MNB demands transparency from insurance brokers

In Hungary

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.

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