Insurance Law amendment deemed unconstitutional and dismissed by Sejm

At yesterday's meeting of a Sejm sub-committee for insurance laws, an Insurance Law amendment was discussed which envisaged that one third of insurance companies' supervisory board members, including the chairman, would have to be chosen not from a group of people connected with the shareholders, but from a list prepared by the Pension Funds Supervisory Commission (KNUiFE). Anna Filek, chairperson of the sub-committee and a member of the SLD party, who submitted the amendment at the request of KNUiFE, declared that according to experts it is in contravention of the constitution, saying, "We have come to an agreement with Jan Czekaj, Deputy Finance Minister and Jan Monkiewicz, Chairman of KNUiFE, that we shall return to the solutions as they were before the amendment was submitted," in other words the amendment will be rejected. The Polish Insurance Chamber (PIU) head, Jerzy Wysocki, declared that the PIU is to prepare rules of corporate governance concerning the supervision of management and owners. According to the previous Act, insurance companies are obliged only to inform the supervisory commission of changes made to top management. (Puls Biznesu, p.8) A.K.