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IDD implementation status in Poland

IDD implementation status in Poland

Dodano: 2017-04-25

On 6 December 2016 the first bill on insurance distribution by the Ministry of Development and Finance, aimed at implementing the IDD was published and sent out for governmental and public consultations. Both governmental and non-governmental entities were entitled to express reservations against the bill until 5 January 2017. On 19 January 2017 there was a conference (stakeholders’ meeting) held to agree the final content of the law. However, the discussions did not bring about a final version of the bill. As a result of the consultations, the Ministry of Development and Finance modified the bill, published it on 22 March 2017 and set an additional stage of expressing reservations with a deadline of 7 April 2017. There were also numerous reservations filed which are currently under consideration by the Ministry.

Previously on 26 February 2016 the Polish authorities, i.e. the Ministry of Finance, appointed a Working Group on insurance distribution, operating under the Financial Market Development Council. The aim of this group is to prepare an opinion (recommendation) to the Minister of Finance concerning the method of implementation of the IDD. The Working Group consists of representatives of the Office of the Polish Financial Supervision Authority, the Financial Ombudsman, the Polish Insurance Association, the Polish Chamber of Insurance and Finance Intermediaries, the Polish Chamber of Insurance and Reinsurance Brokers, the Association of Polish Insurance and Reinsurance Brokers, the National Association of Insurance and Financial Intermediaries, the Insurance and Risk Management Chamber of Commerce and the Polish Banking Association. Meetings of the Working Group took place on 16 March, and 3 and 30 June 2016. The last meeting of the Working Group was also attended by a representative of the Office for Competition and Consumer Protection.

On 20 September 2016 the Working Group issued a draft Recommendation for implementation of the IDD, in which it presents 10 recommendations as to the scope and manner of implementation of the main IDD provisions. 

The final law aimed at implementing the IDD is expected to be adopted by the Council of Ministers by the second quarter of 2017. The date of adoption of the final law by Parliament is not yet determined, however the bill provides that, theoretically, it shall enter into force on 23 February 2018.

The bill lays down rules for pursuing activity within insurance distribution of life and non-life insurance, and within reinsurance distribution in the field of life and non-life insurance.

The bill includes a new definition of a distributor of insurance which shall be an insurance company, insurance intermediary and ancillary insurance agent. Whereas the distribution of insurance shall mean performing factual and legal acts related to the conclusion or implementation of an insurance agreement or providing information on one or more insurance agreements based on criteria selected by the client through the Internet and compilation of an insurance products list including a comparison of prices and products, or a discount on the price of an insurance agreement, when the customer is able to directly or indirectly conclude an insurance agreement through the Internet. The definitions implement the provisions of the IDD and constitute a new approach compared to the Act on insurance mediation currently in force.

The draft bill clearly stipulates that the distribution of insurance will also include, in addition to the traditional channels such as direct and insurance agents, the activities of the so-called small agents as well as online insurance comparison sites.

The bill also clarifies which activities shall not be considered distribution of insurance. Moreover, it includes a provision which excludes from regulatory activity agents offering ancillary insurance.

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