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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.