Clifford Chance
Polish financial supervision authority publishes recommendation U on bancassurance best practices due to come into force on 31 march 2015
25 June 2014
On 24 June 2014 the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego or "PFSA") published Recommendation U on bancassurance best practices ("Recommendation U").
Recommendation U includes 21 detailed recommendations which are grouped into 6 topics. Recommendation U is due to come into force on 31 March 2015.
Recommendation U is addressed to banks only. However, it applies indirectly to insurance companies that wish to cooperate with banks in the bancassurance sector. Bancassurance remains one of the fastest growing insurance distribution channels in Poland, accounting for 46.7% of life insurance GWP and 9.2% of property and personal insurance GWP in 2013.
This client briefing focuses on the key aspects of Recommendation U that are of interest to both banks and insurance companies.
