51.3 Inspection and surveillance missions of PFSA

51.3.1 PZU

During the period between 17 April and 17 June 2015, the Polish Financial Supervision Authority (PFSA) conducted an inspection at PZU concerning the scope of the use of services of insurance agents.

On 12 January 2016, PZU received the report of the inspection, which raised objections on 27 January 2016.

In the period between 14 April and 19 May 2016, the inspection concerning the activity and assets of the company in scope of claims handling took place.

On 13 July 2016, PZU received the report of the inspection, which raised objections on 27 July 2016. On 18 November 2016, PZU received three post-control recommendations which were implemented by 31 January 2017. According to the Management Board of PZU, the results of the above mentioned inspection will not influence the consolidated financial statement.

51.3.2 PZU Życie

During the period between 25 July and 24 August 2016, PFSA conducted a surveillance mission at PZU Życie. The mission aimed to verify compliance with the requirements for the management system in the scope of providing efficient system for sharing information with supervisory authority. PZU Życie agreed with PFSA’s findings concerning the method of reporting in the scope of insurance capital funds and, starting with the reporting date of 31 December 2016, implemented the changes agreed to.

During the period between 27 September and 25 November 2016, PFSA conducted an inspection at PZU Życie in the scope of the use of services of insurance agents, concerning especially:

  • supervision of the insurance company over the activity of insurance agents;
  • regularities for concluding agency agreements in terms of compliance with the provisions of law;
  • conducting training and examination of agents;
  • regularities for reporting modifications to the register of insurance agents.

To the date of the financial statements, PZU Życie has not received a post-control report.

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