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Polish insurers to reduce fees for early termination of investment-tied products

Seventeen insurers signed agreements with the Polish Office of Competition and Consumer Protection, or UOKiK, on lowering fees for the termination of insurance policies with an investment component, the Polish regulator said Dec. 21.

The agreements will be enforced from Jan. 1, 2017, and relate to insurance contracts concluded before 2014, which were not covered by previous UOKiK decisions. The size of the fee reductions will depend on the duration of the insurance contracts in question. The regulator added that special solutions were provided for elderly clients, who had been encouraged to purchase multiyear, investment-tied insurance products despite their advanced age.

About 1.4 million clients could benefit from the agreements, news agency PAP said on Dec. 21.

Insurers that signed the agreements include Powszechny Zaklad Ubezpieczen na Zycie SA, TU Allianz Zycie Polska SA, TU Warta Zycie, UNIQA Towarzystwo Ubezpieczen na Zycie SA, AXA Zycie TU SA and others.