Ubezpieczyciele i banki pracują nad dobrymi praktykami dla rynku produktów CPI w bancassurance

The Polish Financial Supervision Authority, KNF, has published a press statement to inform that the Polish Bank Association (ZBP) and the Polish Insurance Association (PIU) in cooperation with the KNF are currently working on the development of best practices as regards the offering of credit protection insurance (CPI) products (bancaassurance products) to customers. The best practices will complement the KNF’s Recommendation U – On good practice in bancassurance and will focus on the quality of CPIs and their proper distribution to clients. Among others, they will include provisions as to the exchange of information between the manufacturer of a CPI product and its distributors (typically banks) particularly as regards marketing material and as regards the minimum value a CPI product should bring to customers.
Concurrently, the KNF will continue its work on revisions to the Recommendation U which has been in place since 2015 and sets out obligations of banks as to the distribution of CPI products. To conclude, Krystian Wiercioch, Deputy Chairman of the KNF, notes that he highly appreciates the self-regulating standards that both associations are about to develop to bring further benefits to consumers. In his view, this is an important step to ensure a high standard when dealing with CPI customers and to ensure a well functioning of the Polish financial market.