National Bank fines Allianz Hungária HUF 125 mln
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.
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.