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  • Foreign insurance companies will be fined
Alert:

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.