Regulatory AlertsRecommendations for Insurance Undertakings Regarding the Process of Determining and Paying Compensation for Non-Pecuniary Damage from Motor Vehicle Third-Party Liability Insurance
The Polish Financial Supervision Authority issued recommendations requiring insurance undertakings to standardize and transparently manage the process of determining and paying compensation for non-pecuniary damage in motor vehicle third-party liability cases. The document mandates specific organizational structures, internal controls, and claim handling procedures to ensure consistent application of legal criteria and mitigate financial and reputational risks. Insurers are required to implement these standards by December 31, 2016, under a "comply or explain" regime to guarantee that compensation fully covers the victim's non-pecuniary harm.
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