Insurance Transformation in the CR prior to Accesion to EU
|Original title:||Insurance Transformation in the CR prior to Accesion to EU|
|Type:||Article in Periodical|
|Keywords:||insurance transformation; insurance act; Czech Association of insurance companies; accession to EU; insurance market|
Insurance industry is a extraordinarily important sector with its special role in every market economy. In April 1991 the Czach National Council passed the new Act No. 185/1991 Coll. on insurance, which maked possible the establishment of new insurance companies and the involvement of foreign capital in this sector. Further to this and despite possible problems, the former Czech State insurance company was privatized and transformed. The validity of this insurance act was since 28 May 1991 to 1 April 2000.