On 17 May 2017 the European Commission again asked Poland to implement EU legislation on insurance. The EC refers to Solvency II and Omnibus II. The new regulations are supposed to ensure good financial standing of insurance companies.
On 17 May 2017, the International Accounting Standards Board published the final IFRS 17, the new international financial reporting standards for insurance companies. The new standards will change the way insurance companies operate.
On 17 May 2017 the Upper Chamber of the Parliament held a second reading of the draft amendment to the act on compulsory insurance which imposes on the Insurance Guarantee Fund an obligation to satisfy claims for compensation for personal damage under compulsory MTPL insurance for damages arising out of the movement of vehicles and the TPL of farmers arising out of the possession of a farm, when the guarantee sum set out in the insurance contract is exceeded.
