He stated that insurance products offered by banks were changing and the changes depended on banks and insurance companies, not the regulatory framework. The regulatory framework, as the term itself suggests, provides only framework requirements that supervised entities must fulfil. Krystian Wiercioch said that with Recommendation U, the KNF Office began serious dialogue on customer value. ‘Today, practically at every meeting I attend we have discussions on customer value. Customer value is important. Insurance companies should take care of that value and embed it in their products’, he said.

He added that insurance products were very complex products. Insurance companies that make those products know a great deal about them so they gain information advantage over the customer. This is why the introduction of the minimum standards, such as Recommendation U, creates a balance for that advantage. ‘We show that an insurance product that complies with the recommendations will be, as a general rule, a good product. And this is what the Recommendation is for’, he said. He also said that the role of insurers and distributors was to make products that would intuitively cover the risks that those products should include.