Klaudiusz Mikołajczyk
Poland’s insurance and banking industries issue credit protection insurance guidelines
In May 2024, the Polish Chamber of Insurance and the Polish Bank Association jointly issued Good Practice Guidelines on Credit Protection Insurance, with oversight of the financial regulator. The guidelines address a number of key issues, from creation of CPI products, to marketing, distribution, and monitoring of compliance.
Insurers of trade receivables should verify whether their outsourcing of collections complies with KNF guidance
Guidance from the Polish Financial Supervisory Authority of 25 March 2024 on certain aspects of outsourcing by insurers and reinsurers also covers collection proceedings related to performance of insurance contracts. Insurers offering trade credit for which collections are carried out by external providers must verify whether this outsourcing is compliant with the regulator’s position.
