHNOLOGYINSTITUTIONAL INVESTORSINSURANCEINSURANCE ACTIVITIESINSURANCE COMPANIESINSURANCE COMPANYINSURANCE INDUSTRYINSURANCE MARKETINSURANCE MARKETSINSURANCE PENETRATIONINSURANCE POLICYINSURERINTEREST RATESINTERNAL AUDITINTERNAL CONTROLINTERNAL CONTROLSINTERNATIONAL BEST PRACTICESINTERNATIONAL FINANCEINTERNATIONAL STANDARDINTERNATIONAL STANDARDSINVESTINGINVESTMENT FUNCTIONINVESTMENT FUNDINVESTMENT PROJECTSINVESTMENT RISKINVESTMENT RISKSJOINT STOCK COMPANIESJOINT STOCK COMPANYJOINT-STOCK COMPANYJURISDICTIONSLEGAL FRAMEWORKLEGAL PROTECTIONLEGAL PROVISIONLEGAL PROVISIONSLEGAL REGIMELEGAL SYSTEMSLENDERSLEVEL OF RISKLIABILITYLIFE INSURANCELIFE INSURANCE COMPANIESLIFE INSURANCE COMPANYLIFE INSURANCE CONTRACTLIFE INSURANCE POLICYLIFE INSURANCE PRODUCTSLIFE INSURANCESLIFE-INSURANCELIMITED LIABILITYLIMITED LIABILITY COMPANIESLIQUIDATIONLIQUIDITYLOCAL BUSINESSLONG-TERM OBLIGATIONSMARKET CAPITALIZATIONMARKET DISCIPLINEMARKET ECONOMYMARKET MECHANISMSMARKET PLAYERMARKET SHAREMINORITY SHAREHOLDERSMONEY LAUNDERINGMORTGAGEMORTGAGE BONDSMUTUAL FUNDSNATIONAL BANKPARTICULAR COUNTRYPENSIONPENSION FUNDPENSION FUNDSPENSION LAWPENSIONSPORTFOLIOPORTFOLIO MANAGEMENTPRIVATE PENSIONPRIVATE SECTOR DEVELOPMENTPROTECTION OF POLICYHOLDERSRAPID GROWTHREAL ESTATEREGULATORREGULATORY CAPITALREGULATORY FRAMEWORKREINSURANCEREPUTATIONRESERVESRETURNRETURNSRISK MANAGEMENTRISK MANAGEMENT SYSTEMRISK MANAGEMENT SYSTEMSRISK PREMIUMSCANDALSSECURITIESSECURITIES MARKETSSECURITIES REGULATORSSEPARATE ASSETSHAREHOLDERSOLVENCYSTOCK EXCHANGESTOCK EXCHANGESSTOCK OPTIONSSTOCKSSTRONG CORPORATE GOVERNANCESTRONG GOVERNANCESUBORDINATED DEBTSUPERVISORY AUTHORITIESSUPERVISORY AUTHORITYSUPERVISORY BOARDSUPERVISORY BOARDSTAXTRANSITION COUNTRIESTRANSITION ECONOMIESTRANSPARENCYTREASURYTRUSTEEVALUATIONVALUATIONSWorld Bank10.1596/12795