Poland Insurance Industry – Governance, Risk and Compliance

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Poland Insurance Industry Report Overview

The Poland insurance industry is regulated mainly by the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego–KNF). Other bodies that oversee the industry are the IAIS, the European Insurance and Occupational Pensions Authority (EIOPA), the Federation of European Risk Management Associations (FERMA), and the Polish Chamber of Insurance (PIU).

The Poland insurance industry research report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, health, marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, it includes the scope of non-admitted insurance in the country.

Key Regulators ·       Polish Financial Supervision Authority (Komisja Nadzoru Finansowego–KNF)

·       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

·       Social Security Insurance

Key Taxes ·       Tax on Insurance Premium

·       Corporate Income Tax

·       Corporate Capital Gains Tax

·       Value Added Tax

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Poland Insurance Industry – Key Regulators and Legislation

Polish Financial Supervision Authority (Komisja Nadzoru Finansowego–KNF): It 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 major responsibilities of the KNF include taking proper measures for the development of the insurance industry and its competitiveness.

International Association of Insurance Supervisors (IAIS): The IAIS represents regulators and supervisors of 190 jurisdictions in more than 140 countries. It formulates and issues various global principles, standards, and guidance provides training and support on issues related to supervision, and organizes meetings and seminars for supervisors. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the industry to develop and maintain a fair, safe, and stable market for the benefit and protection of policyholders, and to contribute to global financial stability.

The key laws and regulations in the Poland insurance industry are as follows:

  • Act on Insurance Mediation 2003
  • 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 2011

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Poland Insurance Industry - Compulsory Insurance

Some of the key compulsory insurance required within the Poland insurance industry are:

  • Motor Third-Party Liability Insurance
  • Aviation Liability Insurance
  • Marine Liability Insurance
  • Social Security Insurance

Poland Insurance Industry Analysis by Compulsory Insurances

Poland Insurance Industry Analysis by Compulsory Insurances

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Poland Insurance Industry - Company Registration and Operation

A license is required to operate in the Poland insurance industry. Article 162 of the Act states that in order to start an insurance or reinsurance business in Poland, the intending companies must file an application, which has to be authorized by the KNF. In addition, brokers require approval from the KNF to conduct brokerage activity. Intermediaries must register with the Register of Insurance Agents if he/she is an agent, or with the Register of Insurance and Reinsurance Brokers if he/she is a broker.

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Poland Insurance Industry - Taxation

The different types of taxes in the Poland insurance industry are tax on insurance premiums, 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. The introduction of controlled foreign companies (CFC) rules into the Polish tax system on January 1, 2016, subjected Polish taxpayers to a standard corporate income tax of 19% on the income generated by CFCs held by them.

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  • 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 Poland 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

  • 1. POLAND

    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control
      • 1.1.2. Legislation

  • 2. Compulsory Insurance

    • 2.1. Non-Admitted Insurance Regulations
    • 2.2. Company Registration and Operation

      • 2.2.1. License
      • 2.2.2. Foreign Direct Investment / Ownership
      • 2.2.3. Minimum Capital Requirements
      • 2.2.4. Solvency Margins
      • 2.2.5. Reserve Requirements
      • 2.2.6. Statutory Return Requirements
      • 2.2.7. Fee Structure

    • 2.3. Taxation

      • 2.3.1. Tax on Insurance Premium
      • 2.3.2. Corporate Income Tax
      • 2.3.3. Corporate Capital Gains Tax
      • 2.3.4. Value Added Tax

    • 2.4. Legal System
    • 2.5. Policy Practice

  • 3. About GlobalData
  • 4. Contact Us


Poland – Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft

Poland – Corporate Tax Rate for the Financial Year 2023


Figure 1: Poland – The Three Pillars of Solvency II

Figure 2: Poland – Insurance Supervision and Control at Various Levels

Figure 3: Poland – Insurance Regulatory Frameworks for Company Registration and Operation

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