The first Reading of the Bill – on the amendment of the Act on Banking Law, Act on Insurance Activity, Act on Investment funds, Act on the Management of Financial Instruments and the Act on the Control over the Financial Market accompanied with drafts of

Date: 20 December 2010

On the 8th of April 2010, the first reading of the Bill took place during the session of the Public Finances Committee. The Bill concerned the Act on Banking Law, Act on Insurance Activity, Act on Investment funds, Act on the Management of Financial Instruments and the Act on the Control over the Financial Market accompanied with executive drafts of the acts. The project was aimed at the execution of the EU Law. The amendment was designed to adjust regulations of the above-mentioned act to the Directive 2007/44/EC of the European Parliament and the Council from the 5th September 2007 amending the Council Directive 92/49/EEC and the Directive 2002/83/EC, 2004/39/EC, 2005/68/EC and 2006/48/EC within the scope of procedural principles and evaluation criteria applied within the prudence evaluation of the cases of purchasing and the enlargement of shares or stocks in financial sector units together with determining deadline for performing particular activities and unified prudence evaluation criteria in all sectors. Moreover, the amendment assumes the adjustment of the act on Banking Law to the Directive 2005/56/EC of the European Parliament and the Council from the 26th of October 2005 on the cross-border merger of capital companies within the possibility to merge a bank with a credit institution.

The representative of the Polish Insurance Association took part in the session.

The Act from the 22nd of May 2003 on the insurance activity, in present legal condition regulates the question of purchasing the shares or rights to the shares of national insurance company, disposing of such shares. It also regulates the duty to inform a supervisory organ about purchasing or disposing of shares in the article 35-37 of the Act on Insurance Activity. Other changes were included in the article 35, amended articles 35a – 35o, amended articles 36 and 37. The reinsurance was included in the article 223 of the Act on Insurance Activity.

In order to continue the legislative actions on the Bill the Public Finances Committee forwarded the Bill to the Permanent Subcommittee of Financial Institution. The date of the first session of the subcommittee was not established, however, the subcommittee should stop its activity until the 4th of May this year in order to prepare a uniform account of the Public Finances Committee no later than the 7th of May the same year.