Poland Insurance Industry – Governance, Risk and Compliance
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Poland Insurance Industry Regulation Overview
The KNF (Komisja Nadzoru Finansowego–KNF) supervises the financial industry in Poland, which includes credit institutions, insurance firms, investment companies, exchanges, pension schemes, payment institutions, and credit unions. The other regulatory bodies in the country are IAIS, EIOPA, FERMA, and PIU.
The Poland insurance industry governance regulation research report is the result of extensive research into the insurance regulatory framework in Poland. It provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report brings together GlobalData’s research, modeling, and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
Key Regulators | · KNF (Komisja Nadzoru Finansowego)
· International Association of Insurance Supervisors (IAIS) · European Insurance and Occupational Pensions Authority (EIOPA) · Federation of European Risk Management Associations (FERMA) · Polish Chamber of Insurance (PIU) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
Enquire & Decide | Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase. |
Poland Insurance Industry – Key Regulators and Legislation
KNF (Komisja Nadzoru Finansowego): The KNF supervises the financial industry in Poland, which includes credit institutions, insurance firms, investment companies, exchanges, pension schemes, payment institutions, and credit unions. It came into power in Poland on September 19, 2006, after taking over the task of the two bodies in the country: the Insurance and Pension Funds Supervisory Commission and the Securities and Exchange Commission.
The International Association of Insurance Supervisors (IAIS): The IAIS established in 1994, is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in 140 countries. In addition to members, the association also includes 135 observers representing industry associations, professional associations, insurers, reinsurers, consultants, and international financial institutions.
The key laws and regulations governing the Polish insurance industry are as follows:
- Act on Insurance Mediation 2003 as amended in 2018.
- Insurance and Reinsurance Activity Act, 2015
- Civil Code
- Act on Insurance and Retirement Supervision and the Insurance Ombudsman
- Act on Compulsory Insurance, Insurance Guarantee Fund and Polish Motor Insurers’ Bureau 2003, last amended in 2020.
Buy the Full Report for More Insights on Key Regulators in the Poland Insurance Industry
Poland Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Poland insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
Compulsory Insurance in Poland
Buy the Full Report for More Compulsory Insurance Insights into the Poland Insurance Industry
Poland Insurance Industry - Company Registration and Operation
A license is required to operate in the Poland insurance industry. The KNF regulates the licensing of insurance intermediaries. Insurance brokers and insurance agents are allowed to practice insurance operations in Poland. Insurance agents can be licensed as tied agents or multi-agents. Section 28 of the Act on Insurance Mediation stipulates that intermediaries are permitted to mediate both insurance and reinsurance products.
Buy the Full Report to Learn More about Company Registration and Operation in the Poland Insurance Industry
Poland Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Poland. The other taxes imposed are corporate income tax, corporate capital gains tax, and value-added tax.
Corporate Income Tax: In Poland, any company that has its registered seat or the management of the company in Poland is considered a resident country. Resident companies are subject to tax on their global income, whereas non-resident companies are taxed only on income sourced from Poland.
Buy the Full Report to Learn More about the Taxation Policies in the Poland Insurance Industry
Scope
- The report covers details of the insurance regulatory framework in Poland.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments in the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Key Highlights
- KNF regulates the Polish insurance industry.
- Non-admitted insurance is not permitted by law. However, insurers from EU and EEA Member States can operate in the Polish insurance industry without obtaining a license from the KNF.
- Composite insurance is not permitted in Poland.
- 100% FDI is permitted in the Polish insurance industry.
- Solvency II took effect on January 1, 2016.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Poland.
- Track the latest regulatory changes and expected changes impacting the Irish insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices about various types of insurance products.
Table of Contents
Table
Figures
Frequently asked questions
-
Which is the key regulator of the Poland insurance industry?
KNF is the key regulator of the Poland insurance industry.
-
Which other bodies oversee the Poland insurance industry?
IAIS, EIOPA, FERMA, and PIU are the regulatory and supervisory bodies that oversee the operations of the Poland insurance industry.
-
Which are the compulsory insurances required within the Poland insurance industry?
A few of the compulsory insurances required within the Poland insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, and professional indemnity insurance.
-
What types of taxes are imposed upon the Poland insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Poland. The other taxes imposed are corporate income tax, corporate capital gains tax, and value-added tax.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.