trending Market Intelligence /marketintelligence/en/news-insights/trending/pRm6EmdaX8mrzsL4OK1wVQ2 content esgSubNav
In This List

Report: PZU hit with record fine for delays in payment of insurance claims

Video

S&P Capital IQ Pro | Powering Your Edge

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

Blog

Beyond ESG with Climate Stress Testing: Getting Practical at Banks & Insurers


Report: PZU hit with record fine for delays in payment of insurance claims

The Polish Financial Supervision Authority imposed a 2.3 million Polish zloty fine on PZU SA over irregularities regarding the payment of insurance compensations, Rzeczpospolita reported Oct. 17.

The record fine was applied for delays in granting and paying out compulsory third-party vehicle insurance claims, as well as failure by PZU to inform clients in a timely manner that they are not entitled to such compensations, the news report said.

Until recently, sanctions imposed by the FSA in this area were symbolic, but now they have become more stringent, with the previous highest fine of 600,000 zlotys imposed on Towarzystwo Ubezpieczen i Reasekuracji Warta SA, Rzeczpospolita noted.

As of Oct. 17, US$1 was equivalent to 3.60 Polish zlotys.