Regulatory Alerts2015-01-01
Guidelines on the Process of Creating Technical Provisions
The Polish Financial Supervision Authority (KNF) issued guidelines requiring insurance and reinsurance undertakings to establish robust, standardized processes for creating technical provisions by January 1, 2016. The document mandates specific responsibilities for the Management Board and Supervisory Board, while defining the actuarial function's role in valuation, risk identification, and internal control. It enforces strict standards for data management, actuarial methodology, and reporting to ensure the adequacy and reliability of financial reserves under Solvency II requirements.
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