Insurance

Advice provided by PRK Partners in the area of insurance encompasses a wide range of different areas of the Czech insurance market, as well as international aspects of insurance. Our experienced professionals work in coherence with the relevant regulators to provide tailored advice to our clients, to meet their specific requirements, and their highest expectations.

Our practice includes advisory in handling insured events with the insured parties and including crossovers into different fields, such as bankruptcy law. We also advise insurance companies in their relation to their re-insurance companies and resolving re-insured events, including cross-border advice. We also offer services in the area of negotiations and resolving problems with insurance mediators. The assistance we are able to provide our clients is not limited only to elaborating detailed legal analyses on problematic legal issues, but we are able to provide assistance and all-round support in negotiations, and representation in judicial or other proceedings and in settling disputes.

We further provide advice to important players on the Czech and international market in relation to transfers of insurance business or demutualization of foreign insurance companies or transfers (including cross-border transactions) of selected insurance products in one group, including international transactions. We also monitor their consequences within the Czech legal environment as well as other related issues.

Aside from the above, we are able to offer our expertise and experience to clients who wish to introduce new insurance products to the Czech or Slovak markets. In this respect we assist our clients during the entire process from advice in structuring products, elaborating analyses regarding the theoretical assessment of new products, up to, among other, evaluating aspects of consumer protection, protection of personal data, anti money laundering aspects, representing the client in the related registration procedures, up to establishing relations with elected insurance intermediaries, including the preparation of agreements with distribution networks and other contract law matters.

A natural part our service in all fields insurance is advice in regulatory matters, licensing, maintaining technical reserves and structuring investments.

PRK Partners had the pleasure to cooperate on a number of occasions with members of the Vienna Insurance Group in the Czech Republic, which included preparation of standard intra-group outsourcing agreements (ongoing mandate), analyses and establishing relations in the management of the Vienna Insurance Group in the Czech Republic (ongoing mandate), or Czech legal advice to the parent company of Vienna Insurance Group, Wiener Städtische Allgemeine Versicherung AG in listing its shares on the Prague Stock Exchange.

Further samples of our experience in the field of insurance include:

  • Legal advisory to AXA PPP in relation to the placement of selected products on markets in Central Europe, including the arrangement of registrations and establishing relations with insurance intermediaries.
  • Advised Česká pojišťovna, a.s. on the placement of technical reserves and structuring selected investments.
  • Complex regulatory advice to Chartis (formerly AIG) regarding the requirement for a wide range of insurance products in the Czech Republic and Slovakia, including consumer protection issues and anti-money laundering
  • Legal advice to Komerční pojišťovna in the successful sale of its MTPL and CASCO insurance businesses to Kooperativa, and in structuring a number of products and establishing relations with key intermediaries, and also in resolving the historically largest dispute of this insurance company in handling an insured event.
  • Advisory on the Czech and Slovak legal aspects of international transactions such as the demutualization of Standard Life or the transfer of the insurnace business to Scottish Widows.
  • Represented Skandia Lebensversicherung AG in their activities on the Czech insurance market.
  • Advice to UNIQA Pojišťovna in establishing relations with selected insurance intermediaries, and handling disputes arising from such relations, including and out-of-court settlement of dispute with a major intermediary.
  • Comprehensive legal advice to the Wüstenrot group in transferring selected insurance products from a Slovak to a Czech subsidiary.