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MNB: New insurance act contains consumer-friendly amendments

The new insurance act, effective as of January, contains several new consumer-friendly provisions while also strengthening the National Bank of Hungaryʼs (MNB) role as supervisory authority, the MNB announced today.

Under the new insurance act, insurance companies must inform customers of the total cost indicator of their endowment policies and must extend their opening hours to accept customer complaints.

Multiple agents will from now on belong to the category of dependent insurance agents.

In the case of the liquidation of an insurance company, the liquidator must provide information on the fact that liquidation has been initiated within five days, instead of thirty days as earlier required, on the insurance companyʼs and the MNBʼs website as well as its own website.