Competence of PZU's management called into question

Despite concerns over the professional abilities of the new management board of leading life insurer PZU Zycie, the Insurance and Pension Fund Supervisory Office (KNUiFE) will be unable to remove them. In the opinion of the head of KNUiFE, Jan Monkiewicz, the new members lack the experience required under insurance law. One member of the board, Jan Piskorz, only has a few months' experience in property insurance, for example. Nevertheless, the new members have already been entered into the legal register. Furthermore, according to Puls Biznesu, PZU Zycie has received a legal interpretation of the ambiguous regulation, under which virtually no experience need be demanded. In the event of an objection by the watchdog, the insurer may appeal to the Supreme Administrative Court (NSA), which has already decided in favor of Monkiewicz once before. The trouble is that the latter was at the time a member of the management board of Polisa-Zycie and it was his own experience and knowledge that had been questioned. (Puls Biznesu, p. 5) M.K.