Poland: Sejm adopts act on insurance distribution

Poland

On 9 November 2017 the Sejm adopted the act on insurance distribution.  The act will now be submitted to the Senate.

If the Senate accepts the act in its current form, only the President’s signature will be required for it to enter into force.

Most provisions of the draft act are expected to come into force on 23 February 2018. However, this may be delayed because the EU Committee on Economic and Monetary Affairs has requested the European Commission to push back the ultimate deadline for implementation to 1 October 2018. According to press releases, the above-mentioned request has been approved by the European Parliament.

The accelerated pace of the legislative works (the second and third reading of the draft act on insurance distribution took place one after the other last week) may indicate that the Polish Parliament may be willing to pass the act within the initial time frames. However, it still remains to be seen how the Polish legislator will act if the European Commission decides to push back the deadline.

For more information, please get in touch with your contact person at CMS Cameron McKenna Nabarro Olswang.