natgillin/translations-raw huggingface dataset:
– v případě Lucemburského velkovévodství: „société anonyme“;
– in the case of the Grand Duchy of Luxembourg : ' société anonyme ';
– v případě Nizozemského království: „naamloze vennootschap“, „onderlinge waarborgmaatschappij“;
– in the case of the Kingdom of the Netherlands : ' naamloze vennootschap ', ' onderlinge waarborgmaatschappij ';
– v případě Spojeného království: incorporated companies limited by shares or by guarantee or unlimited, societies registered under the Industrial and Provident Societies Acts, societies registered under the Friendly Societies Acts, "the association of underwriters known as Lloyd's";
– in the case of the United Kingdom: incorporated companies limited by shares or by guarantee or unlimited, societies registered under the Industrial and Provident Societies Acts, societies registered under the Friendly Societies Acts, "the association of underwriters known as Lloyd's";
– v případě Řecké republiky: "ανώνυμη εταιρία", "αλληλασφαλιστικός συνεταιρισμός";
– in the case of the Hellenic Republic : "ανώνυμη εταιρία", " αλληλασφαλιστικός συνεταιρισμός";
– v případě Španělského království: „sociedad anónima“;
– in the case of the Kingdom of Spain : ' sociedad anónima ';
– v případě Portugalské republiky: „sociedade anónima“, „mútua de seguros“;
– in the case of the Portuguese Republic : ' sociedade anónima ', ' mútua de seguros ';
– v případě Rakouské republiky: „Aktiengesellschaft“, „Versicherungsverein auf Gegenseitigkeit“;
– in the case of the Republic of Austria : 'Aktiengesellschaft', 'Versicherungsverein auf Gegenseitigkeit';
– v případě Finské republiky: „keskinäinen vakuutusyhtiö/ömsesidigt försäkringsbolag“, „vakuutusosake-yhtiö/försäkringsaktiebolag“, „vakuutusyhdistys/försäkrings-förening“;
– in the case of the Republic of Finland : ' keskinäinen vakuutusyhtiö / ömsesidigt försäkringsbolag ', ' vakuutusosake-yhtiö / försäkringsaktiebolag ', ' vakuutusyhdistys / försäkrings-förening ';
– v případě Švédského království: „försäkringsaktiebolag“, „ömsesidigt försäkringsbolag“;
– in the case of Kingdom of Sweden: 'försäkringsaktiebolag', 'ömsesidigt försäkringsbolag', '”
– v případě Belgického království: „société anonyme/naamloze vennootschap“, „société en commandite par actions/commanditaire vennootschap op aandelen“, „association d'assurance mutuelle/onderlinge verzekeringsvereniging“, „société coopérative/coöperatieve vennootschap“;
– in the case of the Kingdom of Belgium : ' société anonyme/ naamloze vennootschap ', ' société en commandite par actions / commanditaire vennootschap op aandelen ', 'association d'assurance mutuelle / onderlinge verzekeringsvereniging ', ' société coopérative / coöperatieve vennootschap ';
– v případě České republiky: „akciová společnost“;
– in the case of the Czech Republic : ' akciová společnost ';
– v případě Estonské republiky: „aktsiaselts“;
– in the case of the Republic of Estonia : ' aktsiaselts ';
– v případě Kyperské republiky:
– in the case of the Republic of Cyprus :
– v případě Lotyšské republiky: „akciju sabiedrība“, „sabiedrība ar ierobežotu atbildību“;
– in the case of the Repulic of Latvia : ' akciju sabiedrība ', ' sabiedrība ar ierobežotu atbildību ';
– v případě Litevské republiky: „akcinė bendrovė“, „uždaroji akcinė bendrovė“;
– in the case of the Republic of Lithuania : ' akcinė bendrovė ', ' uždaroji akcinė bendrovė ';
– v případě Lucemburského velkovévodství: „société anonyme“, „société en commandite par actions“, „association d’assurances mutuelles“, „société coopérative“;
– in the case of the Grand Duchy of Luxembourg: 'société anonyme', 'société en commandite par actions', 'association d’assurances mutuelles', 'société coopérative';
– v případě Maďarské republiky: „biztosító részvénytársaság“, „biztosító szövetkezet“, „harmadik országbeli biztosító magyarországi fióktelepe“;
– in the case of the Republic of Hungary : ' biztosító részvénytársaság ', ' biztosító szövetkezet ', ' harmadik országbeli biztosító magyarországi fióktelepe ';
– v případě Republiky Malta: „limited liability company“;
– in the case of the Republic of Malta : 'limited liability company';
– v případě Polské republiky: „spółka akcyjna“, „towarzystwo ubezpieczeń wzajemnych“;
– in the case of the Republic of Poland : ' spółka akcyjna ', ' towarzystwo ubezpieczeń wzajemnych ';
– v případě Republiky Slovinsko: „delniška družba“;
– in the case of the Republic of Slovenia : ' delniška družba ';
– v případě Slovenské republiky: „akciová spoločnost“;
– in the case of the Slovak Republic : ' akciová spoločnost ';
