KNF proposes new rules for third-party insurance

The Polish Financial Supervision Authority (KNF) has proposed new regulatory guidelines for third-party liability car insurance. The new rules may lead to higher premiums, the watchdog’s head Andrzej Jakubiak was quoted as saying by the Polish Press Agency. The guidelines proposed by the KNF stipulate for the calculation of premiums in such a way as to ensure that compensation in the case of damage will be adequate. This may lead to higher payments, Jakubiak said. “We are not creating any new duties for entities supervised by us,” he however stressed. “From the KNF point of view, we want to indicate desirable practices. We want to show insurers how they should manage risk.” The draft regulation was published on Thursday. It will be subject to consultation until the end of September. The watchdog hopes that the rules will come into force on March 31 next year.