An amended draft of the “Recommendations for insurance undertakings regarding insurance distribution” is now available on the Polish Financial Supervision Authority’s website.
The source material can be retrieved from the “public consultations” tab of the PFSA’s website: https://www.knf.gov.pl/dla_rynku/regulacje_i_praktyka/Publiczne_konsultacje
The draft recommendations are available at: https://www.knf.gov.pl/knf/pl/komponenty/img/Rekomendacje_dla_zakladow_ubezpieczen_dot_97111._dystrybucji_ubezpieczen_97111.pdf
– The Polish Chamber of Insurance is in ongoing dialogue with the Polish Financial Supervision Authority regarding the new draft distribution recommendations. The fact that this constructive and matter-of-fact dialogue is happening is a good thing. We have already held dozens of analyses, meetings and presentations of arguments, which I hope will steer the regulator towards finally formulating the document in a way that, while fulfilling the PFSA’s objectives, will also serve the interests of all market participants. The new draft is a step in the right direction. Above all, it is shorter and simpler, plus it addresses issues of critical importance to market security that have been raised by PIU. The number of recommendations has been significantly reduced compared with last year’s document; yet, there are still areas that need improvement and tweaking. I hope they will be accounted for in the final document – says Jan Grzegorz Prądzyński, president of the Management Board of PIU.
– In our dialogue with the PFSA we were particularly focused on pushing changes to the client needs analysis, abandoning the treatment of the CNA as a separate stage of distribution, and the ability to use data from other sources. We also discussed insurance undertakings’ supervision of agents and brokers. In these areas too, we have managed to negotiate streamlined and more proportionate obligations for insurance undertakings. Compared with the original proposals, changes of the guidelines on product value for the client have been also incorporated. They reflect idiosyncrasies of specific product lines. We will continue to engage in constructive dialogue to ensure that the new proposal also reflects other demands. These include int. al. securing a level playing field in the insurance market by ensuring that companies utilising the FOS and FOE models are also bound by the recommendations; convincing the regulator to change the document’s effective date, as suggested by us; and wording the document so that it reflects the specific nature of the mutual insurance business model (TUW). During the public consultation, the market will submit detailed comments on the draft – adds Piotr Wrzesiński, vice-president of the Management Board of PIU.
The consultation will run until 31 March 2026. During this period, parties and institutions concerned may submit their feedback and comments on the draft.
