International Monetary FundWorld Bank2014-03-252014-03-252012-11https://hdl.handle.net/10986/17356This assessment is focused on the Komisja Nadzoru Finansowego (KNF, the financial supervisory commission), specifically on its supervision of the insurance sector. KNF has responsibility for licensing and supervising all players in the insurance market that is insurance companies, insurance brokers, agents, loss adjusters, reinsurance companies, and reinsurance brokers. The assessment was performed using the 2007 version of the insurance core principles (ICPs) issued by the International Association of Insurance Supervisors (IAIS) and the methodology described by the IAIS. Each ICP is rated in terms of the level of observance as follows: observed - whenever all the standards are considered to be observed or when all the standards are observed except for a number that are considered not applicable; not applicable - when the standards are considered to be not applicable; largely observed - where only minor shortcomings exist, which do not raise any concerns about the authorities' ability to achieve full observance; partly observed - where, despite progress, the shortcomings are sufficient to raise doubts about the authorities' ability to achieve observance; and not observed - where no substantive progress toward observance has been achieved.en-USCC BY 3.0 IGOACCOUNTANTACCOUNTINGACCOUNTING RULESACCOUNTING STANDARDSACTUARIAL REPORTSACTUARIESAGENTSANTI-MONEY LAUNDERINGAPPLICATIONSARBITRATIONASSURANCEAUDITORSAUDITSBALANCE SHEETBANK GUARANTEEBANKRUPTCYBENEFICIARIESCAPITAL ADEQUACYCAPITAL MARKETSCAPITAL REQUIREMENTSCIVIL CODECIVIL CODESCIVIL LAWCODE OF CONDUCTCOMMERCIAL CODECOMPENSATIONCOMPULSORY INSURANCECOMPULSORY INSURANCESCONFIDENTIALITYCONFLICT OF INTERESTCONFLICT OF INTERESTSCONSUMER PROTECTIONCONSUMERSCORPORATE GOVERNANCECORPORATE GOVERNANCE FRAMEWORKCORPORATE GOVERNANCE STANDARDSCORRECTIVE ACTIONCOVERAGECREDIT INSTITUTIONSCREDITORSDERIVATIVEDERIVATIVESDIVIDENDDIVIDEND PAYMENTSENFORCEMENT POWERSETHICAL BEHAVIOREXPOSURESFINANCESFINANCIAL CONDITIONFINANCIAL CONGLOMERATEFINANCIAL CONGLOMERATESFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL MARKET PARTICIPANTSFINANCIAL MARKETSFINANCIAL REPORTINGFINANCIAL SECTORFINANCIAL SECTOR POLICYFINANCIAL STATEMENTFINANCIAL STATEMENTSFINANCIAL SUPERVISIONFINANCIAL SYSTEMFOREIGN BRANCHESFOREIGN COMPANIESFOREIGN INSURERFRAUDGOVERNANCE STANDARDSGUARANTEE FUNDHOLDINGHOLDING COMPANIESHOLDING COMPANYHOME MARKETINFORMATION SHARINGINSOLVENCYINSPECTIONSINSURANCEINSURANCE ACTIVITIESINSURANCE ACTIVITYINSURANCE BROKERSINSURANCE CLAIMSINSURANCE COMPANIESINSURANCE COMPANYINSURANCE CONTRACTINSURANCE CONTRACTSINSURANCE GUARANTEEINSURANCE INDUSTRYINSURANCE LAWINSURANCE LICENSESINSURANCE MARKETINSURANCE MARKETSINSURANCE POLICIESINSURANCE PREMIUMINSURANCE PREMIUM RATESINSURANCE PREMIUMSINSURANCE RISKINSURANCE SERVICESINSURANCE SUPERVISIONINSURANCE SUPERVISORSINSURANCESINSURERSINTEGRITYINTEREST RATEINTERNAL AUDITINTERNAL CONTROLINTERNAL CONTROLSINTERNATIONAL BANKINTERNATIONAL STANDARDINTERNATIONAL STANDARDSJOINT STOCK COMPANYJURISDICTIONJURISDICTIONSLAW ENFORCEMENTLAWSLEGAL FRAMEWORKLEGAL PROTECTIONLEGAL PROTECTIONSLEGAL PROVISIONLEGAL PROVISIONSLEGAL TRANSACTIONSLEVEL OF PREMIUMSLEVEL OF RISKLEVYLIABILITYLIABILITY INSURANCELIFE INSURANCELIFE-INSURANCELIQUIDATIONMACROECONOMIC DATAMANDATORY MEMBERSHIPMARKET DEVELOPMENTSMARKET ENVIRONMENTMARKET INFRASTRUCTUREMARKET PARTICIPANTSMARKET SUPERVISIONMATURITYMONETARY FUNDMONEY LAUNDERINGMOTOR INSURANCEMUTUAL INSURANCEOPERATIONAL INDEPENDENCEOPERATIONAL RISKOUTSOURCINGOWNERSHIP OF BANKSPENSIONPENSION FUNDSPENSION SYSTEMPENSIONSPOINT OF SALEPOLICYHOLDERSPORTFOLIOPRIVATE SECTOR DEVELOPMENTPROFESSIONAL EDUCATIONPROTECTION OF POLICYHOLDERSPUBLIC BUDGETPUBLIC COMPANIESPUBLIC OFFERINGRECIPROCITYRECOVERABLESREGULATORY FRAMEWORKREGULATORY REQUIREMENTSREINSURANCEREINSURANCE ARRANGEMENTSREINSURANCE COMPANIESREINSURANCE CONTRACTSREINSURERSREPUTATIONRESERVERESERVESRETURNRETURNSRISK ASSESSMENTRISK ASSESSMENTSRISK CONTROLRISK DIVERSIFICATIONRISK FACTORSRISK MANAGEMENTRISK MANAGEMENT SYSTEMRISK MANAGEMENT SYSTEMSRISK PROFILERISK PROFILESRISK TAKINGRISK TRANSFERSECURITIESSECURITIES MARKETSSEIZURESHAREHOLDERSHAREHOLDERSSHORT-TERM FINANCESINGLE MARKETSOCIAL SECURITYSOLVENCYSOLVENCY REQUIREMENTSSTOCK EXCHANGESUPERVISION AUTHORITIESSUPERVISION AUTHORITYSUPERVISORY AUTHORITIESSUPERVISORY AUTHORITYSUPERVISORY BOARDSUPERVISORY SYSTEMTERRORISMTHREAT OF INSOLVENCYTRADINGTRANSACTIONTRANSPARENCYTREASURYTRUSTEESVALUATIONWITHDRAWAL10.1596/17356