CZECHIA: CNB sets up Insurance and Pension Supervision Department

Czech National Bank (CNB) established a new Supervision Department for Insurance Companies and Pension Companies, as part of the Financial Market Supervision Department, which splits from the Prudential Supervision Department, starting October 1st, 2019.

The old Prudential Supervision Department, which has supervised banking, insurance and pension sectors, was renamed to "Credit Institutions Supervision Department", shifting its entire activity on the supervision of banks and credit unions.

Thus, two departments dealing with prudential supervision will work side by side - one over banks and the other over insurance and pension companies.

The new Insurance and Pension Companies Supervision Department will be led by Karla VORACKOVA, whose appointment as the Director of Department was previously decided by the CNB's Board on September 12, 2019.

Marcela GRONYCHOVA, the current Director of the Supervision Department, remained the Director of Credit Institutions Supervision Department.

VORACKOVA (48) graduated from the University of Economics in Prague. VORACKOVA joined CNB in 2015 and since 2017 she has been responsible for the supervision of insurance companies and pension companies. In the past she worked for KPMG Czech Republic Audit.

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