OTP Garancia to pay Ft 1million fine
Friday, June 24, 2005, 07:05
Financial market regulator PSzÁF announced it fined insurer OTP Garancia,
part of OTP group, Ft 1 million for several shortcomings discovered after an on-site audit. PSzÁF ordered OTP Garancia to come into full compliance with legislation on the content of insurance contracts, to correct omissions in some of its insurance product contracts and to provide
information without fail to clients with unit-linked insurance deals. PSzÁF said it also found irregularities in OTP Garancia's business records, and outsourcing contracts.