KUFA Newsletter 03 2016_Czy koniec roku to dobry czas na wznowienie ubezpiec...Aon Polska
Powszechnie stosowanym standardem na rynku ubezpieczeń jest rozpoczęcie okresu ochrony od dnia 1 stycznia oraz jego zakończenie w dniu 31 grudnia. Biorąc pod uwagę sezonowość taka sytuacja powoduje spiętrzenie pracy zarówno po stronie Zakładu Ubezpieczeń jak również brokera, który odnawia kontrakty swoich Klientów bazując na dacie 1 styczeń jako dacie startu umowy generalnej. Średnio dotyczy to aż 60% umów generalnych. Praca nad wznowieniem kontraktu co do zasady powinna zostać rozpoczęta ze znacznym wyprzedzeniem w zależności od rangi kontraktu oraz trudności negocjacyjnych z Zakładami Ubezpieczeń.
KUFA Newsletter 03 2016_Czy koniec roku to dobry czas na wznowienie ubezpiec...Aon Polska
Powszechnie stosowanym standardem na rynku ubezpieczeń jest rozpoczęcie okresu ochrony od dnia 1 stycznia oraz jego zakończenie w dniu 31 grudnia. Biorąc pod uwagę sezonowość taka sytuacja powoduje spiętrzenie pracy zarówno po stronie Zakładu Ubezpieczeń jak również brokera, który odnawia kontrakty swoich Klientów bazując na dacie 1 styczeń jako dacie startu umowy generalnej. Średnio dotyczy to aż 60% umów generalnych. Praca nad wznowieniem kontraktu co do zasady powinna zostać rozpoczęta ze znacznym wyprzedzeniem w zależności od rangi kontraktu oraz trudności negocjacyjnych z Zakładami Ubezpieczeń.
Po trzech kwartałach 2009 roku Grupa Kapitałowa EUROPA osiągnęła kolejny rekordowy wynik. Obie Spółki zarobiły 89,97 mln zł. To 12,4 mln zł więcej niż w tym samym okresie rok wcześniej.
TU na Życie EUROPA SA pozyskała niemal 1,8 mld zł składki przypisanej brutto (wg PSR) w ciągu pierwszych dziewięciu miesięcy 2009 roku. W tym samym czasie wynik netto TU na Życie EUROPA SA wzrósł o ponad 50% w stosunku do tego samego okresu rok wcześniej i wyniósł ponad 31 mln zł. Obie Spółki istotnie przekroczyły plany przyjęte na ten rok przez Zarząd.
Legislative and jurisprudential developments in the telecommunications sector...Michal
The Telecommunications Law Act1 (in Polish: Prawo Telekomunikacyjne,
hereafter: PT) was subject to a number of amendments in 2011 introduced by
the Amendment Act of 14 April 2011 and the Amendment Act of 16 September
2011 as well as by the separate Act of 30 June 2011 on the implementation of
digital terrestrial television.
In response to the reservations expressed by the European Commission
regarding the compatibility of the way in which regulatory obligations
concerning the setting of wholesale prices are imposed in Poland, the
Amendment Act of 14 April 2011 changed Articles 39 and 40 PT2. The direct
reason for this amendment was set out in a reasoned opinion prepared by the
Commission in October 2010 under Article 258 TFEU3. It was stated therein
that Polish rules regarding the establishment of wholesale prices may give
rise to legal uncertainty and may be discriminatory towards certain telecoms
operators.
Competence of Common Courts in Poland in Competition MattersMichal
The main aim of this article is to present current judicial practice, concerning
hearing cases stemming from appeals of Polish Competition Authority decisions.
