Výročná správa 2009 - Komunálna Poisťovňa

(All amount are in thousands of Euros, unless stated otherwise)Financial assets within the due date shown on the “Other receivables” line do not representany credit risk to the Company, as the majority was paid after the balance-sheet date.Financial assets are presented net of impairment and movements in impairment provision wereas follows:As at 31 December 2009 2008Impairment provision to receivables from policyholdersAt the beginning of the year 6,132 5,191Business combination 3,559 -Creation - 1,496Release (3,186) (1,167)Exchange rate difference from translation to presentation currency - 612At the end of the year 6,505 6,132Impairment provision to receivables from intermediariesAt the beginning of the year - -Business combination 4,243Creation - -Release (146) -At the end of the year 4,097 -Impairment provision to other receivablesAt the beginning of the year 605 199Business combination 109 -Creation - 372Release (2) -Exchange rate difference from translation to presentation currency - 34At the end of the year 712 6054.3 Capital managementThe Company secures sufficient resources for its business activities, maximizes the rate ofreturn for shareholders, and secures financial stability by capital management. Capital means thetotal equity of the Company.The objective of capital management is to keep a sufficient level of capital resources in accordancewith regulations. Insurance Act No. 8/2008 sets the minimum level of share capital foreach insurance class.According to the National Bank of Slovakia’s Regulation of 22 December 2009, which stipulatesthe minimum amount of the guarantee fund for local insurance companies and branches offoreign insurance companies, the minimum amount of the insurance company’s guarantee fundis EUR 3.5 million for life insurance and EUR 3.5 million for non-life insurance, according to theoffered non-life insurance sectors.According to Article 4 of the Slovak Insurance Industry Act, the share capital of a life insurancecompany must be at least EUR 4 million, and for non-life insurance sectors at least EUR 5 million.In the capital management process, the Company also takes into account external regulatoryrequirements set by the National Bank of Slovakia. These arise from requirements for solvency. Byfollowing these, the Company is able to cover all liabilities arising from insurance contracts fromits own resources at any time.The Company creates and constantly keeps the actual solvency at least at the required solvencylevel. The actual solvency level means the Company’s own resources, consisting of itsequity and adjusted for intangible assets.Ročná účtovná závierka a komentár I Company Accounts157