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Insurance Law in Poland

Insurance Law in Poland

The insurance law in Poland consists of a series of Acts that regulate the financial market and the development of insurance activities. A special Financial Supervision Commission also oversees the process of licensing insurance companies and supervising their activities.

Polish insurance companies need to observe not only the laws that regulate the manner in which they conduct specific activities but also the interests of the insured individuals.

Many international insurance companies have opened branches in Poland in order to provide services to the Polish market. Our Polish lawyers can help you comply with the legal requirements for opening and running an insurance business in the country.

Insurance laws and regulations in Poland

The Financial Supervision Commission (KNF) is the main regulatory body in Poland that deals with the financial services industry and the insurance activity in the country.

Act of 22 May in the insurance activityAct of 22 May on insurance mediation and Act of 22 May on Insurance and Pension Funds Supervision are important legislative documents that provide legal resources for the insurance industry in Poland.

Requirements for insurance companies in Poland

Insurance companies must provide their services based on an insurance contract. This document includes the terms of insurance, the value of the insurance premium (calculated according to the type of insurance and the type of risk) and the manner in which the insured party can benefit from this amount. A common type of insurance issued for individuals is life insurance, which provides coverage in case of accident or death.

Insurance companies and banks in Poland are required to provide their clients with complete information about concluding an insurance agreement. This information should be truthful and should reflect all the aspects of the chosen insurance product.

Insurance companies must also observe the policies for internal controls and the requirements for accounting and reporting requirements.

For more information about the policies relevant to insurance companies as well as applicable laws and regulations please contact our Polish lawyers.