MNB recently expanded its consumer-friendly certification system, introduced two years ago for home loan products, to home insurance policies.
Insurers could apply for the certification for home policies starting in January.
The central bank has stipulated strict conditions for the new consumer-friendly home insurance policies regarding the processing of claims, informing policyholders and modifying premiums. It also specifies minimum standard features for basic insurance services as well as auxiliary services, ensuring policies that are of high quality, easy to compare and easy to customize.
In an important change to current practice, consumers will have the option to cancel these insurance policies on a quarterly, rather than an annual, basis.
Producing journalism that is worthy of the name is a costly business. For over 30 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.
