Open an Insurance Company in Poland: Requirements & Benefits

Here, we will walk you through the essential steps to open an insurance company in Poland. Further, we will cover the requirements, documents, and costs involved in opening an insurance company in Poland.


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    open an insurance company in poland

    Opening an insurance company in Poland is a promising venture that requires careful consideration and adherence to specific regulations. Poland’s robust economy and growing demand for insurance services make it an attractive market for entrepreneurs looking to establish their presence in the financial sector.

    In this guide, we will walk you through the essential steps, requirements, documents, and costs involved in opening an insurance company in Poland, providing you with valuable insights to navigate the process seamlessly.

    Requirements for Opening an Insurance Company in Poland

    Legal Requirements:

    To establish an insurance company in Poland, you must comply with the legal framework outlined by the Polish Financial Supervision Authority (PFSA). Ensure that your company structure and operations align with the Insurance Activity Act and other relevant regulations.

    Financial Requirements:

    Adequate financial capital is a fundamental requirement. To guarantee the solvency and financial stability of insurance businesses, the PFSA sets a minimum capital requirement. The sort of insurance you plan to offer will determine the capital amount.

    Procedures for Opening an Insurance Company in Poland

    Submit Application to the KNF:

    The first stage is to put together a thorough application document that includes the financial projections, the company plan, and information about the key personnel. This document is then submitted to the KNF for review.

    KNF Evaluation:

    The KNF conducts a comprehensive review of the application, evaluating the key people credentials, business strategy, risk management procedures, and financial health of the organization.

    Authorization Decision:

    Upon successful evaluation, the KNF issues an authorization allowing the company to operate as an insurance entity in Poland.

    Registration with the National Court Register (KRS):

    Following KNF authorization, the company must be registered with the KRS. This involves submitting necessary documents and obtaining a KRS number.

    Tax Identification Number (NIP) and Statistical Number (REGON):

    Acquire a Tax Identification Number (NIP) and Statistical Number (REGON) from the relevant tax authorities. These numbers are necessary for statistical and tax reporting reasons.

    Documents Expected for Opening an Insurance Company in Poland

    • Business Plan: A detailed business plan covering the company’s strategy, market analysis, financial projections, and risk management techniques.
    • Financial Statements: Recent financial statements and projections that demonstrate the company’s financial stability and ability to meet regulatory capital requirements.
    • Organizational Structure: A clear organizational structure indicating key personnel and their qualifications.
    • Reinsurance Agreements: Documentation of reinsurance arrangements, highlighting the company’s strategy for managing risks through reinsurance.

    Benefits of Opening an Insurance Company in Poland

    • Market Potential: Poland’s growing economy and increasing demand for insurance services present substantial market potential.
    • Strategic Location: As a European Union member, operating in Poland provides strategic access to the broader European market.
    • Diversification Opportunities: With a diverse range of insurance products, companies can capitalize on various market segments, including life, non-life, and specialty insurance.
    • Regulatory Stability: Poland’s regulatory framework offers stability and transparency, fostering a conducive environment for insurance businesses.

    Costs Associated with Opening an Insurance Company in Poland

    • Legal and Regulatory Fees: Fees associated with legal and regulatory compliance, including KNF application fees and legal representation costs.
    • Minimum Capital Requirements: The initial capital to meet the minimum capital requirements specified by the KNF.
    • Operational Costs: Ongoing operational costs, such as those related to hiring employees, renting an office, using technology, and marketing.


    Opening an insurance company in Poland requires careful planning, adherence to regulatory requirements, and a comprehensive understanding of the market. The benefits of operating in Poland’s thriving economy, coupled with its strategic location within the EU, make it an attractive destination for aspiring insurance entrepreneurs. While the costs associated with entry are not insignificant, the potential for long-term success in a growing market should not be overlooked.


    How much time does it take to get KNF authorization?

    Though it varies, the authorization procedure usually takes several months. The application’s thoroughness and the company’s ability to promptly respond to any further inquiries from the KNF will determine how long the schedule takes.

    Is it possible for foreigners to start an insurance business in Poland?

    Absolutely, foreigners are welcome to start and run insurance businesses in Poland. Nevertheless, they must abide by the same laws and guidelines as domestic companies.

    What role do reinsurance agreements have for Polish insurance companies?

    Agreements for reinsurance lower risks and increase an insurance company’s financial stability. They strengthen the company’s overall resilience and offer a safety net for covering significant claims.