MNB fines insurance broker for not cooperating with arbitration board
The National Bank of Hungary (MNB) today said it levied a HUF 200,000 fine on insurance broker CLB Független Biztosítási Alkusz on charges of violating its obligation to cooperate to resolve a dispute on consumer complaints, Hungarian news agency MTI reported.
The fine was the first one of its kind, the MNB noted.
CLB Független Biztosítási Alkusz was fined because it violated the regulations when it failed to appear before the Financial Arbitration Board (PBT) and sent a delayed response to the case.
The PBT operates alongside the MNB as as an independent alternative forum for handling disputes between lenders and consumers.
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.