Regulatory Alerts2023-01-01
Recommendation U on Good Practices in Bancassurance
The Polish Financial Supervision Authority (KNF) issued Resolution No. 243/2023 adopting Recommendation U, which establishes good practices for bancassurance activities by banks and cooperative savings and loan associations (SKOKs). The regulation mandates that banks align their operations with these standards by July 1, 2024, while SKOKs must comply by January 1, 2025, replacing the previous 2014 recommendation. The document outlines specific requirements for governance, risk management, accounting policies, and client relations to ensure adequate consumer protection and adherence to the principle of proportionality.
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