– v případě Finské republiky: „keskinäinen vakuutusyhtiö/ömsesidigt försäkringsbolag“, „vakuutusosake-yhtiö/försäkringsaktiebolag“, „vakuutusyhdistys/försäkrings-förening“;
– in the case of the Republic of Finland : ' keskinäinen vakuutusyhtiö/ömsesidigt försäkringsbolag ', ' vakuutusosake-yhtiö/försäkringsaktiebolag ', ' vakuutusyhdistys/försäkrings-förening ';
– v případě Švédského království: „försäkringsaktiebolag“, „ömsesidigt försäkringsbolag“;
– in the case of Kingdom of Sweden: 'försäkringsaktiebolag', 'ömsesidigt försäkringsbolag';
– v případě Spojeného království: incorporated companies limited by shares or by guarantee or unlimited, societies registered under the Industrial and Provident Societies Acts, societies registered or incorporated under Friendly Societies Act, "the association of underwriters known as Lloyd's";
– in the case of the United Kingdom: incorporated companies limited by shares or by guarantee or unlimited, societies registered under the Industrial and Provident Societies Acts, societies registered or incorporated under Friendly Societies Act, "the association of underwriters known as Lloyd's";
It should be recognised that the work of the Council and the Commission in bringing positive proposals for outcomes of this directive has been exemplary, matched only by the co-operation of both the Netherlands and Luxembourg presidencies in working with the Parliament to attempt a resolution of issues in the first reading.
It should be recognised that the work of the Council and the Commission in bringing positive proposals for outcomes of this directive has been exemplary, matched only by the co-operation of both the Netherlands and Luxembourg presidencies in working with the Parliament to attempt a resolution of issues in the first reading.
About Reinsurance
About Reinsurance
Reinsurance is insurance for insurers.
Reinsurance is insurance for insurers.
It steps in when an insurance undertaking is facing differences between prediction
It steps in when an insurance undertaking is facing differences between prediction
Prediction: insurers set premium rates by prediction of future losses.
Prediction: insurers set premium rates by prediction of future losses.
They can predict the total annual loss to be expected for a group much more accurately than for an individual, then distributes the projected losses among those insured, thereby determining the premium. and reality, a gap that is known as underwriting (actuarial) risk.
They can predict the total annual loss to be expected for a group much more accurately than for an individual, then distributes the projected losses among those insured, thereby determining the premium. and reality, a gap that is known as underwriting (actuarial) risk.
Reinsurance allows direct insurers to free themselves from the part of a risk that exceeds their underwriting capacity, which they can not bear alone.
Reinsurance allows direct insurers to free themselves from the part of a risk that exceeds their underwriting capacity, which they can not bear alone.
It can help a company reduce its probability of ruin and thus plays an important part in risk management and long term stability of financial systems.
It can help a company reduce its probability of ruin and thus plays an important part in risk management and long term stability of financial systems.
Reinsurance has a major function in spreading risks globally.
Reinsurance has a major function in spreading risks globally.
Reinsurance undertakings also contribute to increased liquidity in financial markets by freeing equity that was tied up to cover risk thus increasing capital available to insurance companies.
Reinsurance undertakings also contribute to increased liquidity in financial markets by freeing equity that was tied up to cover risk thus increasing capital available to insurance companies.
Furthermore, they participate in financial markets' activities, mainly through the management of their assets.
Furthermore, they participate in financial markets' activities, mainly through the management of their assets.
For the reinsurer to honour its financial obligations and to make profit, it needs to combine underwriting (examining and pricing risk) with asset management (investing received premiums) as well as capital management (for unexpected losses that can not be covered by premiums or asset management income).
For the reinsurer to honour its financial obligations and to make profit, it needs to combine underwriting (examining and pricing risk) with asset management (investing received premiums) as well as capital management (for unexpected losses that can not be covered by premiums or asset management income).
