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Even in highly developed countries only 30 percent of enterprises can recover their position following an interval in operation due to a large material loss, eg. a fire. They are predominantly able to accomplish that as a result of having a type of BI insurance polisy in place.
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Broker's roleLegal grounds
The legal regulations, which have instituted the notion of an insurance broker in Poland in its current meaning and position on the insurance market, date back to the Insurance Act of 28th July 1990. The Act essentially changed the overall legal framework regarding insurance, providing mainly for the adjustment of Polish insurance law to the new economic system and enabling the establishment of new insurance companies and their operation in a competitive marketplace.
The 1995 amendment of the Insurance Act introduced a number of new regulations concerning insurance intermediaries, among which were the conditions for obtaining a broker's licence, prerogatives of the state supervisory body and personal qualification requirements. The amended regulations added to clients' security and safeguarded the professional quality of brokers' services by imposing that all persons who commence the activity of an insurance broker must:
- maintain total independence of insurance companies
- pass an adequate qualification exam before a state committee
- take out professional liability insurance policy.
Through subsequent legislative developments a separate act was passed in the Polish Parliament on 22nd May 2003 addressing the operation of insurance agents and brokers. With regard to brokers the act had a new effect of enumerating brokers' specific duties, especially towards clients, and introducing additional requirements for new applicants, e.g. a demand of having at least three years of professional experience in insurance.
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