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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

PFSA is nonetheless reviewing all aspects of the supervision of the group in the light of its recent expansion . In particular, it is considering: alternative approaches to the organization of resources: approaches that could be considered include creating a dedicated team to cover all aspects of the PZU Group’s business and stronger lead supervision arrangements with the insurance supervisor taking the lead in practice; at the time of the FSAP Mission, PFSA staff were considering a hybrid of these approaches: the creation of a small, dedicated team to carry out

International Monetary Fund. Monetary and Capital Markets Department

, supervisory files, and inspection reports . The assessment team held extensive meetings with PFSA officials, as well as the MoF, The Polish Financial Intelligence Unit, the industry (including a sample of Polish banks and audit companies), and other relevant counterparts who shared their views. In particular, the team would like to thank the PFSA staff, who responded to the extensive and detailed requests promptly and accurately during the assessment, at a time when supervisory staff were burdened by many supervisory and regulatory initiatives. B. Preconditions for

International Monetary Fund. Monetary and Capital Markets Department
This Financial System Stability Assessment discusses the findings of the IMF mission regarding assessing stability and performance of Polish financial systems. The banking system in the aggregate shows resilience to adverse shocks, although some medium-sized banks appear weak. For the financial system, sovereign-financial institution linkages have increased, while exposures to foreign-exchange mortgages have declined. Important shortcomings have been identified in prudential oversight reflecting budgetary constraints and a governance framework that compromises operational independence. Arrangements for crisis management are generally sound, although measures are required to strengthen the independence of the Bank Guarantee Fund and powers of the Polish Financial Supervision Authority. The Polish authorities have welcomed the IMF’s and World Bank’s comprehensive review of the supervisory and regulatory framework in Poland and provided feedback for every recommendation made in the report.