Gov't for more surveillance over foreign insurers

The government on Tuesday passed a bill obliging the Financial Supervision Authority (KNF) to raise its supervision over foreign insurers.

Under the new laws, the KNF will be empowered to intervene in the work of foreign insurance and reinsurance companies in urgent cases, and to ban insurers from the Polish market. The act also specifies sanctions for failure to keep indemnity payment deadlines.

Most of the new regulations are to come in force 14 days after publication in the Journal of Laws. One regulation is to take effect on July 1, 2020.