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International Monetary Fund. Monetary and Capital Markets Department
This Technical Note on Insurance Sector Regulation and Supervision provides an update and an assessment of the development of regulation and supervision of the Polish insurance sector since an assessment concluded in 2012. The note focuses on key issues, with reference to international standards but without presenting a detailed assessment of Poland’s observance. The supervision of intermediaries has also been strengthened in line with a 2012 Financial Sector Assessment Program recommendation. The Solvency II changes appear well-embedded, without significant exemptions or transitional arrangements. With limited long-term guarantee business, life insurers have currently no need for the special measures adopted for such business in many EU countries. However, the recent emergence of the first Polish financial conglomerate, which is headed by an insurer, poses supervisory challenges. In respect to the selected other areas of the insurance framework that were reviewed, the findings highlighted strengths in the approach, with some scope for further development.
International Monetary Fund. Monetary and Capital Markets Department

is set out in the Figure below. The main elements of the approach are published. 51. The off-site supervisory approach involves regular thorough analysis, reporting upwards within the PFSA and supervisory action, geared in part to triggers aimed at promoting early intervention . A key output is an internal report evaluating the extensive quarterly reported information at group and solo insurer levels, including financial information on a PAS basis and solvency. There is monthly reporting also—referred to as the Early Warning System, EWS. The monthly