CIG Pannonia units fined HUF 19 mln

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The National Bank of Hungary (MNB) fined the life and general insurance units of CIG Pannonia a combined HUF 19 million on charges of regulatory shortfalls, according to a public statement issued by the central bank yesterday.

According to the MNB, the units of CIG Pannonia breached regulations on business management, registration, IT systems and consumer protection.

The general insurance unit of CIG Pannonia has been fined HUF 10 mln, while the life insurance unit of the company received a fine of HUF 9 mln, Hungarian news agency MTI reported, adding that the central bank instructed the two units to comply with the relevant regulations.

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