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Executive Summary Report – June 2018

On 1 June, the European Insurance and Occupational Pensions Authority (EIOPA) published a statement on consumer detriment resulting from policyholder exposure to contracts for differences (CFDs) and binary options. Considering potential future risks to policyholders, EIOPA expects insurance undertakings to avoid as possible direct underlying of insurance-based investment products, instruments for which the European Securities and Markets Authority (ESMA) has issued a ban or restriction. In general, according to EIOPA uses of product intervention powers in one sector should never be circumvented by repacking the instruments that have been banned or restricted for offer in another sector. 

The European Commission has proposed to strengthen EU rules on motor insurance to better protect victims of motor vehicle accidents and improve the rights of insurance policyholders. The EC's proposal will ensure that victims of motor vehicle accidents receive the full compensation they are due, even when the insurer is insolvent. The revamped rules will also ensure that those who have a previous claims history in another EU Member State are treated equally to domestic policyholders, and potentially benefit from better insurance conditions.

Polish senators have made a decision to prepare legal regulations for compensation agencies. Senators want to implement a maximum provision rate for these entities and a prohibition on approaching hospitalized people with offers of compensation.

The Financial Ministry is preparing new regulations on the supervision of European Union (EU) insurance companies which perform insurance activity in the territory of Poland under the Freedom Of Establishment (FOE) or the Freedom Of Services (FOS).The Ministry wants to extend KNF’s supervision activities on companies which run trans-border activities in Poland. The KNF will receive additional possibilities to inspect these companies and oblige them to change their practices which pose a threat to financial stabilization on the Polish market.

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