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Credit moratorium not applied to insurance

According to the National Bank of Hungary (MNB), the credit moratorium is limited to loans, such as home loans, personal loans, baby loans, merchandise loans, credit cards, leasing, etc., but it does not cover credit insurance policies, writes adozona.hu.

For this reason, the premium for loan collateral insurance must continue to be paid during the credit moratorium, otherwise the insurer may terminate the contract, according to Bankmonitor.hu’s analysis.

Bankmonitor.hu experts say that banks are acting differently in credit protection insurance premium payments under the credit moratorium.

There are banks that charge monthly insurance premiums during deferred payment, while others apply a moratorium while insurance is still in effect, adozona.hu adds.