The Ministry of Finance is drafting a new act on insurance distribution, which shall replace the current act on insurance intermediation. The new act will introduce pro-consumer amendments involving the elimination of the current threats to the interests of the client.
Drafting of the new act is a result of the Insurance Distribution Directive, adopted on 20 January 2016 by the European Parliament and the EU Council. The Directive aims at harmonizing the provisions governing distribution of insurance on the territory of EU Member States. The act shall introduce new rules of insurance distribution in Poland, including increasing disclosure obligations of insurance companies. Insurance companies will be obliged to inform clients on insurance, mode of premium payments, or termination of agreement. These actions are aimed at a better understanding of the insurance products offered to the consumers.
