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Executive Summary Report - July 2017

The Appeal Court in Katowice in its judgment of 9 May 2017 (ref. no I ACa 1160/16) ruled that the amount of compensation for an injury caused by an accident should be determined on the basis of the intensity of physical and psychological suffering and the extent of permanent damage to health.

A parliamentary interpellation on policy-investments was addressed to the Minister of Justice. The enquiry concerned the Ministry of Justice’s act on the policy-investments issue.

Link4, a unit of insurer PZU, may be limiting consumer rights to terminate mandatory third party liability automotive insurance policies - consumer rights watchdog the Office of Competition and Consumer Protection said following an investigation. Link4 pledged to change the inadmissible practice, the statement reads.

At the Ministry of Finance, recent work on a draft amendment to the Oversight of the Financial Market is under way. It is expected to be consulted in the coming weeks. The aim of the project is to increase the security of financial market participants benefiting from financial services provided via the Internet.

In June 2017 Narodowy Bank Polski (the Polish Central Bank) published a “Financial Stability Report”. The report stated that insurance companies offer traditional insurance services and do not generate liquidity risk. Insurance companies in Poland do not offer a wide range of products with a guaranteed rate of return, which are a vulnerable area in the environment of low interest rates. The profitability of insurance undertakings has declined; however, the insurance sector is characterized by high capital adequacy ratios, which ensures the continuity of the provision of services.

Narodowy Bank Polski (the Polish Central Bank) and the Polish Financial Supervision Authority warn potential users against the risks associated with "virtual currencies" (such as bitcoin, litecoin, ether). and inform that "virtual currencies" are neither issued nor guaranteed by a country’s central bank, they cannot be considered to be money, which means they are neither legal tender, nor a currency, they cannot be used to pay taxes, and they are not widely accepted in retail and service outlets.

The Supreme Court it the judgement of 14 July 2017 (ref. no II CSK 806/16) ruled that if a farmer died while cutting a tree, his children, sister and mother have the right to obtain compensation from the insurer under the TPL insurance contract. It is necessary, however, that there is a link between a misfortune event and the running of the farm.

The Regional Court in Czestochowa in the judgment of 21 June 2017 (ref. no VI Ca 373/17) ruled that the vehicle left in the garage was out of traffic, which means that the liability of the insurance company under the MTPL insurance does not cover the damage caused by this vehicle.

The Supreme Court in a panel of 3 judges in the resolution of 26 July 2017 (ref. no. III CZP 30/17) held that a person running an enterprise who was put into motion by nature forces was not liable for damage if it was due solely to the fault of a third party, even if this person has not been identified.

The Supreme Administrative Court in its judgment of 12 July 2017 (ref. no. I FSK 2240/15) ruled that the insurance risk management support and actuarial support services do not benefit from the exemption under Art. 43 sec. 13 of the Act on VAT.

On 25 July 2017 at its meeting, the Council of Ministers adopted a bill on distribution of insurance, submitted by the Minister of Development and Finance. The bill includes measures to increase the protection of customers concluding insurance contracts.

On 25 July 2017, the Council of Ministers adopted a draft of the Act amending the Act on Financial Market Supervision and the Act on Insurance and Reinsurance Activity, submitted by the Minister of Development and Finance.

On 22 July 2017 the Regulation of the Minister of Development and Finance of 19 July 2017 on compulsory third party liability insurance for mortgage loans intermediaries (Journal of Laws of 21 July 2017, item 1403) entered into force.

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