On the picture: Mr. Andrzej Maciążek, Vice President of the Management Board of the Polish Chamber of Insurance and Łukasz Szczepaniak, Managing Partner at ADVISORS Law Firm.
The conference was dedicated to presentation of the current situation of bancassurance market in Poland and Europe as well as economic, political and regulatory drivers which will impact the future development. Speakers discussed recent document issued by EIOPA „Thematic review on Credit Protection Insurance (CPI) sold via banks” which emphasise value for the customer as critical parameter of insurance product. Controversy arose over the speaches of the representatives of the Polish Financial Supervision Authority (KNF). It was announced that KNF proposed to include cap on commission payable to banks which distribute insurance products. The proposed cap amounts 50% of the claims ratio and the claims ratio should be at least 50% of the Gross Written Premium (GWP). Representatives of the banks expressed the opinion that such restrictive cap may be destructive to bancassurance market and may discourage banks from insurance distribution.
In the opinion of ADVISORS Law Firm, the public debate between PIU and KNF on the commission cap should be inspired by the approach of EIOPA. EIOPA didn’t propose any cap on commission in the „Key findings of EIOPA’s thematic review on credit protection insurance (CPI) sold via banks”. Regulations should allow the bancassurance market to evolve rather that impose too restrictive measures.