Financial Ministry works on extension of foreign insurers supervision
A financial ministry representative said that the institution are preparing new regulations on the supervision of European Union (EU) insurance companies which perform insurance activity in the territory of Poland under the Freedom Of Establishment (FOE) or the Freedom Of Services (FOS).
Currently the Polish financial watchdog could not impose financial punishments and perform other supervision activities on these companies. They are under the supervision of their domestic financial watchdog. The Polish Supervision Authority (KNF) can only inform other foreign supervision bodies about abuses which are committed by foreign insurer companies in Poland.
Therefore the Financial Ministry wants to extend KNF’s supervision activities on companies which run trans-border activities in Poland. The KNF will receive additional possibilities to inspect these companies and oblige them to change their practices which pose a threat to financial stabilization on the Polish market.