Bill prohibits vehicle insurers from offering more favorable premiums



Ruling Fidesz lawmakers submitted a bill today to the Hungarian Parliament, which would prohibit providers of mandatory vehicle insurance from offering new clients premiums more favorable than those paid by existing policyholders, Hungarian news agency MTI reported.

The bill, published on the Parliamentʼs website, would require insurers to inform existing clients prior to the end of the annual window for changing mandatory vehicle insurance providers, that their premiums may be no less favorable than those offered to new policyholders, MTI reported.

Under the bill, insurers would also be required to spell out the impact of any changes to existing clients’ contracts, MTI added.

According to the news agency, the authors of the bill said they are looking to correct the tendency of some insurers to offer incentives to new clients at the expense of existing policyholders through loyalty rewards reflected in premiums.


Nagy: More Involvement in Insurance Market Banking

Nagy: More Involvement in Insurance Market

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Home Loan Rates Climb Over 10% Residential

Home Loan Rates Climb Over 10%

Countries Exchange Experiences for Better Production of Catt... Conferences

Countries Exchange Experiences for Better Production of Catt...


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.