In the recovery plan, CIG EMABIT must set the level of its warranty capital to a level covering the requirement or reduce its risk exposure.
CIG Pannónia Életbiztosító said it had already started improving the unitʼs risk profile and preparing the recovery plan.
It added that the life insurance companyʼs financial position is stable, its capital adequacy ratio is 312%, its clientsʼ insurance contracts and investments are safe and are not affected by the warranty capital situation of the subsidiary.
On October 24, MNB suspended the Italian cross-border gaming surety insurance activities of CIG EMABIT pending the close of an oversight probe or a period of up to one year.
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