The lawfulness of unit-linked life assurance products and endowment products offered in Poland has been questioned by the Insurance Ombudsman, on the grounds that the investment element prevails over the insurance element.

The claims were made in a lengthy (144-page) report published on 11 December 2012, in which she also claims that banks circumvent insurance mediation legislation by executing group insurance contracts for their clients.

The Insurance Ombudsman also claims that insurance companies, banks and insurance intermediaries mislead clients by promising them profits, while the insurance products with investment element are designed to profit themselves.

Her report has been sent to the Financial Supervision Authority, the Office for Competition and Consumer Protection and will apparently also be sent to the Prime Minister and the General Public Prosecutor.

The views presented by the Insurance Ombudsman are very controversial. It seems that many statements contained in the report are inconsistent with Polish law currently in force.