MNB demands transparency from insurance brokers
The Hungarian National Bank (MNB) is demanding more transparency from online insurance brokers, vg.hu reported Thursday. The draft of a new set of recommendations from MNB is aimed at requiring more accuracy, reliability and information in general from brokers providing online services to their clients.
According to MNB’s plans, the recommendations will become effective as of March 2015. The new regulation will require brokers to allow their clients to compare as many offers as possible and when not possible, this must be clearly indicated. The proposed regulation in its current form, however, could make online purchases more complicated by requiring paper-based contracts between broker and client prior to the closure of insurance contracts.
ADVERTISEMENT
KSH Dismisses Reports of Eurostat 'Investigation'
Hungarian-American Business Chamber Established in Chicago
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
