Polish Senate wants to regulate the compensation advisory market
On 19 April 2018 in the Polish Senate there was a debate about the compensation advisory market in Poland. The aim of this kind of activity is elimination of market excesses.
According to the Commission of Budget and Public Finance it is necessary to discuss compensation advisory conditions and prepare legal regulations for this branch.
Grzegorz Prądzyński, the CEO of the Polish Insurance Association (PIA), took part in the debate. He said that problems with compensation advice are caused by lack of information. He stated that there are no institutions on the Polish market where injured people can get help and necessary information. According to him, the amount of compensation for each accident should be regulated. He convinced senators that it will bring benefits for citizens as well as insurers that will better manage insurance risk and their costs. He predicted that in the long term it will shorten the time of claim settlements.
Ewa Jezierska, a PIA specialist, said that agreements concluded between clients and compensation advisors are created in such a manner as to transfer compensation from an insurance company directly to a compensation advisor and clients obtain compensation after a few months.
One of the debate conclusions is to ensure consumers better protection on the compensation advisory market.