The Polish Financial Supervision Authority (KNF) has issued a press release to inform of a final decision in the case of TUZ Towarzystwo Ubezpieczen Wzajemnych, a mutual insurance company in Poland.
To recall, on May 13, 2022, the company was fined PLN 65,800 due to numerous violations of Article 14 of the Act of 22 May 2003 on Compulsory Insurance, Insurance Guarantee Fund and Polish Motor Insurers‘ Bureau which involved the delay of the payment of legitimate insurance claims.
The company subsequently filed a request to have its case reconsidered. Having reviewed the facts, the KNF now decided to uphold the penalty as is.
Other Features
companies
insurance
penalties
Date Published: 2023-07-12
Regulatory Framework: Act of 22 May 2003 on compulsory insurance, the Insurance Fund Guarantee and the Polish Office of Motor Insurer
Regulatory Type: information
Uchwała KNF ws. określenia zasad wyboru firmy inwestycyjnej
ID 26539
Where a company loses its authorization to provide broker services, KNF requests that all ...
Działalność w modelu „family office”
ID 26462
Since 2019, KNF has observed a spike in the number of firms calling themselves „fami ...
Nowa sprawozdawczość funduszy TFI i funduszy inwestycyjnych
ID 26421
Starting 1 January 2024, there will be changes to reporting and disclosure obligations the ...
WSA oddalił skargę Prosper Capital DM SA na decyzję KNF
ID 26419
Following KNF’s imposition of a fine on Prosper Capital Dom Maklerski SA in March 20 ...