Poland - Compliance with Policy Document Requirements
Lloyd’s has agreed a mandatory text for policy documents with the Polish regulator.
In recent months, Lloyd’s has been in dialogue with the Polish insurance regulator, the Financial Supervision Authority (“the KNF”), regarding the application of Article 141 of the Act on Insurance Activity 2003 to Lloyd’s policy contracts. As noted on Crystal, Article 141 states that all policy documents must contain, inter alia:
- the address and registered office of the insurance undertaking, or, respectively, the address of the insurance undertaking’s branch through which the cover is underwritten;
- the parties to the insurance contract.
As a result of this dialogue, Lloyd’s has agreed with the KNF that a particular text will be placed on all Lloyd’s insurance contracts in respect of risks located in Poland (including binding authority business) in order to ensure that the identity of Lloyd’s underwriters as the insurer is clear to the insured. The KNF has confirmed that the inclusion of this text is sufficient to meet the requirements of Article 141 to their satisfaction. The text that has been agreed is contained in LSW1856 (for establishment business) and LSW1857 (for freedom of services business), which are available on the Lloyd's Wordings Repository in English or Polish.
As the new text must be used with immediate effect, managing agents are advised to ensure that it is included in all policy documents under the heading of Insurer.