Some Outstanding Issues
Some Outstanding Issues
Some issues remain contentious with the industry in particular, the key issue of the treatment of life and non-life reinsurance.
Some issues remain contentious with the industry in particular, the key issue of the treatment of life and non-life reinsurance.
The proposal for a 3per mill capital charge on life reinsurance contracts is excessive.
The proposal for a 3per mill capital charge on life reinsurance contracts is excessive.
The non-life calculation method may be a more acceptable compromise for life reinsurance .
The non-life calculation method may be a more acceptable compromise for life reinsurance.
Another issue is the use of collateral to secure reinsurance contracts.
Another issue is the use of collateral to secure reinsurance contracts.
This is no longer an effective regulatory tool and represents an inefficient use of capital, which could otherwise be released into the wider economy thereby potentially contributing to the goals of the Lisbon Strategy.
This is no longer an effective regulatory tool and represents an inefficient use of capital, which could otherwise be released into the wider economy thereby potentially contributing to the goals of the Lisbon Strategy.
Furthermore, the proposal for minimum capital requirements for captive reinsurance entities is excessive, but again, industrial interests have indicted their willingness to accept it in the context of an overall compromise.
Furthermore, the proposal for minimum capital requirements for captive reinsurance entities is excessive, but again, industrial interests have indicted their willingness to accept it in the context of an overall compromise.
International Dimension
International Dimension
Globally, there are approximately around 250 reinsurance entities in 50 countries with business volume of over 170 billion USD of reinsurance premiums.
Globally, there are approximately around 250 reinsurance entities in 50 countries with business volume of over 170 billion USD of reinsurance premiums.
Over 30 per cent of it is created by only 5 top reinsurance companies, all of them European, while most of the premiums originate in North America.
Over 30 per cent of it is created by only 5 top reinsurance companies, all of them European, while most of the premiums originate in North America.
Non life cessions originated in 2003: 49 % North America, followed by Western Europe (34 per cent) and Asia (9 per cent), Latin America 3%, and the Rest 5%.
Non life cessions originated in 2003: 49 % North America, followed by Western Europe (34 per cent) and Asia (9 per cent), Latin America 3%, and the Rest 5%.
(Swiss Re Economic Research and Consulting, in "Understanding reinsurance", 2004)
(Swiss Re Economic Research and Consulting, in "Understanding reinsurance", 2004)
Collateral requirements placed on EU reinsurers in the US bring about massive costs for those companies, thereby distorting competition.
Collateral requirements placed on EU reinsurers in the US bring about massive costs for those companies, thereby distorting competition.
The continued existence of collateral arrangements in some EU markets and the lack of single market arrangements make it impossible for these companies to mount an effective challenge to this anti-competitive practice.
The continued existence of collateral arrangements in some EU markets and the lack of single market arrangements make it impossible for these companies to mount an effective challenge to this anti-competitive practice.
This represents a significant barrier to entry for all EU reinsurance entities to those markets and engenders massive costs to those who do operate in these markets.
This represents a significant barrier to entry for all EU reinsurance entities to those markets and engenders massive costs to those who do operate in these markets.
Ten biggest reinsurance companies in 2003
Ten biggest reinsurance companies in 2003
(USD m)
(USD m)
Munich Re Co.
Munich Re Co.
29 197,9
29 197,9
24 924,3
24 924,3
Swiss Re Co.
Swiss Re Co.
24 776,6
24 776,6
21 600,0
21 600,0
Berkshire Hathaway RE
Berkshire Hathaway RE
11 946,0
11 946,0
13 083,0
13 083,0
Employers RE
Employers RE
9 729,0
9 729,0
7 892,0
7 892,0
Hannover RE
Hannover RE
8 700,3
8 700,3
7 445,9
7 445,9
7 818,3
7 818,3
6 808,6
6 808,6
Allianz AG
Allianz AG
5 226,1
5 226,1
4 584,7
4 584,7
4 260,1
4 260,1
4 693,4
4 693,4
3 827,0
3 827,0
3 322,2
3 322,2
3 589,6
3 589,6
2 655,4
2 655,4
Source: Standard and Poor, Ten Years of Global Reinsurance Highlights, Edition 2004
Source: Standard and Poor, Ten Years of Global Reinsurance Highlights, Edition 2004
Non-life reinsurance dominates the industry, comprising more than 80% of overall premiums.
