MNB fines insurers on charges of unlawful rejection

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The National Bank of Hungary fined insurers K&H Biztosító HUF 200 mln and Groupama Garancia Biztosító HUF 100 mln on charges of unlawful rejection of writing third party insurance contracts for trailers, MNB announced in Friday. 

The central bank added that it mandated both insurers to always accept such coverage if requested by clients, regardless of the size of the trailers.

Hungaryʼs central bank took over consumer protection and market oversight functions of former financial market watchdog PSZAF – in addition to oversight of money, capital and insurance markets – late 2013 when PSZAF was integrated into the bank.

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