insurance

Disputes involving demand guarantees

Demand guarantees are among the most popular methods of securing international commercial transactions. They may be used to secure both the payment of fees and satisfactory performance of particular works. The popularity of these guarantees (sometimes also referred to as payment guarantees) can be attributed to the fact that they are issued by trustworthy and globally recognisable financial institutions (usually banks and insurance companies), and their operation is governed by universal rules well-understood in the business community. Guarantees are also independent of the underlying relationship between the parties, and the payment conditions are based on objective criteria, eliminating the potential for unexpected interpretations and actions by the parties. Given these factors, it is understandable that disputes regarding payment guarantees can usually be avoided. However, when they do occur, they usually involve substantial sums, with the potential to affect the financial liquidity of the companies involved.

Is an unexamined complaint an approved complaint?

The Act on Consideration of Complaints by Financial Market Entities and on the Financial Ombudsman provides that a complaint not resolved within the stated period “is regarded as” resolved in accordance with the customer’s request. In a surprising resolution, the Supreme Court recently ruled that this does not mean that a delay in consideration of a complaint mandates that it is resolved in the customer’s favour, but such a delay merely increases the burden faced by the entity during litigation. If, of course, the matter ever reaches the courts. Was this what the legislature intended?

Insurers’ duties to consumers

Examples from the case law on automobile insurance

The existence of a directors and officers liability policy is not sufficient to assert a direct action against the insurance com

The Warsaw Court of Appeal has held that an insurance company may be liable for a loss caused by an insured as a member of a corporate management board only upon compliance with certain formal conditions.

Outsourcing bookkeeping services

What are the obligations, barriers and costs that an existing company must deal with before beginning to provide accounting services as an additional business for outside entities?

Insurance agreement ends, but protection continues?

Termination of a framework agreement under which individual mortgage insurance policies were issued need not mean the end of the insurance protection.