Non-life reinsurance dominates the industry, comprising more than 80% of overall premiums.
Life insurance business consists mostly of savings and therefore has a small risk component and smaller need for reinsurance.
Life insurance business consists mostly of savings and therefore has a small risk component and smaller need for reinsurance.
In addition to professional reinsurers, a number of large direct insurance companies write reinsurance business.
In addition to professional reinsurers, a number of large direct insurance companies write reinsurance business.
As for special types of risks, insurance pools (such as nuclear insurance pools) have been created.
As for special types of risks, insurance pools (such as nuclear insurance pools) have been created.
The Directive and why it is necessary?
The Directive and why it is necessary?
Currently there is a fragmented market regulation , which needs integration under a common set of rules.
Currently there is a fragmented market regulation , which needs integration under a common set of rules.
Due to limitation of reinsurers to B2B transactions, the reinsurance industry has for a long time escaped the public eye as well as the levels of supervision and regulation enforced in direct insurance business.
Due to limitation of reinsurers to B2B transactions, the reinsurance industry has for a long time escaped the public eye as well as the levels of supervision and regulation enforced in direct insurance business.
Due to highly exposed risk, catastrophe risk and other hazardous business taken over by reinsurers, a pan-European system based on prudent supervision has become a necessity.
Due to highly exposed risk, catastrophe risk and other hazardous business taken over by reinsurers, a pan-European system based on prudent supervision has become a necessity.
Although a possibility for voluntary disclosure of reinsurance information has been discussed in the process of drafting and consultation of nový legislation, the nový regulatory system is based on a current direct insurance supervision rules (fast track solution).
Although a possibility for voluntary disclosure of reinsurance information has been discussed in the process of drafting and consultation of new legislation, the new regulatory system is based on a current direct insurance supervision rules (fast track solution).
It has three main features:
It has three main features:
1-Mutual recognition of the supervision in the Member State where the insurance undertaking is licensed.
1-Mutual recognition of the supervision in the Member State where the insurance undertaking is licensed.
The Home Member State supervisory authority will have sole competence for prudential supervision of reinsurance undertaking within the EU.
The Home Member State supervisory authority will have sole competence for prudential supervision of reinsurance undertaking within the EU.
2-Mandatory licensing system as established with the third insurance directive.
2-Mandatory licensing system as established with the third insurance directive.
It has been chosen over a voluntary passport system.
It has been chosen over a voluntary passport system.
3-Quantitative solvency requirements in line with those of direct insurance; the proposal incorporates a possibility to increase the margin up to 50% for non-life reinsurance through comitology.
3-Quantitative solvency requirements in line with those of direct insurance; the proposal incorporates a possibility to increase the margin up to 50% for non-life reinsurance through comitology.
Transition and Application
Transition and Application
In order for countries with differing regulatory systems to promote the change in an orderly fashion a period of 24 months for application could be allowed with an additional 12 months for transition to effect the practical changes required for the market.
In order for countries with differing regulatory systems to promote the change in an orderly fashion a period of 24 months for application could be allowed with an additional 12 months for transition to effect the practical changes required for the market.
However, any transition period established in respect of the taking of collateral must be considered wholly independently of the wider review of insurance solvency.
However, any transition period established in respect of the taking of collateral must be considered wholly independently of the wider review of insurance solvency.
Supervision of reinsurance needs to be reassessed under the Solvency II project.
Supervision of reinsurance needs to be reassessed under the Solvency II project.
STANOVISKO Výboru pro právní záležitosti
OPINION of the Committee on Legal Affairs
k návrhu směrnice Evropského parlamentu a Rady o zajištění, kterým se mění směrnice Rady 73/239/EHS a 92/49/EHS a směrnice 98/78/ES a 2002/83/ES
on the proposal for a European Parliament and Council directive on reinsurance and amending Council Directives 73/239/EEC and 92/49/EEC and Directives 98/78/EC and 2002/83/EC
I – Předběžné poznámky
I. Preliminary remarks
Dne 21. dubna 2004 schválila Evropská komise návrh směrnice o dozoru nad zajištěním.
On 21 April 2004 the Commission adopted a proposal for a directive on supervision of reinsurance.
Zajištění spočívá v převodu strukturovaného rizika mezi pojišťovatele a zajišťovatele.
Reinsurance is a structured risk transfer between an insurance undertaking and a reinsurance company.
V současné době v Evropské unii neexistuje žádné harmonizované pravidlo pro dozor nad zajišťováním.
