On 26 January 2018 Polish deputies supported an amendment to the Act on insurance distribution. The new act changes the application date of the Act of 15 December 2017 on insurance distribution from 23 February 2018 to 1 October 2018.
The Insurance Guarantee Fund has launched a new insurance database. Six companies: Compensa, Ergo Hestia, Generali, InterRisk and Warta are taking part in the testing phase. The goal of the project is to increase the detection of fraud in the insurance segment.
The President of the Office of Competition and Consumer Protection has presented yet another reasoned opinion concerning unit-linked life insurance plans (ULIPs), also known as savings insurance policies. Up to this moment, the President of the Competition Authority has issued about 30 reasoned opinions in which he questioned the validity of contractual provisions which provided for exorbitant cancellation fees. In this case, however, the circumstances of the case were such that the President of the Office was able to express an opinion on the invalidity of the insurance contract with respect to a specific insured entity.
Poland’s lawmakers on 26 January 2018 voted through a package of regulations to help businesses by cutting red tape and improving regulations for entrepreneurs. The new regulations, drafted by the Polish government and collectively referred to as a “constitution for business,” aim to simplify procedures for people setting up and running their own businesses.
Poland's financial market regulator KNF issued temporary guidelines for applying the MiFID II directive in the absence of domestic legislation implementing the directive. The appropriate legislation is expected to come into effect at the turn of March and April at the earliest, KNF said citing information gathered from the Finance Ministry. The MiFID II directive will take effect on January 3.