On 23 May, during the 11th PIU Congress in Sopot, together with the Polish Bank Association, we signed Good Practices in Credit Protection Insurance (CPI). This is an important step towards self-regulation of the insurance and banking industry to increase the value of the CPI product for the customer.

Good practices result from cooperation between the Polish Chamber of Insurance and the Polish Bank Association under the auspices of the Polish Financial Supervision Authority. They are the insurance industry’s response to the EIOPA’s report entitled ‘Thematic review on Credit Protection Insurance (CPI) sold via banks’ and the European supervisory authority’s warning of 2022. They also supplement the amended Recommendation U adopted by the PFSA in June 2023.

Good practices cover the entire lifetime of the CPI product. They concern the creation of the CPI product and its value to the customer, the way in which it reaches the customer, the quality of distribution, the actions taken in the customer’s interest, and the supervision and monitoring of the distributor of the CPI product. They are mainly addressed to insurance companies and banks offering the CPI product, but may also be used by other financial institutions offering similar products.

– The intention of the Polish Chamber of Insurance is to introduce provisions of good practices as a supplement to the amendment to Recommendation U of the Polish Financial Supervision Authority. I believe that the introduction of these standards will contribute to increasing customers’ confidence in CPI products and the entire bancassurance market – explained Jan Grzegorz Prądzyński, President of the Management Board of the Polish Chamber of Insurance.