On 18 September 2018 the 404th Financial Supervisory Authority (KNF) meeting was held.
The Authority gave Robet Łoś consent to become the CEO of SALTUS Towarzystwo Ubezpieczeń Wzajemnych. The authority also allowed the appointment of Witold Czechowski to the Vienna Life TUnŻ SA Vienna Insurance Group board. He will be responsible for risk management.
KNF decided to decrease the penalties imposed on: PZU and TUiR WARTA. PZU has to pay PLN 750k (initially it was PLN 800k) and WARTA PLN 380k (instead of PLN 390k). The insurers were punished for delays in granting and paying out damage claims and their failure to fulfil reporting obligations in the motor insurance segment, referred to in art. 14 par. 3 of the Act on Compulsory Insurance, Insurance Guarantee Fund and the Polish Motor Insurers’ Bureau.
KNF found that the companies implemented appropriate procedures to make their claims settlement process more effective. Moreover, in some cases insurers proved that the terms of the delays were shorter than KNF set.
The next Financial Supervisory Authority meeting will be held on 2 October 2018.
