About the Need to Define Uniform Rules for the Operation of Insurance Guarantee Schemes in the Event of Insurer's Bankruptcy in the European Union

Abstract

The European Union has been working for years to establish uniform rules for the operation of insurance guarantee funds in the Member States. They are the equivalents of the Polish Insurance Guarantee Fund. The rules should increase the protection of consumers, i.e. policyholders and the injured. However, it has not been decided yet who will actually be protected by the new regulation, namely whether these will be all the insured or only those who have concluded a compulsory insurance contract. Will all Europeans be protected in the same way or only residents of individual Member States? What is more, the ultimate cost of the systemic changes to be introduced into the Polish market is also unknown. If the system applied to numerous business lines and covered natural persons as well as small and medium-sized enterprises, insurance would certainly become very expensive, leaving many Poles without protection. This article aims to familiarize readers with the current state of legislative works as well as the directions for the development of systemic changes.