Regulatory Alerts2016-01-01
Recommendations for Insurance Undertakings Regarding the Product Governance System
The Polish Financial Supervision Authority issued recommendations requiring insurance undertakings to establish and maintain an effective product governance system covering the entire product lifecycle. These guidelines mandate specific responsibilities for the Management Board and Supervisory Board, including risk identification, conflict of interest management, and regular system reviews. Insurers must implement these standards by July 1, 2016, adhering to a 'comply or explain' principle to ensure consumer protection and market stability.
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