Financial watchdog presents bancassurance regulation

The Polish financial regulator has drawn up regulation that prohibits banks from becoming insurers and insurance intermediaries at the same time. KNF’s so called “U” recommendation on good practices in bancassurance is to be implemented at the end of March 2015. Clients of banks are to be clearly informed of the bank’s role in insurance provision. Insurance products that are tied to banking products are to be explained in detail. Clients should have a choice in selecting insurance companies. When acting as an intermediary, the bank’s costs should be taken into account, and the insurance company is obliged to pay for services tendered in monetary compensation.