On 29 October the 45th Financial Supervisory Authority (KNF) meeting was held. The financial watchdog made many decisions about the Polish insurance sector.
KNF imposed financial penalties on:
- Wiener TU S.A. at the level of PLN 60,000
- TUW “TUW” at the level of PLN 35,000.
The insurers were punished for delays in awards and payment of motor insurance compensation and failure to fulfil reporting obligations.
KNF made the final decision in the scope of the penalty on PZU. The insurers were punished for delays in awards and payment of compensation and failure to fulfil reporting obligations. PZU had to pay PLN 2.3m. It was the highest punishment on the Polish insurance market imposed by KNF. The institution decided to increase and divide the sum into two amounts: PLN 350k and PLN 1,949k.
KNF gave UNIQA International AG consent to take over more than half of the shares of UNIQA’s two insurance companies. As a result of the transaction the parent company will have more than half of the votes on UNIQA’s general meeting and more than half of the shares in the share capitals of life and non-life insurance companies.
Also, KNF gave Agnieszka Rózga consent to become the board member responsible for risk management in TUW “TUW”.
The next Financial Supervisory Authority meeting is planned for 5 November.
