PSzÁF prohibits MÁV insurer from signing new car policies
The State Financial Supervisory Authority (PSzÁF) announced on Wednesday it has prohibited MÁV General Insurance Association from signing any new mandatory car insurance contracts between June 2 and September 30 in order to allow the company time to expand its data processing system.
The system must be updated to ensure driving records are taken into account when determining premiums, procedures for paying out claims on damages are in line with requirements and the company can meet its obligation to provide data. The suspension will not affect the company's existing stock of mandatory car insurance policies.
MÁV General Insurance Association had revenue from premiums of Ft 2.2 billion in 2005, more than triple the amount in 2004. Premium revenue on mandatory vehicle policies came to Ft 1.5 billion in 2005, giving the company a 0.32% share of the market. In the first quarter of 2006, it increased its market share to nearly 0.8%.
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.