On 8 November 2011 the insurance company TUW SKOK has been fined
PLN 500,000 (c. €114,000) by KNF, Poland's Financial
Supervision Authority, because its prices were too low.
Insurers are required by law to set premiums at a level that
provides enough money to cover their liabilities arising under
insurance contracts and their costs of insurance activity. TUW SKOK
is to appeal.
The life insurance company HDI-Gerling has been fined PLN 1,596,348
(c.€363,000) by UOKiK, Poland's Office for Competition
and Consumer Protection.
According to UOKiK, the company collected higher charges from its
clients' insurance capital funds than was permitted by its
terms and conditions. This, according to UOKiK, infringed the
collective interests of consumers, was an unfair market practice
and amounted to unfair competition. HDI-Gerling can appeal the
decision.
PZU S.A. has lost its appeal to the Court of Competition and
Consumer Protection against a fine of PLN 14,792,020 (c.
€3,362,000) imposed by UOKiK in December 2009. The fine
was imposed for infringing the collective interests of consumers by
using clauses entered in the unfair clause register. PZU can appeal
the decision.
Law: Art. 18 of the Polish Insurance Activity Act; Art. 24 of the
Act on Protection of Competition and Consumers; Art. 4 sections 1
and 3 of the Act on Counteracting unfair market practices; Art. 3
section 1 of the Act on Combating Unfair Competition.
This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq
Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
The original publication date for this article was 17/11/2011.
