MNB fines Raiffeisen insurance broker HUF 35 mln

Banking

The National Bank of Hungary (MNB) on Monday said that it fined insurance broker Raiffeisen Biztosításközvetítő HUF 35 million for not offering a sufficient number of competing insurance products to its customers, deficiencies in its customer information activities, and incomplete data provision, according to a report by state news wire MTI.

A probe by MNB found that in the timeframe the central bank investigated, Raiffeisen had not acted as an insurance broker for multiple actors, but essentially sold the products of a single insurer.

Raiffeisen Biztosításközvetítő has until January 31 to remedy the shortcomings. MNB noted that the insurance broker had cooperated with it during the probe and has already corrected some of the problems.

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