Nowa wersja metodyki BION dla zakładów ubezpieczeń i zakładów reasekuracji za 2022 rok

The Polish Financial Supervision Authority, KNF, has published an updated version of its annual Supervisory Examination and Evaluation (BION) document which is aimed at insurance and reinsurance undertakings providing them with key information on the KNF’s assessment process and methodology. The document thereby outlines or provides
– the key purpose of the BION supervisory examination which is to ensure adequate capital resources and risk management process of insurance and reinsurance firms;
– general information such as the frequency with which a BION evaluation is conducted;
– the key components of such exam, including – among others – the assessment of risks and risk management practices relating to market risk, credit risk, and other risk categories, the assessment of a firm’s capital adequacy, or the assessment of a firm’s governance policies and procedures; and
– the assessment methodology used by the regulator to derive a final BION rating (including the models used for the assessment).
Each assessment criteria is thereby described in detail including the qualitative assessment criteria for issues such as corporate strategy, product scope and risk diversification, customer handling, outsourcing arrangements, and IT-security, and many more.