Life insurance policies invalid?

31st July 2010

Life insurance policy contracts covering teachers, police officers and many city officials may be invalid, according to a ruling by The Court of Justice of the European Union.

The law states such contracts need to be offered to a public bid before they are signed, but for most state workers, this has been ignored.

The court ruling may initiate changes within the insurance group benefits industry throughout Poland which could eliminate PZU Zycie’s monopoly in the insurance market. Currently, about 80 percent of life insurance policies of workers employed by the state are with the major insurance company and in 2009, premium contributions totalled PLN 16.4 bln. ...