The draft law lays down rules for pursuing activity within insurance distribution of life and non-life insurance, and within reinsurance distribution in the field of life and non-life insurance.
The draft law includes a new definition of a distributor of insurance which shall be an insurance company, insurance intermediary and ancillary insurance agent. Whereas, the distribution of insurance shall mean performing factual and legal acts related to conclusion or implementation of insurance agreement or providing information on one or more insurance agreements based on criteria selected by the client through the Internet and compilation of insurance products list including comparison of prices and products, or a discount on the price of an insurance agreement, when the customer is able to directly or indirectly conclude an insurance agreement through the Internet. The definitions implement the provisions of the IDD and constitute novelty compared to the currently in force Act on insurance mediation.
The draft law clearly stipulates that the distribution of insurance will also include, in addition to the traditional channels such as direct and insurance agents, the activities of the so-called small agents as well as online insurance comparison sites.
The project also provides what activity shall not be considered distribution of insurance. Moreover it includes the provision excluding from regulation activity of agents offering ancillary insurance, reserving several conditions to be met in this respect.
Should you wish to know more about distribution of insurance and entities which shall be subject to new regulations, we would like to invite you to join training “THE NEW ACT ON INSURANCE DISTRIBUTION” which will take place on January 11, 2017. More details available on the following website: http://www.beinsured.pl/szkolenia/