International Accounting Standards Board.
Incurred But Not Reported or 2nd provision – provision for losses and accidents incurred but not reported.
Interbank Offered Rate.
Insurance Capital Fund, a separate asset fund constituting a provision created from insurance premiums, invested in the manner specified in the insurance contract, a component of life insurance with an insurance capital fund (ICP), also referred to as an investment policy.
Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (Insurance Distribution Directive).
Idea Bank SA.
International Financial Reporting Standards, as endorsed by the European Commission, published and in force as at 31 December 2020.
Act of 11 September 2015 on Insurance and Reinsurance Activity (Journal of Laws of 2015, Item 1844, as amended), with most regulations in force as of 1 January 2016. This act introduced Solvency II requirements in the Polish legal system.
The quotient of insurance activity expenses (administrative expenses plus acquisition expenses net of reinsurance commissions) and net earned premium (for the non-life insurance sector) or gross written premium (for the life insurance sector); this indicator specifies the percentage share of insurance activity expenses in the premium, and a decrease in its value signifies an improvement in efficiency.
Commercial undertaking conducting agency activity pursuant to an agreement executed with an insurance undertaking. The activity of agents focuses on acquiring customers, entering into insurance agreements, participating in the administration and performance of insurance agreements and organizing and supervising agency activity.
Entity holding a permit to conduct brokerage activity. Performs activities on behalf or in favor of an entity seeking insurance cover.
Public offering pertaining to specific securities performed for the first time. One of the most important elements of an initial public offering is the preparation of a prospectus and the proceeding before the institution supervising admission to be traded public.
Interest Rate Swap.