THE INFLUENCE OF THE ACT ON INSURANCE AND REINSURANCE ACTIVITY ON THE INSURANCE INTERMEDIARIE'S LABOUR MARKET IN POLAND

The aim of this article is to estimate the influence of the new act on insurance and reinsurance activity (which came into force on 1 January 2016) on the development of the insurance intermediaries' labour market in Poland. The assessment has been carried out on the basis of the data on insurance market provided both by the financial regulatory authority for Poland, namely Polish Financial Supervision Authority (PFSA) and by the insurance self-regulating business organization, namely Polish Insurance Association, as well as on the basis of author's own research and the analysis of the provisions of the act in insurance and reinsurance activity. On the basis of the analysis it can be stated that the suggested solutions may effectively eliminate new insurance agents from the market. The elimination would be a result of the necessity of staggering the commission for third-party sales of life insurance with unit-linked insurance as none of the agents will be able to stay in business until they build their own client portfolio. The ban on remunerating the people acting for and on behalf of the insured in third party insurance, especially when it comes to corporate insurance, may effectively eliminate from the market agents working for numerous employers, which may in turn result in a smaller number of such insurance on the market. This problem is also directly relevant to the situation of the insurance brokers, who intrinsically work for or on behalf of the insured.