Czech Republic Insurance License

Insurance Companies and Intermediaries in the Czech Republic

Insurance regulations in the Czech Republic encompass domestic insurance and reinsurance companies under the Insurance Act, as well as insurance intermediaries and independent loss adjusters under the Act on Insurance Intermediaries and Independent Loss Adjusters. Branches of non-EEA foreign insurance and reinsurance companies operating within the Czech Republic are also regulated. Branches of EEA-based insurance companies are subject to regulation and supervision by their home country.

Insurance activities in the Czech Republic can generally be conducted by:

The CNB, as the Czech Insurance Market Regulator, grants Czech insurance licenses to joint-stock companies, cooperatives established under Czech law, or Czech branches of insurance companies from non-EU or non-EEA countries.

EU and EEA insurers can operate in the Czech Republic through a branch without requiring a specific license from the CNB. However, they must fulfill information obligations to their home country's Insurance Market Regulator before commencing insurance activities in the Czech Republic. Establishing a branch office is generally more cost-effective for EU and EEA insurers compared to obtaining a CNB license. Insurers from non-EU and non-EEA countries can also establish branches in the Czech Republic, but this process is typically lengthy and expensive due to the requirement for a special CNB license.

For further information, please contact Neptune Fiduciaries at info@neptunecorporate.com or sales@neptunecorporate.com.