Protection of the consumer rights on the Polish insurance market

Abstract

Motivation: The insurance market in Poland has undergone intensive changes resulting from the development of the market economy model. Poland’s membership in the EU imposes adaptation of the domestic legal order to legislation introduced at the level of the European Community. Consequent on this insurance companies function in the constantly changing legal and economic conditions. Apart from the strive to become more competitive, to increase the demand for the insurance services, insurers must care for the correct relationships with their clients and respect their rights resulting from the signed contract.Aim: The objective of the article is to analyse the factors determining changes in the protection of consumer rights on the Polish insurance market. For a long time, this issue was a secondary subject of regulatory standards, practices and business initiatives introduced in Poland. Along with the progressive modification of the supervisory system and the introduction of new global solutions, the issue of protection of consumer rights has become particularly important.Results: The conducted research indicates that the emergence of new threats and challenges faced by the insurance sector significantly affected the scope of protection, range of insurance products, their distribution channels and way in which the consumer rights are respected. The development of cross-sectoral cooperation, the creation of international capital groups, the spread of the bancassurance phenomenon, have tightened the system of supervision over the financial market. It has become necessary to implement new law regulations that will ensure the availability and high quality of insurance services and the safety of using them.