Poland's financial watchdog bans Bulgarian company from operating in Poland
Poland's financial market regulator KNF has issued a decision to prohibit the Bulgarian group Insurance JSC 'DallBogg: Life and Health’ from carrying out insurance activities in group 10 non-life insurance in the territory of the Republic of Poland, KNF said on its website.
"The reason for the issuance of the decision was the mismatch between DallBogg's organisational structure and the scale of operations conducted in the territory of the Republic of Poland," the regulator explained.
"The maladjustment resulted in a number of irregularities in the process of liquidation of claims from ppm insurance contracts," it added.
KNF continued that the decision was given the order of immediate enforceability.
"The ppm third-party liability insurance contracts concluded to date remain valid and DallBogg is obliged to process the claims submitted and pay the compensation due," KNF stressed.
"It will be a breach of the prohibition by DallBogg to conclude the ppm liability insurance contracts after April 17, 2025," it added.
DallBogg may ask Poland's financial watchdog to reconsider the case or file a complaint with the Regional Administrative Court in Warsaw.
gaw/ ao/
