Submission and publication of the 2019 annual report by domestic insurance companies, reinsurance companies and pension management companies

16. 4. 2020

With regard to the current situation, the CNB would like to inform the public that it is ready to give domestic insurance companies, reinsurance companies and pension management companies (hereinafter the “supervised entities”) some flexibility in the fulfilment of their disclosure duty consisting in the submission and publication of their 2019 annual report (including a consolidated annual report) so that this duty may be fulfilled by 30 June 2020. At the same time, however, the CNB expects that, despite this possibility, the supervised entities and their auditors will make sufficient effort to fulfil this duty within the regular deadline. If, despite that, the submission and publication of the annual report is not possible within the statutory deadline, the supervised entity shall inform the CNB in time, stating the reasons and the expected deadline for the fulfilment of this duty. In addition, this information shall be published in a manner commonly used for the fulfilment of disclosure duties. The supervised entity is then obliged to submit its annual report and approved financial statements to the CNB and publish them as soon as possible.

The CNB thus takes the same view as published by ESMA on 27 March 2020 with regard to the disclosure duties of listed issuers and EBA on 31 March 2020 with regard to regulated entities. It is ready to apply a comparable approach also to supervised domestic insurance companies, reinsurance companies and pension management companies.