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Norway Grants

Succesful completion of all project activities (planned and additional)!

All project activities have been successfully completed in the scope even extended than originally planned, which covered: implementation of originally planned 26 training modules and 2 expert studies as well as additional activities (financed from the savings in the project budget) in April 2011, including 3 training modules and additional expert studies to be used by the Polish FSA employees in the course of implementation of their professional duties.

The project was implemented in line with the Project Implementation Plan i.e. the planned scope and schedule from September 2009 till the end of April 2011.

The training activities were implemented in extended scope than planned – both through increasing number of trainings and the size of training groups - in order to response to the current needs, notified by the insurance undertakings (in case of trainings with participation of the representatives of the insurance sector).

Summarising, in the course of project implementation from December 2009 till April 2011, 29 training modules were implemented for 1 341 participants in total, representing both the Polish FSA and insurance sector in Poland. All-in 598 persons were trained (part of them participated in more than 1 training module), including: 432 employees of the PFSA, 5 representatives of the Ministry of Finance and 192 representatives of the insurance undertakings operating in Poland. The trainings were carried out by the Polish and foreign experts and professionals with experience in the fields covered by the scope of the training modules. On the base of evaluation questionnaires, fulfilled by the participants, the training seminars were positively evaluated. The training materials were provided for all participants, as well as distributed through the web-project portal among different groups (employees of the Supervisory Authority, Ministry of Finance, insurance undertakings).

Moreover, there were prepared some specialised expert studies on implementation of acquis complementaire in regard to different aspects of the financial market, for the professional use of the Polish Supervisory Authority. 

The schedule of the project implementation had to be modified due to the necessity of carrying out time-consuming tender procedures in line with the Polish Procurement Law, as well as in order to adjust to the current needs of the Supervisory Authority in Poland and the availability of the contractors-trainers/experts.

The project indicators agreed with the Financial Mechanism Bureau in Brussels (which is in charge of approving the financing for projects from the funds of the Norwegian Financial Mechanism) were obtained or even exceeded – as in the case of number of completed training modules, prepared expertises and number of the trained Polish FSA professionals (more than twice) and representatives of the insurance undertakings (six times more). 
The implementation of wide scope of highly specialized project activities supported strengthening the administrative and institutional capacities of the Polish Financial Supervision Authority in the field of the financial market in order to enhance supervision and increase security and stability on the financial market.

The implementation of trainings for the representatives of both Supervisory Authority and insurance undertakings supported the promotion of the legislative solutions providing the proper implementation of the acquis in line with the Solvency II Directive. Education of the public administration and insurance undertakings through the training modules was to prepare both the Supervisory Authority and the insurance market for the implementation of the legislative solutions.

Furthermore, the specialized training activities supported preparation of the Polish FSA to conduct the supervision on the base of risk analysis, as a result of the broad movement of the supervision authorities in the EU Member States to the risk based supervision, within the legislative solutions stipulated in the EU Directives and regulations.

In line with the binding guidelines regarding the Financial Mechanisms implementation, the final settlements and reports, will be completed in the II quarter of 2011.

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