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National Bank fines Allianz Hungária HUF 125 mln

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The National Bank of Hungary (MNB) said on Wednesday it has fined insurance company Allianz Hungária HUF 125 million for various shortcomings related to its outsourcing practices, portfolio management, customer services, and IT security systems.

The MNB said it uncovered the shortcomings in a regular probe during which it examined the insurerʼs workings between the end of 2014 and May 2018, state news agency MTI reported. The shortcomings do not fundamentally affect the reliability of the insurer, the central bank added.

The MNB levied a HUF 75 mln oversight fine and a HUF 50 mln consumer protection fine on the insurer and instructed it to remedy the shortcomings.

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