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During the period between 12 August and 3 October 2014 the PFSA conducted an inspection at PZU Życie. The inspection covered PZU Życie operations and its financial status in respect of:
- organization and management;
- bookkeeping;
- investment policy;
- technical provisions;
- fulfillment of benefits.
On 29 June 2015, PZU Życie received a post-inspection report. PZU submitted objections to its content on 13 July 2015 and 12 August 2015.
On 12 November 2015, PZU Życie received the recommendation to adjust its insurance operations to the act on insurance activity, the accounting act, the regulation on specific accounting principles for insurance and reinsurance companies, and the regulation on financial instruments.
The recommendations concerned, in particular, disclosure requirements to policyholders and claimants, principles of complaints, completeness of technical plans in terms of setting the technical rate, and the principles (policies) of accounting in terms of the valuation of assets (particularly, the non-standardized derivatives), as well as the methods of valuating financial instruments and determining the value of life insurance provision.
The implementation date for these recommendations was set at 29 February 2016.
PZU Życie notified PFSA about the methods of implementing the recommendations on 29 December 2015, 4 February, 23 February and 29 February 2016.
The issues identified by PFSA do not exert significant effect on the consolidated financial statements.
