Consumer protection policy in the Polish life insurance market in the aspect of current legal regulations


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The paper presents the phenomenon occurring in recent years on the Polish life insurance market, which enforced corrective protective actions by investment consumers of insurance products. The essence and assumptions of the new financial market paradigm are discussed, presenting the process of changes in supervisory and regulatory standards, adopted and implemented strategies in the development of protective policy together with the review of the most important legal regulations, solutions in terms of increasing product transparency and creating a new life insurance policy model to highlight pro-consumer activities. The practical implications of the study are grounded on the analysis of main problems of life insurance market in Poland and indicate the possibilities of applying appropriate solutions in the field of insurance distribution based on the latest legal regulations, recommendations and consumer needs, setting new standards and practices that raise the level of consumer safety, and in the future can become a possibility for development of the investment products market.

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    • Figure 1. Changes in the share of life insurance from ICF in the structure of gross written premium in Section I in Poland in 2010–2017
    • Figure 2. Number of complaints affecting insurance to security institutions in Poland
    • Figure 3. Number of complaints made by consumers on financial and insurance institutions
    • Figure 4. Number of complaints about construction elements of life insurance investments
    • Table 1. Business processes that should be covered by changes within a new insurance distribution model
    • Table 2. Stages of performing the duties of a life insurance distributor in a new sales model distribution