Consultation of the draft of the recommendations being issued by the Polish Financial Supervision authority (Komisja nadzoru Finansowego) – EU-aspects Cover Image

Konsultacje projektów rekomendacji prowadzone przez Komisję nadzoru Finansowego – aspekty prawnounijne
Consultation of the draft of the recommendations being issued by the Polish Financial Supervision authority (Komisja nadzoru Finansowego) – EU-aspects

Author(s): Magdalena Śliwa-Wajda, Paweł Wajda
Subject(s): Law, Constitution, Jurisprudence, Law on Economics
Published by: Polska Izba Ubezpieczeń
Keywords: soft law; EIOPA; insurance market; insurance market supervision; Financial Supervision Authority; market regulation

Summary/Abstract: This article is devoted to the legal analysis of the institution of consultation of draft recommendations of the Financial Supervision Authority for the insurance market referred to in Article 365(2) of the Act of 11 September 2015 on insurance and reinsurance activity (consolidated text: Journal of Laws of 2022, item 2283, as amended; hereinafter: u.dz.u.r.) in the light of ...U regulations and standards. This provision was introduced into the Polish legal order as a form of implementation of the provision of Article 71(2) of the Solvency II Directive, where the correctness of this implementation raises serious doubts. Therefore, the aim of this study is to assess the correctness of implementation of the institution of con- sultation of drafts of soft law for the insurance market in the Polish legal order, in particular to answer the research question, whether the consultation provided for in Article 365 (2) of the u.dz.u.r. meets the requirements of openness, transparency and proportionality resulting from the Solvency II Directive.

  • Issue Year: 2023
  • Issue No: 2
  • Page Range: 3-26
  • Page Count: 24
  • Language: Polish