Polish Financial Supervision Authority, the Financial Ombudsman, and the Office of Competition and Consumer Protection for the Years 2014–2023

Abstract

The theoretical background: Compared to other participants in the financial market, insurance service clients typically possess limited specialist knowledge and, most often, restricted experience. The lack of comprehensive knowledge and potentially improper identification of insurance needs may result in a range of concerns directed at insurance companies. Establishing effective legal frameworks to safeguard the interests and rights of insurance market clients is one of the key principles in building the stability of the entire financial system. In Poland, there are institutions authorized to take action in response to irregularities in the activities of entities providing financial services. These include, above all, the Financial Ombudsman (RF), the Polish Financial Supervision Authority (KNF), and the Office of Competition and Consumer Protection (UOKiK).
The purpose of the article: The main aim of this article is to determine whether irregularities in the Polish insurance market are identified by the aforementioned institutions. An additional objective is to specify the nature of these irregularities, the areas they affect, their scope, and, finally, the actions taken in response to any reported or observed irregularities.
Methodology: The research is based on data from requests to the Financial Ombudsman, reports filed with the Financial Supervision Authority, the register of prohibited clauses maintained by UOKiK, and the register of prohibited clauses (based on rulings of the Court of Competition and Consumer Protection) for the years 2014–2023.
Results of the research: The analysis shows that the institutions under study effectively identify irregularities in the insurance market—these cover a wide range of practices and concern both life insurance (Section I) and other personal and property insurance (non-life insurance, Section II). The most frequently identified irregularities recorded by the Financial Ombudsman and the Financial Supervision Authority included, among others, claim dismissals, refusals to pay or disputes over the amount of compensation, delays in the claims handling process, and insurance premiums. UOKiK identified a number of prohibited contractual provisions used by insurance companies.