The Bank Guarantee Fund (BFG) has completed the preparatory work carried out in recent years relating to the development of a resolution framework for the insurance sector.
These activities were carried out in connection with ongoing legislative work at European Union level. They concerned the establishment of the principles governing resolution processes for insurance and reinsurance undertakings. As part of this work, the BFG developed its expert capabilities, participated in the international debate and analysed possible institutional, legal and operational solutions for the domestic market.
According to an announcement included in Polish government’s legislative agenda concerning the Act implementing EU regulations, the Financial Supervision Authority (KNF) is to act as the national authority responsible for conducting resolution processes in the insurance sector.
In view of the direction taken by the legislature regarding the implementation of the new regulations, the BFG has completed its preparatory work in this area.
