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.