10th Anniversary Congress of the Polish Insurance Association.

18 May 2023
Author: Michał Romanowski

The 10th anniversary Congress of the Polish Insurance Association was held in Sopot on 10-11 May 2023. Prof. Michał Romanowski was invited to participate in the Congress.

Prof. Michał Romanowski, together with Prof. UW Ph.D. Jacek Jastrzębski - Chairman of the Polish Insurance Association, and Prof. Dr. Paweł Wajda participated in a panel entitled "Are we heading towards over-regulation of activities and is it time to stop?". The panel discussed the following topics: how to create a law that would fulfil its functions, i.e. stabilise the market and protect clients, as well as support innovation, over-regulation and what risks it entails, the function and importance of good practices, as well as the phenomenon of gold plating in the implementation of EU law.

Prof. Michal Romanowski drew attention to the distinctiveness of the insurance business model from other sectors of the financial market and the lack of understanding of this by legislators and case law, stressing that: "Insurers provide something unique and essential - a sense of security. It is indispensable for individuals and companies" and that "If we take away the freedom of choice, we take away taking responsibility for ourselves".

In conclusion, Prof. Michal Romanowski emphasised, among other things, that when creating and applying insurance law, it is important to remember that:

  • without risk insurance, economies and societies do not function (insurance is the bloodstream)
  • fair competition is the opposition of the honest to the race to the bottom phenomenon
  • the weak require protection, but proportionate to the objective and with the protection of the diligent
  • insurance sells a sense of asset security and trust, but this requires a fair exchange of benefits.

Congress coverage: Here

18 May 2023

Author: Michał Romanowski

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