MKB General Insurance receives HUF 3 mln fine

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Wikimedia Commons/Globetrotter19

MKB General Insurance has been fined HUF 3 million by the National Bank of Hungary (MNB) on charges of engaging in “misleading advertising practices,” according to a report by state wire service MTI.

The MNB found the companyʼs ads promising increasingly low comprehensive vehicle insurance fees for increasingly older vehicles did not contain all relevant information to consumers on the amount of fees and the time of their calculation, according to MTI. The insurer has already addressed the problems found by the central bank.

The MNB also noted that the regulatory infringement at the insurer took place before the transfer of its ownership to CIG Pannónia First Hungarian General Insurance on January 1.

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