On June 18, 2009, an amendment to the Act on Insurance Activity comes into force. The changes aim to implement European Parliament and Council directive no. 2005/68/EC of November 16, 2005, on reinsurance.

The main amendment consists of the introduction of a possibility to establish new financial institutions, namely reinsurance companies. The new companies will be allowed to conduct reinsurance activity both in the field of life insurance and property insurance.

The Act introduces a clear differentiation between insurance and reinsurance activities, which does not exclude a possibility for both activities to be conducted by one entity, i.e. by an insurance and reinsurance company.

Contact person: Lech Gniady,

lg@pnplaw.pl