The relevant court tends to review the cases only on merits, omitting to address
procedural infringements, clearly stated by the parties in appeals. In author’s
opinion this common practice does not have a legal leg to stand on. Author
analyses relevant laws and precedents pointing out, that full review of the decision
is Court’s duty, which could not be neglected. Furthermore, according to ECHR
rulings procedural guaranties should be assured on high level, especially in matters,
where quasi-criminal fines are concerned. As a legal practitioner Author perceives
possible crippling effect on effectiveness, assuming that the Court would have to
review all steps of the proceedings before Competition Authority. So in conclusion
Author proposes a compromise solution asserting, that the Court should at least
address all procedural infringement counts stated in appeal.
The European Commission published a White Paper on 2 April 2008 on damages
actions for breach of EU antitrust rules. The content of the White Paper is since
then being prepared to be converted into EU legislation on private antitrust
enforcement. This paper presents the developments in private antitrust enforcement
in Poland after 2 April 2008. It commences with an outline of EU actions in
this field which act as an introduction to the more detailed analysis of recent
jurisprudential and legislative developments in Poland. The latter part of the paper
covers, in particular, the 2009 Act on the Pursuit of Claims in Group Proceedings
and the 2011 Act Amending the Civil Procedure Code and Some Other Acts which
abolishes all specific elements of commercial proceedings, including the statutory ‘non-admission of evidence’ principle. These two legal acts are assessed in order
to establish whether their introduction is likely to help facilitate private antitrust
enforcement in Poland and to consider to what an extent are these developments
responding to the challenges outlined by the European Commission.
Legislative developments in the aviation sector in 2011 in polandMichal
The Polish Aviation Law Act of 3 July 2002 was amended six times in
2011. The only major change introduced in this period resulted from the
Amendment Act to the Aviation Law Act of 30 June 2011, most of which
entered into force 30 days after its publication1. In fact, changes introduced
thereby were so widespread and crucial to the entire aviation sector that it
can easily be referred to as a completely new law. Considerable effort went
into the preparation of this Act – its first draft was presented as early as 2009
followed by long consultations and the ultimate introduction of a number of
further changes.
Media audiovizualne. konflikt regulacyjny w dobie cyfryzacji a book reviewMichal
The book under review here is entitled Audiovisual Media: regulatory conflict in
the digitalisation era by Katarzyna Chalubinska- Jentkiewicz. As the title suggests,
I expected it to be a monograph on new regulatory problems in the increasingly
digital audiovisual field. The sector itself is well known to cause competence conflicts
between the as many as three different regulatory bodies overseeing it in Poland: the
national telecoms regulator (the UKE President), the audiovisual media supervisory
body (the KRRiT) and the competition authority (the UOKiK President). The impact
of the European Commission can also not be overlooked. The book does indeed
deal in great detail with what is seen as the ‘regulatory conflict’ in the audiovisual
field but the approach applied therein is that of the theory of administration and
administrative/constitutional law rather than that of market regulation. As a result,
the analysis focuses primarily on the perceived ‘conflict’ between Poland’s interests
and regulatory competences and the impact exercised by the European Union as
a whole, rather than on any existing or potential internal conflicts. Key to the entire
analysis is the contraposition of the notion of ‘public interest of a nation’ (State) and
the ‘general interest of the EU’ whereby the special characteristics of ‘national’ public
interest are associated with the notion of ‘public morality’ and also, ‘public mission’.
Sieci szerokopasmowe w polityce telekomunikacyjnej a book reviewMichal
A new book from Professor Stanisław Piątek, an established authority on
telecommunications law, brings the reader closer to the inner workings of broadband
technology in its legal environment. The title reflects the focus of telecoms policy
on access whereby the only access that matters is to the broadband network in its
many variations. The subject matter itself makes the book worth reading, particularly
in the absence of other major Polish works on this topic. Even if some authors
regarded broadband technologies as obsolete years ago1, in reality it still represents
a lion’s share of the telecoms business. Professor Piątek himself is well aware of the
historical and transitory nature of the subject matter when he defines broadband not
by association with any particular technology but as the ability of whatever technology
available at any given moment to provide a certain minimum transmission speed.
