June 2014

The Polish Ministry of Finance has confirmed a change to the Act on Insurance and Pension Funds Supervision and Insurance Ombudsman. As a result of this change the obligation to pay the Polish Insurance Ombudsman Charge applies not only to Polish insurers and foreign insurers with branches in Poland, but also to FoS insurers selling insurance in Poland or collecting a premium from Polish entities.
 
In addition, the rate for the Insurance Ombudsman Charge has increased from previous 0.0071% to 0.01% of the gross premiums written from insurance contracts concluded in the Republic of Poland.
 
We understand these changes took effect from 1 February 2014.