Poland KNF

DallBogg Life and Health Insurance Prohibition Order in Poland

The Polish Financial Supervision Authority (KNF) issued a prohibition order barring Insurance JSC 'DallBogg: Life and Health' from conducting insurance business in the territory of the Republic of Poland. The enforcement action prohibits the foreign insurer from pursuing insurance activities in the Polish market.

National Working Group Recommends WIBOR Replacement Rate for Debt Securities

The Steering Committee of the National Working Group on benchmark reform adopted a recommendation on the application of a replacement rate for the WIBOR reference rate in debt securities. This recommendation provides guidance on transitioning away from WIBOR, following international benchmark reform initiatives. Affected financial institutions in Poland should monitor ongoing developments regarding the implementation of the replacement rate for existing and new debt instruments.

KNF Consults on WIBOR Benchmark Replacement for Polish Banks

The National Working Group on Benchmark Reform, coordinated by KNF Poland, has published a draft Recommendation on determining interest rates for new agreements and replacing the WIBOR reference rate in existing Polish Zloty (PLN) agreements. The consultation invites public participation on the proposed framework. This marks a significant step in Poland's benchmark rate reform, aligning with global efforts to transition away from IBOR-style reference rates to risk-free rates.