Despite the already delayed the entry into force of the quarter our guidelines, some banks do not have time to prepare, and the end of March will have to withdraw from the sale of its insurance offer. Recommendation U is developed by Financial Supervision Commission a set of recommendations for banks selling insurance. Originally, he had to take effect from the beginning of 2015., But KNF bankers considered arguments claiming that they need more time.
Surveillance hopes that financial institutions manage to implement guidelines on bancassurance the end of March, but unofficially bankers doubt that all I could do. Expect, therefore, that some banks to meet the requirements of the Financial Supervision Authority, a few weeks bring a temporary solution that will consist of … temporarily suspend sales of parts of products. They will return with them to the market after a while, when they could prepare an offer that meets the requirements of recommendations. It will be concerned primarily with group insurance sold in a package with cards, personal accounts and loans.
The most important goal recommendations U is to change the bank remuneration model for the distribution of insurance group. Today, buying a policy the bank required eg. When the credit agreement or a card, just insure the group, and the bank as a broker earns a commission on the sale. In accordance with the recommendation will still be able to distribute this type of insurance, but will not be able to receive the title of this commission from the insurer. Will therefore have three choices: continue to offer such insurance, and anything that does not make, withdraw it from sale or swap agreement on an individual group. The latter, however, is not so simple. – Banks will have to adapt systems to convert the group policy to an individual. In addition, banks selling insurance will be able to deal with only the employees registered by the Financial Supervision Commission as individuals performing agency activities. The entry is preceded by a test of knowledge. All of this is associated with different types of costs and will be spread out over time – Thomas believes Raczyński of mBank.
Some experts believe that as a result of the implementation of the recommendations offer banks will be depleted at constant. – Some banks may liquidate the form of insurance protection group. This may result in the deprivation of some clients access to insurance, for example. Unemployment – Peter believes Zadrożny, director. Economic and financial insurance in the Polish Chamber of Insurance.
Recommendation U is a reaction to the Financial Supervision unfair practices of some banks. Group selling insurance, act as the policyholder entity that receives a commission from the company for the sale of the policy. Insured is the client, but he has no choice company, which will be purchased Policy , and has no effect on the price of insurance. However, if necessary, provide compensation investigation is difficult, because the bank does not depend on that to strive for it.
496 zł average single premium insurance product associated with the bank
10 million the number of policies sold by life insurance through banks in the third quarter. 2014.
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