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Financial statements of insurance companies according to Czech accounting standards, Solvency 2 and IFRS.
Measurement of financial assets. Market-consistent valuation of insurance liabilities. Risk margin. Solvency
capital requirement. Standard formula of Solvency 2. Risk aggregation. Capital allocation.
Last update: Branda Martin, doc. RNDr., Ph.D. (13.12.2020)
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Familiarization with the principles of financial reporting for insurance companies and with the principles of assessing the solvency of insurance companies. Last update: Mazurová Lucie, RNDr., Ph.D. (04.10.2023)
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Conditions for obtaining credit: One test during the semester. A score of 60% is required. The test can be repeated. Submission of one home project no later than 3 days before the exam date. It can be submitted repeatedly.
Credit is a condition for taking the exam.
Last update: Mazurová Lucie, RNDr., Ph.D. (04.10.2023)
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European Parliament and Council Directive 2009/138/ES (Solventnost II). Commission Delegated Regulation (EU) 2015/35. International Accounting Standardsí: IFRS13, IFRS9, IFRS17. J. Bokšová: Účetnictví komerčních pojišťoven - specifika v ČR. Wolters Kluwer ČR, 2010. (in czech) Last update: Branda Martin, doc. RNDr., Ph.D. (13.12.2020)
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Lecture + exercises. Last update: Zichová Jitka, RNDr., Dr. (09.05.2023)
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The exam is oral with written preparation. The requirements cover the material presented in the lecture. Last update: Mazurová Lucie, RNDr., Ph.D. (04.10.2023)
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1. Financial statements of insurance companies. Balance sheet according to Czech accounting standards, Solvency 2 and IFRS. 2. Assets of insurance companies. Financial assets measured at fair value and at amortized cost. 3. Technical provisions of insurance companies. Valuation of insurance liabilities according to Solvency 2 and IFRS17. Methods of risk margin calculation: quantile methods, cost of capital method. Principles of capital allocation. Allocation of risk margin to portfolio segments. 4. Solvency capital requirement. Economic capital. Aggregation of risks by sum, aggregation by a correlation matrix. 5. Standard formula of Solvency 2, risk modules and submodules. Capital requirements for underwriting risks. Last update: Mazurová Lucie, RNDr., Ph.D. (13.12.2020)
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Basic terms from financial reports of insurance companies: premium, technical reserves, reinsurance premium, expenses. Expected value, present value of a cash flow. Basic risk measures, especially value at risk. Last update: Mazurová Lucie, RNDr., Ph.D. (04.10.2023)
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