MNB: Insurance companies comply with Solvency II data provision requirements
All affected Hungarian insurance companies complied by deadline with the data provision requirements necessary to switch to the Solvency II system, the new comprehensive regulation introduced for the insurance sector, the National Bank of Hungary (MNB) said, according to Hungarian news agency MTI.
The central bank added that it had reviewed the data and forwarded it to the European authority.
The Solvency II system will take effect across the European Union from January 1, 2016. It is based on the risk-based capital requirement calculation previously introduced at European banks.
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