Financial Market Development Council will work on legal regulation of the performance of the so-called compensation office

A Working Group on the Review of Insurance Law of the Council of Economic and Financial Market Development at the Ministry of Finance has started a discussion on the functioning of the so-called legal regulation of the perfoemance of so-called compensation office. The meeting was held on 29 September.

Almost all participants of the meeting – including representatives of the Ministry of Finance, Insurance Guarantee Fund and the Insurance Ombudsman, and representatives of law offices – agreed with the assumption that the performance of the office must be regulated. According to  PIU’s assessment it is particularly important that such regulation is made on the basis of provisions concerning the insurance market.

The Association has held the same opinion for a very long time: although the performance of the office itself is within the law, still it must be legally regulated, primarily in the interests of all victims of accidents. It is necessary for the professionalization of the office. The main issue on which the insurance government will work now is a way to regulate the performance of the office. It is possible to introduce appropriate provisions to the Law on Insurance Mediation. The participants of the meeting of the Financial Market Development Council discussed, inter alia, the introduction of the third kind of mediation in Poland – except agents and brokers.

The Working Group on Insurance Mediation Polish Insurance Association will be meeting in a few days in order to begin working on this issue.