MNB fines Groupama Insurance HUF 4 mln

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Groupama Insurance has been fined HUF 4 mln by the National Bank of Hungary (MNB) on charges of unfair business practices, the central bank announced today, according to reports.

The central bank said after a targeted audit at Groupama Insurance, the watchdog found that the company had misinformed approximately 4,000 clients of the cancellation date of their mandatory vehicle insurance policies due to non-payment of premiums, Hungarian news agency MTI reported. The cancellation dates the insurer provided in the notices were, in fact, later than the actual cancellation dates, MTI added.

Groupamaʼs offer to credit a non-payment penalty to the premiums of those clients who re-signed with the insurer has been counted as a mitigating factor by the central bank when setting the fine, MTI said.

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