For example, as measures in the area of capital requirements and solvency in order to enable insurance and reinsurance undertakings to meet their obligations to customers, the KNF will lower the capital requirement by offering the possibility to calculate the quarterly SCR without changing the parameters.
In the area of day-to-day supervision, in order to allow insurers to focus on customer service, key processes, and day-to-day operations, KNF announced it has suspended new inspections at insurance undertakings and distributors, and the ongoing inspections are being conducted with lower intensity, mostly using electronic communication.
As legislative initiatives in the area of management of insurance contracts in order to to consider special circumstances in the process of handling claims, KNF said that "due to the COVID-19 pandemic conditions, the KNF is going to propose a statutory amendment that will abolish the mandatory sanctions regarding untimely settlement of claims.
Click here to read the Supervisory Stimulus Package for Security and Development to support the insurance industry.
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