On the 2nd of July 2020 the Act of 28 May 2020 amending the Act on compulsory insurance, the Insurance Guarantee Fund and the Polish Motor Insurers’ Bureau as well as the Act on insurance and reinsurance activity was published, which introduces new rules for the supervision of foreign insurers, among others, a mechanism enabling the supervisory authority to impose specific penalties on foreign insurance companies in the event of failure to pay compensation under civil liability insurance within the statutory deadline or failure to comply with the information obligation towards those entitled to compensation. The Act enters into force 14 days after its announcement, i.e. on 17th July 2020.
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