Clifford Chance

New polish act on insurance and reinsurance activity

2 October 2015

On 11 September 2015 the Polish Sejm adopted the Act on Insurance and Reinsurance activity that sets out the framework for conduct of personal and property insurance business as well as reinsurance activity (the "Act"). The Act will replace the former Act on Insurance Activity of 22 May 2003. On 1 October 2015 the Act was approved by the Polish Senat. It must still be signed by the Polish President.

The main purpose of the Act is to implement Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of insurance and reinsurance – Solvency II into the Polish legal system. By doing so, it will introduce the same capital requirements and standards governing risk management applicable to insurance and reinsurance companies across the European Union.

Moreover, by reacting to the continuing discussion regarding the bancassurance market and attempting to regulate it, the Act introduces a number of pro-consumer provisions. In this briefing we focus on the key new regulations in this area.

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