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  • Foreign insurance companies will be fined

Foreign insurance companies will be fined

31 July 2020

The amended Mandatory Insurance Act will make it possible to impose fines on foreign insurers for failure to adjust losses on a timely basis. The fines will be imposed by the Financial Supervision Authority (KNF). More details available in our Financial Alert BDO.

More topics are: State will take on some of the responsibility for insuring trade credits; European Commission is collecting opinions on changes to Solvency II system; Longer application of consolidated rules of offering relief measures; The President of the Office of Competition and Consumer Protection (UOKiK) is exercising its new powers to combat payment gridlocks; Greater possibilities of supervision

of foreign insurance companies by the polish financial supervision authority.

As usual we wish you a pleasant read, and should you require more or more detailed information, please don’t hesitate to contact our company and experts.