Thus the central notion is open to absorb technologies nonexistent as of yet. This in
turn may pose serious regulatory issues as to what future industries will be subject to
regulation, particularly since the distinction between content and carrier regulation
is becoming increasingly blurred.
Legislative developments in rail transport in 2011 in polandMichal
Most amendments of the Polish rail transport law in 2011 concerned the
organisation of rail transport including: improvements in timetable changing
procedures; mechanisms to ensure the observance and early publication of
timetables; interoperability of the rail system and; certification of train drivers.
Introduced were also some changes meant to restructure the incumbent state
rail operator (in Polish: Polskie Koleje Państwowe; hereafter PKP).
To regulate or not to regulate – economic approachMichal
The aim of this paper is to present an Indefeasible Right of Use (IRU) as a possible
remedy for telecom infrastructure EU projects that (in Poland) have been lagged
behind the time. Thanks for IRU, Beneficiaries of these EU projects will be able
to save both: time and money and will finish projects successfully. The author
discusses two possible methods of implementing IRU: via regulatory obligation and
via incumbent’s goodwill. The author proposes a game theory model with payoffs
depending on regulator’s and incumbent’s strategies. Using a game theory tree,
the author shows that if only the incumbent is willing to offer his own network,
IRU may be signed and most delays in EU projects disappear. The success is not
so obvious while implementing IRU as an obligation – in this case EU projects
will probably fail.
Po trzech kwartałach 2009 roku Grupa Kapitałowa EUROPA osiągnęła kolejny rekordowy wynik. Obie Spółki zarobiły 89,97 mln zł. To 12,4 mln zł więcej niż w tym samym okresie rok wcześniej.
TU na Życie EUROPA SA pozyskała niemal 1,8 mld zł składki przypisanej brutto (wg PSR) w ciągu pierwszych dziewięciu miesięcy 2009 roku. W tym samym czasie wynik netto TU na Życie EUROPA SA wzrósł o ponad 50% w stosunku do tego samego okresu rok wcześniej i wyniósł ponad 31 mln zł. Obie Spółki istotnie przekroczyły plany przyjęte na ten rok przez Zarząd.
Legislative and jurisprudential developments in the telecommunications sector...Michal
The Telecommunications Law Act1 (in Polish: Prawo Telekomunikacyjne,
hereafter: PT) was subject to a number of amendments in 2011 introduced by
the Amendment Act of 14 April 2011 and the Amendment Act of 16 September
2011 as well as by the separate Act of 30 June 2011 on the implementation of
digital terrestrial television.
In response to the reservations expressed by the European Commission
regarding the compatibility of the way in which regulatory obligations
concerning the setting of wholesale prices are imposed in Poland, the
Amendment Act of 14 April 2011 changed Articles 39 and 40 PT2. The direct
reason for this amendment was set out in a reasoned opinion prepared by the
Commission in October 2010 under Article 258 TFEU3. It was stated therein
that Polish rules regarding the establishment of wholesale prices may give
rise to legal uncertainty and may be discriminatory towards certain telecoms
operators.
Competence of Common Courts in Poland in Competition MattersMichal
The main aim of this article is to present current judicial practice, concerning
hearing cases stemming from appeals of Polish Competition Authority decisions.
The relevant court tends to review the cases only on merits, omitting to address
procedural infringements, clearly stated by the parties in appeals. In author’s
opinion this common practice does not have a legal leg to stand on. Author
analyses relevant laws and precedents pointing out, that full review of the decision
is Court’s duty, which could not be neglected. Furthermore, according to ECHR
rulings procedural guaranties should be assured on high level, especially in matters,
where quasi-criminal fines are concerned. As a legal practitioner Author perceives
possible crippling effect on effectiveness, assuming that the Court would have to
review all steps of the proceedings before Competition Authority. So in conclusion
Author proposes a compromise solution asserting, that the Court should at least
address all procedural infringement counts stated in appeal.
