The Polish Financial Supervision Authority published its statement on the entry into force of the Act on the conduct of business rules for certain financial market entities following the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union without the agreement referred to in Article 50(2) of the Treaty of the European Union.
In the case of withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union (Brexit) without the agreement referred to in Article 50(2) of the Treaty of European Union, financial institutions based in the United Kingdom of Great Britain and Northern Ireland or Gibraltar will no longer be able to operate in the territory of the Republic of Poland on the basis of the European single passport. Their activity was regulated in the Act on the conduct of business rules for certain financial market entities following the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union without the agreement referred to in Article 50(2) of the Treaty of the European Union. On 28 March 2019 the Act was signed by the President of the Republic of Poland.
The Act allows foreign insurance undertakings to perform the contracts of insurance referred to in Divisions I and II of Appendix to the Act of 11 September 2015 on the business of insurance or reinsurance, by properly applying the provisions concerning the pursuit of the business of insurance by a foreign insurance undertaking in an EU Member State other than the Republic of Poland, until the day on which:
- such contracts expire,
- the portfolio of insurance products is transferred to a domestic insurance undertaking or
- an insurance undertaking based in an EU Member State other than the Republic of Poland which may pursue the business of insurance in the territory of the Republic of Poland is obtained.
Authorisation to pursue the business of insurance in the territory of the Republic of Poland is obtained, and the portfolio of insurance products is transferred—for no more than 24 (for Division I) or 12 (for Division II) months of the effective date of the new legislation.
The Statement is available on beinsured.pl/eng