There are currently no harmonised reinsurance supervision rules in the EU.
Tato neexistence právního rámce způsobila velké rozdíly v úrovni dozoru nad evropskými zajišťovnami.
This lack of an EU regulatory framework has resulted in significant differences in the level of supervision of European reinsurance undertakings.
Koexistence odlišných vnitrostátních pravidel je zdrojem nejistoty pro pojišťovny (a jejich pojistníky), překážek pro výměnu na vnitřním trhu, těžkopádnosti, administrativních nákladů a oslabení pozice Evropy na mezinárodních obchodních jednáních (v souladu s tvrzením Evropské komise ve „všeobecných poznámkách“ před vlastním textem směrnice).
The coexistence of different national rules has created uncertainty for insurance companies (and their policyholders), barriers to trade within the internal market, administrative burden and costs as well as weakening the EU position in international trade negotiations (according to the Commission’s ‘general comments’ preceding the text of the directive).
S cílem zaplnit tuto mezeru a zabezpečit ochranu pojišťovatelů a pojistníků zpravodaj podporuje myšlenku směrnice o zajištění, kterou bude stanoven právní rámec prosazující ve Společenství obezřetnostní dozor nad zajištěním.
With a view to remedying this situation and providing security for insurers and policyholders, your draftsman supports the principle of a reinsurance directive that aims to establish a legal framework requiring prudential supervision of reinsurance in the Community.
Je zapotřebí rovněž zdůraznit význam zachování dobré úrovně bezpečnosti pro pojišťovny, zejména malé nebo vzájemné pojišťovny, které jsou na svém zajišťovateli silně závislé.
It should also be emphasised how important it is to maintain a good level of security for insurance companies, particularly small insurance companies or mutual benefit societies, which depend very much on their reinsurer.
Režim navrhovaný pro zajištění je stejný jako režim, jež byl již stanoven při zavedení vnitřního trhu v oboru pojišťovnictví a finančních služeb: jediné povolení pro pojišťovnu a zajišťovnu od domovského členského státu a obezřetnostní a finanční kontrola vykonávaná stejnými orgány vzhledem k harmonizaci, kterou tato směrnice zavádí.
The proposed system for reinsurance is the same as has already been established to bring about the internal market in the insurance and other financial services sector: licensing by the Member State of origin of the insurance or reinsurance enterprise and prudential and financial supervision by the same authorities, taking account of the harmonisation achieved by this directive.
Práce prováděná v Radě by měla umožnit nalézt uspokojivý krátkodobý kompromis, než bude přijata směrnice „solventnost II“ o takových otázkách jako jsou výhradně kvalitativní pravidla investování, míra solventnosti nebo přechodné období pro zástavy do roku 2010, což bez potíží zapadá do budoucích vyjednávání o vzájemném uznávání se Spojenými státy.
Work in the Council should make it possible to find a satisfactory compromise in the short term, pending the ‘Solvency II’ directive, on points such as purely qualitative rules on investments, the solvency margin, or a transition period until 2010 for financial guarantees, which would easily fit in with the prospect of negotiating mutual recognition with the USA.
47 odst.
Draftsman’s comments
2 a článek 55 Smlouvy, které umožňují schválení opatření Společenství zaměřených na dokončení vnitřního trhu služeb.
Your draftsman considers that the legal basis of the draft directive does not present a problem, since it is Articles 47(2) and 55 of the Treaty, which allow Community measures to be adopted in order to achieve the internal market in services.
Do tohoto cíle spadá i zajištění.
This covers reinsurance.
Směrnice, která je nejvhodnějším nástrojem k dosažení sledovaných cílů, dodržuje zásadu subsidiarity i zásadu proporcionality.
The directive is the most appropriate instrument for achieving the desired aims, and complies with the principles of subsidiarity and proportionality.
Návrh směrnice o zajištění nepřekračuje nezbytnou míru prostředků potřebných k dosažení sledovaných cílů.
The proposed directive on reinsurance does not go further than is necessary to achieve its objectives.
Výbor pro právní záležitosti vyzývá Hospodářský a měnový výbor jako příslušný orgán, aby do své zprávy zahrnul tyto pozměňovací návrhy:
The Committee on Legal Affairs calls on the Committee on Economic and Monetary Affairs, as the committee responsible, to incorporate the following amendments in its report:
Pozměňovací návrhy Parlamentu
Amendment by Katalin Lévai