The European Commission published a White Paper on 2 April 2008 on damages
actions for breach of EU antitrust rules. The content of the White Paper is since
then being prepared to be converted into EU legislation on private antitrust
enforcement. This paper presents the developments in private antitrust enforcement
in Poland after 2 April 2008. It commences with an outline of EU actions in
this field which act as an introduction to the more detailed analysis of recent
jurisprudential and legislative developments in Poland. The latter part of the paper
covers, in particular, the 2009 Act on the Pursuit of Claims in Group Proceedings
and the 2011 Act Amending the Civil Procedure Code and Some Other Acts which
abolishes all specific elements of commercial proceedings, including the statutory ‘non-admission of evidence’ principle. These two legal acts are assessed in order
to establish whether their introduction is likely to help facilitate private antitrust
enforcement in Poland and to consider to what an extent are these developments
responding to the challenges outlined by the European Commission.
Legislative developments in the aviation sector in 2011 in polandMichal
The Polish Aviation Law Act of 3 July 2002 was amended six times in
2011. The only major change introduced in this period resulted from the
Amendment Act to the Aviation Law Act of 30 June 2011, most of which
entered into force 30 days after its publication1. In fact, changes introduced
thereby were so widespread and crucial to the entire aviation sector that it
can easily be referred to as a completely new law. Considerable effort went
into the preparation of this Act – its first draft was presented as early as 2009
followed by long consultations and the ultimate introduction of a number of
further changes.
Media audiovizualne. konflikt regulacyjny w dobie cyfryzacji a book reviewMichal
The book under review here is entitled Audiovisual Media: regulatory conflict in
the digitalisation era by Katarzyna Chalubinska- Jentkiewicz. As the title suggests,
I expected it to be a monograph on new regulatory problems in the increasingly
digital audiovisual field. The sector itself is well known to cause competence conflicts
between the as many as three different regulatory bodies overseeing it in Poland: the
national telecoms regulator (the UKE President), the audiovisual media supervisory
body (the KRRiT) and the competition authority (the UOKiK President). The impact
of the European Commission can also not be overlooked. The book does indeed
deal in great detail with what is seen as the ‘regulatory conflict’ in the audiovisual
field but the approach applied therein is that of the theory of administration and
administrative/constitutional law rather than that of market regulation. As a result,
the analysis focuses primarily on the perceived ‘conflict’ between Poland’s interests
and regulatory competences and the impact exercised by the European Union as
a whole, rather than on any existing or potential internal conflicts. Key to the entire
analysis is the contraposition of the notion of ‘public interest of a nation’ (State) and
the ‘general interest of the EU’ whereby the special characteristics of ‘national’ public
interest are associated with the notion of ‘public morality’ and also, ‘public mission’.
Sieci szerokopasmowe w polityce telekomunikacyjnej a book reviewMichal
A new book from Professor Stanisław Piątek, an established authority on
telecommunications law, brings the reader closer to the inner workings of broadband
technology in its legal environment. The title reflects the focus of telecoms policy
on access whereby the only access that matters is to the broadband network in its
many variations. The subject matter itself makes the book worth reading, particularly
in the absence of other major Polish works on this topic. Even if some authors
regarded broadband technologies as obsolete years ago1, in reality it still represents
a lion’s share of the telecoms business. Professor Piątek himself is well aware of the
historical and transitory nature of the subject matter when he defines broadband not
by association with any particular technology but as the ability of whatever technology
available at any given moment to provide a certain minimum transmission speed.
Thus the central notion is open to absorb technologies nonexistent as of yet. This in
turn may pose serious regulatory issues as to what future industries will be subject to
regulation, particularly since the distinction between content and carrier regulation
is becoming increasingly blurred.
Legislative developments in rail transport in 2011 in polandMichal
Most amendments of the Polish rail transport law in 2011 concerned the
organisation of rail transport including: improvements in timetable changing
procedures; mechanisms to ensure the observance and early publication of
timetables; interoperability of the rail system and; certification of train drivers.
