KNF fines PZU for PLN 1.7 mln

Financial Supervision Authority KNF slapped WSE-listed insurer with a PLN 1.7 million fine for delays in granting and paying out claims or not reporting obligations. According to Polish insurance regulations, the company has to pay compensation within 30 days, counting from the day the injured party or the entitled party notifies about the damage, and if all circumstances could not be explained within this period “compensation is paid within 14 days from the date when the explanation of these circumstances was possible, but not later than within 90 days from the date of notification of the damage, unless the liability of the insurance undertaking or the amount of compensation depends on the ongoing criminal or civil proceedings. In analogical terms, the insurer is also to inform about the refusal to pay compensation.