28 October 2010

On 10 June this year the Parliamentary Committee on Public Finance adopted, in the first reading, a bill on an amendment on the Law on Insurance Business and the Law on Public Offering of Financial Instruments to Organized Trading and Public Companies.

Adopted by the Committee the bill adjusts the provisions of the Act on insurance activity to the provisions of Directive 2007/44/EC as regards the threshold at which the insurance company is obliged to notify the supervisory authority to ensure the acquisition of shares or to have exceeded 33% of the votes at the general meeting or in the capital Establishment, on the threshold of 331 / 3%. The proposed amendment therefore alters the current threshold of 33% – referred to in Article. Paragraph 35. Article 2. Paragraph 36. 1 of the Law on Insurance Business – on the threshold of 331 / 3%.

The Committee on Public Finance will forward the adopted bill for the first reading in Sejm.
The Act will come into force after 14 days from the date of its publication.