Introduced were also some changes meant to restructure the incumbent state
rail operator (in Polish: Polskie Koleje Państwowe; hereafter PKP).
To regulate or not to regulate – economic approachMichal
The aim of this paper is to present an Indefeasible Right of Use (IRU) as a possible
remedy for telecom infrastructure EU projects that (in Poland) have been lagged
behind the time. Thanks for IRU, Beneficiaries of these EU projects will be able
to save both: time and money and will finish projects successfully. The author
discusses two possible methods of implementing IRU: via regulatory obligation and
via incumbent’s goodwill. The author proposes a game theory model with payoffs
depending on regulator’s and incumbent’s strategies. Using a game theory tree,
the author shows that if only the incumbent is willing to offer his own network,
IRU may be signed and most delays in EU projects disappear. The success is not
so obvious while implementing IRU as an obligation – in this case EU projects
will probably fail.
2. Obligacje Paostwowe
Dłużne papiery wartościowe emitowane przez
Skarb Paostwa. Emitent obligacji – Paostwo –
pożycza od nabywcy obligacji określoną sumę
pieniędzy i zobowiązuje się ja zwrócid, w
określonym czasie, wraz z należnymi
odsetkami
3. Oprocentowanie
2-letnie Obligacje Skarbu Paostwa DOS1214 - 3,9% w skali roku, stałe
oprocentowanie w okresie 2 lat
3-letnie Obligacje Skarbu Paostwa TOZ1215 - 4,6% (w
pierwszym 6M okresie odsetkowym) w skali roku. Oprocentowanie
aktualizowane co 6M w oparciu o stawkę WIBOR 6M.
4-letnie Obligacje Skarbu Paostwa COI1216 – 5%
w pierwszym roku (inflacja +marża)
10-letnie Obligacje Skarbu Paostwa EDO1222 – 5,5%
w pierwszym roku (inflacja +marża)
5. Notowania i wyceny większości obligacji możemy sprawdzid na
platformie rynku obligacji - CATALYST
Bezpieczeostwo…
obligacje skarbowe są jedną z najbardziej bezpiecznych lokat
nadwyżek kapitału na rynku. Gwarantem jest paostwo, a więc
zazwyczaj podmiot z największymi dochodami i majątkiem na
rynku.
jednak…
6.
7. Od 800 lat jedno paostw bankrutuje średnio raz
na 3 lata
Od roku 1800 było na świecie 68 przypadków
kiedy paostwo odmówiło spłaty swoich
zobowiązao.
8. W nowożytnej historii znamy tylko jeden
przypadek całkowitego bankructwa
paostwa –
wyspa Nauru
9. Gdzie można kupid obligacje skarbowe
- Przez internet na stronie
www.obligacjeskarbowe.pl
- Przez telefon
- W placówce oddziału PKO BP oraz domu
maklerskim
10. Czym się kierowad przy wyborze obligacji ?
1. Zobacz opinie Agencji rating’owych
Moody’s, Fitch, S&P.
2. Pamiętaj, że im niższe oprocentowanie obligacji tym
wiarygodniejszy emitent
3. Sprawdź zadłużenie paostwa jako procent PKB –
wybieraj tylko te paostwa z zadłużeniem nie
przekraczającym 60% PKB
4. Zdrowy rozsądek
11. Agencje Ratingowe
• Grecja – obniżenie ratingu tylko przez agencję Fitch do A-
dopiero w 2009
• Lehman Brothers – rating AA na kilka dni przed bankructwem
• -AIG – rating AA na kilka dni przed bankructwem i dofinansowaniem ze
strony rządu.
• -Obligacje firmy Morgan Stanley straciły na wartości 93%, a w raportach
nadal jawiły się jako papiery niezdolne do tak dramatycznych spadków.
• -Bear Stearns – rating AA na krótko przed przejęciem przez JP Morgane
Chase
(JP Morgan kupił jego akcje za 10$/akcję – przed kryzysem akcja była wyceniana
na 133,2$)
